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VANCOUVER, BC, Oct. 5, 2024 /PRNewswire/ -- BioVaxys Technology
Corp. (CSE: BIOV) (FRA: 5LB) ("BioVaxys" or the
"Company") is pleased to announce that it has closed the
fifth tranche (the "Fifth Tranche") of its previously
announced non-brokered private placement (the "Private
Placement") with the issuance of 4,500,000 units (the
"Units") of the Company at a price of $0.05 per Unit for aggregate gross proceeds of
$225,000.00. Each Unit consists of
one common share in the capital of the Company (each, a
"Share") and one whole Share purchase warrant (each, a
"Warrant"), whereby each Warrant is convertible into one
additional Share at an exercise price of $0.15 until October 4,
2026, being the date that is 24 months from the date of
issue.
The Company intends to use the proceeds of the Private Placement
for general working capital purposes, including enabling the
Company to fund and advance its business plans in regard to its
successful recent acquisition of the entire portfolio of discovery,
preclinical and clinical development stage assets in oncology,
infectious disease, antigen desensitization, and other
immunological fields based on the DPX™ immune educating platform
technology, developed by the former Canadian biotechnology company,
IMV Inc., Immunovaccine Technologies Inc., which was purchased from
IMV USA ("IMV") on February 16, 2024.
No finder's fees were paid in connection with the Fifth Tranche.
All securities issued pursuant to the Fifth Tranche are subject to
a statutory hold period expiring February 5,
2025, being the date that is four months and one day from
the date of issuance in accordance with applicable securities
legislation.
In addition, the Company announces the issuance of 1,532,500
Shares at a deemed price of $0.05 per
Share to settle an aggregate of $76,625 in debt owed to a consultant (the
"Debt Settlement"). All securities issued pursuant to the
Debt Settlement are subject to a statutory hold period expiring
February 2, 2025, being the date that
is four months and one day from the date of issuance in accordance
with applicable securities legislation.
The securities described herein have not been, and will not be,
registered under the United States Securities Act of 1933,
as amended (the "U.S. Securities Act"), or any state
securities laws, and may not be offered or sold within the United States except in compliance with
the registration requirements of the U.S. Securities Act and
applicable state securities laws or pursuant to available
exemptions therefrom. This news release does not constitute an
offer to sell or a solicitation of an offer to buy of any
securities in the United
States.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a company
registered in British Columbia,
Canada, is a clinical-stage biopharmaceutical company
dedicated to improving patient lives with novel immunotherapies
based on the DPX™ immune-educating technology platform and it's
HapTenix© 'neoantigen' tumor cell construct platform, for treating
cancers, infectious disease, antigen desensitization, and other
immunological fields. DPX™ is a patented antigen delivery platform
that can incorporate a range of bioactive molecules to produce
targeted, long-lasting immune responses enabled by various
formulated components. The DPX platform facilitates antigen
delivery to regional lymph nodes and has been demonstrated to
induce robust and durable T cell and B cell responses in
pre-clinical and clinical studies for both cancer and infectious
disease. BioVaxys' common shares are listed on the Canadian
Securities Exchange under the stock symbol "BIOV", on the Frankfurt
Bourse (FRA: 5LB), and quoted in the US on the OTC Markets. For
more information, visit www.biovaxys.com and connect with us
on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed "James Passin"
James Passin, Chief Executive
Officer
Phone: +1 740 358 0555
Cautionary Statements Regarding Forward Looking
Information
The Canadian Securities Exchange has not reviewed, approved
nor disapproved the contents of this press release and does not
accept responsibility for the adequacy or accuracy of this release.
This press release includes certain "forward-looking information"
and "forward-looking statements" (collectively "forwardlooking
statements") within the meaning of applicable Canadian and
United States securities
legislation including the United States Private Securities
Litigation Reform Act of 1995. All statements, other than
statements of historical fact, included herein, without limitation,
the statements relating the expected use of proceeds from the
Private Placement, are forward looking statements. Forward-looking
statements are frequently, but not always, identified by words such
as "expects", "anticipates", "believes", "intends", "estimates",
"potential", "possible", and similar expressions, or statements
that events, conditions, or results "will", "may", "could", or
"should" occur or be achieved. There can be no assurance that such
statements will prove to be accurate, and actual results and future
events could differ materially from those expressed or implied in
such forward-looking statements.
These forward-looking statements reflect the beliefs,
opinions and projections on the date the statements are made and
are based upon a number of assumptions and estimates, primarily the
assumption that BioVaxys will be successful in developing and
testing vaccines, that, while considered reasonable by the Company,
are inherently subject to significant business, economic,
competitive, political and social uncertainties and contingencies
including, primarily but without limitation, the risk that
BioVaxys' vaccines will not prove to be effective and/ or will not
receive the required regulatory approvals. With regards to
BioVaxys' business, there are a number of risks that could affect
the development of its biotechnology products, including, without
limitation, the need for additional capital to fund clinical
trials, its lack of operating history, uncertainty about whether
its products will complete the long, complex and expensive clinical
trial and regulatory approval process for approval of new drugs
necessary for marketing approval, uncertainty about whether its
autologous cell vaccine immunotherapy can be developed to produce
safe and effective products and, if so, whether its vaccine
products will be commercially accepted and profitable, the
expenses, delays and uncertainties and complications typically
encountered by development stage biopharmaceutical businesses,
financial and development obligations under license arrangements in
order to protect its rights to its products and technologies,
obtaining and protecting new intellectual property rights and
avoiding infringement to third parties and their dependence on
manufacturing by third parties.
The Company does not assume any obligation to update the
forward-looking statements of beliefs, opinions, projections, or
other factors, should they change, except as required by
law.
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