BioVaxys (BIOV) has closed its previously announced non-brokered private placement.
Under the private placement, the company has issued 4,417,647 units at a price of $0.255 per unit to certain strategic investors for total gross proceeds of approximately $1,126,500.
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 $0.50 for a period of two years.
In connection with the private placement, the company will pay a cash finder's fee equal to 8 per cent of the gross proceeds of the private placement.
All securities issued pursuant to 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.
BioVaxys is a clinical-stage biopharma developing antiviral & anticancer vaccine platforms.
The company is evaluating a potential SARS-CoV-2 vaccine based on its haptenized viral protein technology, and advancing a compassionate use trial in the EU to evaluate its haptenized cell vaccine for late-stage ovarian cancer.
BioVaxys is up 5.63 per cent to C$0.38 per share.