VANCOUVER - BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) has completed an asset purchase agreement to acquire the immunotherapy technology portfolio from IMV (OTC:IMVIQ) Inc., including patents and clinical-stage assets, in a move to enhance its position in the field of cancer treatment and immunological therapies.
The transaction, dated February 11, 2024, involves a $750,000 upfront cash payment, milestone payments, a share in future license revenues, and royalties on product sales. BioVaxys will also issue common stock valued at $250,000 to HIMV, LLC, the acquisition vehicle created by Horizon Technology (NASDAQ:HRZN) Finance Corporation (NASDAQ: HRZN) and other secured creditors of IMV, and grant them the right to appoint an observer to its Board of Directors.
BioVaxys, a clinical-stage biopharmaceutical company, is expanding its cancer vaccine portfolio with the addition of maveropepimut-S (MVP-S), a DPX™-formulated cancer vaccine currently in phase II trials for various cancers. The DPX™ platform technology, known for its ability to stimulate a targeted anti-tumor immune response, has potential applications beyond cancer, including mRNA vaccines and allergy desensitization.
The acquisition includes over one hundred international filings related to the DPX™ platform, trademarks, and intellectual property. It also transfers existing license and supply agreements with companies like SpayVac for Wildlife Inc., Zoetis Inc (NYSE:ZTS)., and Merck KGaA, positioning BioVaxys for potential growth in various health sectors.
BioVaxys President & COO Kenneth Kovan highlighted the transaction's significance, stating it positions the company as a major player in ovarian cancer and expands its clinical pipeline to include other cancers.
CEO James Passin said, "The overwhelming support that we have received from our investors for this transaction reinforces our conviction that the antigen-packaging and presenting technology that we have acquired will position BioVaxys as a potential world leader in cancer immunotherapy with further growth potential in other significant verticals including allergy desensitization and mRNA."
The deal is expected to close within ten days, furthering BioVaxys' mission to develop novel immunotherapies for cancer, infectious diseases, and other immunological conditions. The company's shares are traded on multiple exchanges, including the Canadian Securities Exchange.
This article is based on a press release statement.
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