BioVaxys Technology Corp. (CSE:BIOV, OTCQB:BVAXF) said it has closed the first tranche of a non-brokered private placement for total gross proceeds of $117,500.
Under Tranche 1, the company said it issued 940,000 units at a price of $0.125 per unit. Each unit consists of one common share and one whole Common Share purchase warrant. Each warrant is exercisable for one additional common share at an exercise price of $0.20 for a period of 48 months.
The aggregate private placement consists of the sale of up to 6,000,000 units for total gross proceeds of up to $750,000. Closing of the second tranche of the placement is anticipated to be completed within the next few weeks.
The company said it intends to use the net proceeds of the private placement for working capital purposes.
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All securities issued are subject to a statutory hold period of four months and one day from the date of issuance. The private placement is subject to the approval of the Canadian Securities Exchange.
The company noted that it paid a finder's fee of $7,000 in cash and issued 56,000 finders warrants related to the completion of Tranche 1.
Based in Vancouver, BioVaxys Technology 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 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 (COVID19) vaccine and diagnostic technologies.
Contact the author at jon.hopkins@proactiveinvestors.com