IMV Inc. raised about C$29.5 million from a common stock offering to fund the development of its cancer drug programs.

The Dartmouth, Nova Scotia-based immuno-oncology company said the underwriters partially exercised their overallotment option to buy an additional 504,855 common shares at C$5.45 apiece to raise about C$2.75 million. The company offered 4.9 million shares at C$5.45 per share to raise about C$26.7 million in gross proceeds.

IMV plans to use the net proceeds to advance the experimental cancer technology DPX-Survivac — designed to deliver medicines into the system in longer-lasting, oil-protected particles. The treatment is being evaluated in phase 2 studies with Merck & Co. Inc.'s blockbuster medicine Keytruda to treat certain types of cancers, such as bladder, liver, ovarian or non-small-cell lung cancers.

The funds will also be used for general corporate purposes.

Wells Fargo Securities and Raymond James served as joint book-running managers, while B. Riley FBR acted as co-manager for the offering.