BioVaxys Technology Corp. (CSE:BIOV, OTCQB:BVAXF) said it has sold its medical software business, TAET Software, to 10402588 BC Ltd, a private company based in British Columbia.
The deal was made in exchange for 500,000 shares of 10402588 BC Ltd, with the potential for additional future milestone payments of up to 1 million shares and a maximum of US$4 million in cash.
The move to divest TAET Software aligns with BioVaxys' strategy. With the sale, BioVaxys can now dedicate its resources to furthering its core business objectives and advancing its promising therapeutic ovarian cancer vaccine.
In a statement, James Passin, CEO of BioVaxys, expressed satisfaction with the transaction, commenting: "We are pleased to monetize our investment in TAET Software Corp.; exiting this medical software business will allow BioVaxys to refocus on its core business objectives of distributing OTC women's healthcare products in the USA and advancing towards the launch of the planned Phase I trial for BVX-0918, our therapeutic ovarian cancer vaccine."
Headquartered in Vancouver, Canada, BioVaxys is a biopharmaceutical company specializing in female reproductive health products and immunotherapeutic vaccines.
As the exclusive US licensee and distributor of a range of over-the-counter (OTC) female reproductive health products from Procare Health Iberia in Barcelona, the company is actively involved in the distribution of products in the European Union. Additionally, BioVaxys is engaged in clinical development for BVX-0918, an immunotherapeutic vaccine designed to target refractive late-stage ovarian cancer using the HapTenix 'neoantigen' tumor cell construct platform.
Among the company's OTC female reproductive system products are Papilocare, a re-epithelializing vaginal gel for the prevention and supportive treatment of lesions caused by human papillomavirus (HPV), and Papilocare Immunocaps, a nutritional supplement that helps normalize the vaginal microbiota and strengthen natural immune defenses.
BioVaxys is also actively exploring the development of vaccines for SARS-CoV-2, SARS-CoV-1, and a pan-sarbecovirus vaccine in collaboration with academic partners, utilizing its HapTenix platform.
Contact the author at jon.hopkins@proactiveinvestors.com