Immunovaccine Inc. Grants Stock Options

HALIFAX, NOVA SCOTIA--(Marketwire - January 28, 2010) - Immunovaccine Inc. (“IMV” or the “Company”) (TSX VENTURE: IMV) today announced that pursuant to terms and conditions of the Company’s stock option plan, it has granted 937,000 stock options to employees, consultants and directors. Employees and consultants were granted an aggregate of 812,000 options and directors were granted an aggregate of 125,000 options. The stock options were granted on December 14, 2009 at an exercise price of $1.46, and will vest one-third in 6, 12, and 18 months from date of grant. The Options are set to expire five years from the date of grant.

Immunovaccine Inc. (TSX VENTURE: IMV) is a clinical stage vaccine development company focused on the commercialization of its patented DepoVax™ vaccine delivery technology and product candidates. The company continues to strengthen its vaccine pipeline through licensing and strategic partnerships to develop therapeutic cancer and infectious disease vaccines.

This press release contains forward-looking information under applicable securities law. All information that addresses activities or developments that we expect to occur in the future is forward-looking information. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. However, they should not be regarded as a representation that any of the plans will be achieved. Actual results may differ materially from those set forth in this press release due to risks affecting the Company, including access to capital, the successful completion of clinical trials and receipt of all regulatory approvals. Immunovaccine Inc. assumes no responsibility to update forward-looking statements in this press release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.