BioVaxys Technology Corp (CSE:BIOV) (FRA:5LB) (OTCQB:BVAXF) has closed the first tranche of its non-brokered private placement.
Under Tranche 1, the company issued 3,812,159 units at $0.22 each for gross proceeds of $838,675.
Each unit consists of one common share and one whole common share purchase warrant. Each warrant is exercisable for one additional share at an exercise price of $0.50 for a period of 30 months.
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The aggregate private placement consists of the sale of up to 9,090,909 units for total gross proceeds of up to about $2 million.
BioVaxys, which said the closing of the second tranche is anticipated to be completed within the next week, intends to use the net proceeds to advance its research and development programs and for working capital.
All securities issued pursuant to Tranche 1 are subject to a statutory hold period of four months and one day from the date of issuance. The company paid finders' fees of $15,180 in connection with the closing of Tranche 1.
Based in Vancouver, BioVaxys is an early-stage biotechnology company that is developing viral and oncology vaccine platforms as well as immuno-diagnostics.
The company is advancing a SARS-CoV-2 vaccine based on its haptenized viral protein technology and is planning a clinical trial of its haptenized autologous cell vaccine used in combination with anti-PD1 and anti-PDL-1 checkpoint inhibitors that will initially be developed for ovarian cancer. Also in development is a diagnostic for evaluating the presence or absence of a T cell immune response to SARS-CoV-2, the virus that causes coronavirus (COVID-19).
BioVaxys has two issued US patents and two patent applications related to its cancer vaccine, and pending patent applications for its SARS-CoV-2 (COVID-19) vaccine and diagnostic technologies.
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