BioVaxys Closes Final Tranche Of Non-Brokered Private Placement

VANCOUVER, BC, July 28, 2021 /CNW/ -- BioVaxys Technology Corp. (CSE: BIOV, FRA:5LB, OTCQB:BVAXF) ("BioVaxys" or the "Company") is pleased to announce that it has closed the second and final tranche of its previously announced non-brokered private placement (the "Private Placement").

Under the final tranche (the "Final Tranche") of the Private Placement, the Company issued 5,349,455 units ("Units") at a price of $0.22 per Unit for total gross proceeds of approximately $1,176,880. Including the first tranche of the Private Placement which completed on July 14, 2021, the Company raised total aggregate gross proceeds of $2,015,555. Each Unit is comprised of one common share in the capital of the Company (a "Common Share") and one whole Common Share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to purchase one additional common share at an exercise price of $0.50 for a period of thirty (30) months from the date of issuance. There were finder's fees totalling $6,626 paid in connection with the Final Tranche.

All securities the Company issued under the Private Placement are subject to a statutory hold period of four months and one day from the date of issuance.

The Company intends to use the net proceeds of the Private Placement to advance its research and development programs and for working capital.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States or in any other jurisdiction. The Units and securities underlying the Units have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and accordingly, may not be offered or sold to, or for the account or benefit of, persons in the United States or "U.S. persons" as such term is defined in Regulation S promulgated under the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom.

About BioVaxys Technology Corp.

Based in Vancouver, BioVaxys Technology Corp. is a British Columbia-registered, 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 (Covid-19) vaccine and diagnostic technologies. BioVaxys common shares are listed on the CSE under the stock symbol "BIOV" and trades on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF).

ON BEHALF OF THE BOARD

Signed "James Passin"

James Passin, CEO
+1 646 452 7054

Cautionary Statements Regarding Forward Looking Information

This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future operating or financial performance of the Company, are forward looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this news release relate to, among other things, the use of proceeds of the Private Placement and the overall development of BioVaxys' vaccines and diagnostic technologies. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those expressed or implied in such forward-looking statements.

These forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates, primarily that management will not decide to reallocate the net proceeds of the Private Placement and that the Company will be successful in developing and testing vaccines and diagnostic tools, that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies including, primarily but without limitation, the risk that BioVaxys' vaccines and diagnostic tools will not prove to be effective and/ or will not receive the required regulatory approvals. With regards to BioVaxys' business, there are a number of risks that could affect the development of its biotechnology products, including, without limitation, the need for additional capital to fund clinical trials, its lack of operating history, uncertainty about whether its products will complete the long, complex and expensive clinical trial and regulatory approval process for approval of new drugs necessary for marketing approval, uncertainty about whether its autologous cell vaccine immunotherapy can be developed to produce safe and effective products and, if so, whether its vaccine products will be commercially accepted and profitable, the expenses, delays and uncertainties and complications typically encountered by development stage biopharmaceutical businesses, financial and development obligations under license arrangements in order to protect its rights to its products and technologies, obtaining and protecting new intellectual property rights and avoiding infringement to third parties and their dependence on manufacturing by third parties.

The Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

ON BEHALF OF THE BOARD

Signed "James Passin"

James Passin, CEO
+1 646 452 7054

SOURCE BioVaxys Technology Corp.