BioVaxys Technology Corp. Announces Amendment to Asset Purchase Agreement
VANCOUVER, BC, May 29, 2025 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) has announced an amendment to the Asset Purchase Agreement (APA) dated February 11, 2024, with Horizon Technology Finance Corporation.
The amendment significantly reduces the performance milestone requirement for BioVaxys to demonstrate an aggregate capital raise from USD $10M to USD $2,028,636 by September 30, 2025. This change aims to facilitate the company’s progress in acquiring the entire portfolio of assets and intellectual property based on the DPX™ immune educating platform technology developed by IMV Inc.
As consideration for the amendment, BioVaxys will issue 2,800,000 share purchase warrants to Horizon and 1,200,000 share purchase warrants to Powerscourt Investments XXV LP. Each warrant entitles the holder to purchase one common share at $0.06 CAD per share until May 31, 2028.
The APA’s “Licensing Non-Sales Earn-Out Term” has also been extended from the original “Eighth anniversary of the Closing Date” to August 11, 2033. During this period, BioVaxys will share a predetermined percentage of net licensing non-sales revenues with Horizon.
BioVaxys Technology Corp. is a clinical-stage biopharmaceutical company focused on developing novel immunotherapies based on its DPX™ immune-educating technology platform. The company’s pipeline includes treatments for various cancers, infectious diseases, and immunological conditions.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of applicable securities legislation. These statements are based on assumptions and estimates made by the Company, including the success of its vaccine development and testing. However, actual results may differ materially due to various risks and uncertainties, such as the need for additional capital, regulatory approvals, and market acceptance.
Investors are encouraged to review BioVaxys’ continuous disclosure documents and audited financial statements available on SEDAR at www.sedar.com.
