BioVaxys Technology completes $1.9 million private placement financing

BioVaxys Technology Corp. (CSE: BIOV) completed a private placement financing that raised $1,922,984.92 in gross proceeds through the sale of 11,311,676 units at $0.17 per unit.

Each unit consists of one common share and one warrant that allows the holder to purchase an additional share at $0.40 for 24 months from the issuance date. The company used the Listed Issuer Financing Exemption under Canadian securities regulations for the offering, which means the units are not subject to resale restrictions.

The Vancouver-based biopharmaceutical company stated the proceeds will fund pipeline growth activities including pursuing licensing opportunities and research collaborations, identifying supply sources for preclinical studies, initiating a food allergy program at McMaster University, filing new patents, and completing data analysis from MVP-S phase 1 studies.

Chief Executive Officer James Passin participated in the offering by purchasing 1,484,588 units for $252,379.96. This transaction constituted a related party transaction under Canadian regulations, but the company relied on exemptions since the value did not exceed 25% of its market capitalization.

The company paid $10,856.20 in finder's fees and issued 63,860 finder's warrants exercisable at $0.40 for 24 months. These finder's warrants are subject to a hold period expiring March 19, 2026.

BioVaxys develops immunotherapies based on its DPX platform technology for treating cancers, infectious diseases, and food allergies. Its clinical pipeline includes maveropepimut-S, currently in Phase IIB development for lymphoma and ovarian cancer.

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