BioVaxys and Horizon Technology Finance Corp Execute Amendment to Asset Purchase Agreement ("APA")
- Performance milestone requirement significantly reduced from USD $10M to USD $2.03M, making it more achievable
- Extended deadline for meeting the capital raise milestone to September 30, 2025
- Extension of Licensing Earn-Out Payments Term to August 11, 2033 provides longer revenue potential
- Dilutive impact from issuance of 4 million new warrants at CAD $0.06 per share
- Company still needs to raise USD $2.03M by September 2025
- Revenue sharing obligations with Horizon from licensing agreements continue until 2033
The APA Formalized the February 2024 BioVaxys Acquisition of the Former IMV Inc. Assets
Section 12 of the February 11th, 2024 APA is a performance milestone provision for BioVaxys to demonstrate an aggregate capital raise of USD
This new Amendment of May 29th, 2025, supersedes and replaces the Section 12 terms of the APA so that the net performance milestone required to be raised in any form (including, but not limited to equity, grants, licensing fees, or loans) is now significantly lowered to USD
As consideration for Horizon amending the APA, BioVaxys agrees to issue to Horizon 2,800,000 share purchase warrants and 1,200,000 share purchase warrants to Powerscourt Investments XXV LP ("Powerscourt"), with each warrant entitling Horizon and Powercourt the purchase of one whole at a purchase price of
BioVaxys and Horizon have further agreed that Section 7(c)(i) of the APA "Licensing Earn-Out Payments Term" be amended from the original "Eighth anniversary of the Closing Date" found in the last line of Section 7(c)(i) to August 11, 2033. During the Licensing Non-Sales Earn-Out Term, BioVaxys shares a predetermined percentage of net licensing non-sales revenues with Horizon.
The "Licensing Non-Sales Earn-Out Term" refers to payments received from an existing licensee or preexisting potential licensee, ending upon the expiration of the last valid claim of a former IMV patent that is the subject of the license agreement to which such existing licensee or preexisting potential licensee is party, and any other payment received under a license agreement, ending on August 11, 2033.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com) is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on its DPX™ immune-educating technology platform and its HapTenix© 'neoantigen' tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization for food allergy, and other immunological diseases. Through a differentiated and unique mechanism of action, the DPX™ platform delivers instruction to the immune system to generate a specific, robust, and persistent immune response. The Company's clinical stage pipeline includes maveropepimut-S (MVP-S), based on the DPX™ platform, in Phase IIB clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant Ovarian Cancer. MVP-S delivers antigenic peptides from survivin, a well-recognized cancer antigen commonly overexpressed in advanced cancers, and also delivers an innate immune activator and a universal CD4 T cell helper peptide. MVP-S has been well tolerated and has demonstrated defined clinical benefit in multiple cancer indications as well as the activation of a targeted and sustained, survivin-specific anti-tumor immune response. BioVaxys is also developing DPX™+SurMAGE, a dual-targeted immunotherapy combining antigenic peptides for both the survivin and MAGE-A9 cancer proteins to elicit immune responses to these two distinct cancer antigens simultaneously, DPX™-RSV for Respiratory Syncytial Virus, and DPX+rPA for peanut allergy prophylaxis, as well as several viral vaccines. BioVaxys has licensed its patented liposome-based delivery platform to Zoetis, Inc. and SpayVac-for-Wildlife, Inc. for selected animal health applications.
BioVaxys common shares are listed on the CSE under the stock symbol 'BIOV', trade on the Frankfurt Bourse (FRA: 5LB), and in the US (OTCQB: BVAXF). 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
This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking 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, statements relating the future operating or financial performance of the Company, 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, 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.
Investors are encouraged to read BioVaxys continuous disclosure documents and audited annual consolidated financial statements which are available on SEDAR at www.sedar.com.
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SOURCE BioVaxys Technology Corp.
FAQ
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