BioVaxys and Horizon Technology Finance Corp Modify Partnership Terms for Asset Acquisition
On May 29, 2025, BioVaxys Technology Corp. (CSE: BIOV) announced an important development regarding its ongoing collaboration with Horizon Technology Finance Corporation. This update comes in the form of an amendment to their existing Asset Purchase Agreement (APA), originally set out in February of 2024. This partnership is centered on the acquisition of assets and intellectual property associated with the DPX™ immune-educating platform, which was pioneered by the Canadian biotech firm, IMV Inc.
The original APA included a performance milestone within Section 12, obligating BioVaxys to secure a total of USD $10 million in capital by the end of 2024. However, given the dynamic challenges in the biotech industry, both firms reached a consensus to amend this requirement, allowing for increased flexibility and practicality. An initial amendment on December 9, 2024, set a new deadline of June 30, 2025, and the most recent adjustment significantly relaxes the funding performance target to USD $2,028,636.
This lowered milestone will require BioVaxys to meet the new funding criteria by September 30, 2025, after which the obligation tied to Section 12 of the APA will cease to exist. To facilitate this revision, BioVaxys will issue 2,800,000 share purchase warrants to Horizon, along with another 1,200,000 warrants to Powerscourt Investments XXV LP, thus allowing both Horizon and Powerscourt to purchase shares at a fixed price of CAD $0.06 until May 31, 2028.
Additionally, the amendment revises the terms of the Licensing Earn-Out Payments as stated in Section 7(c)(i) of the APA. The original timeline for these payments extending to the eighth anniversary of the closing date has been updated to August 11, 2033, allowing BioVaxys to share a certain percentage of net licensing revenue with Horizon during this term.
The Licensing Non-Sales Earn-Out Term encompasses payments that BioVaxys will receive from existing or potential licensees, concluding with the expiration of the last valid claim of any former IMV patent associated with the licensing agreement. Such amendments highlight BioVaxys's commitment to ensuring the success of its immunotherapy initiatives, transforming them into tangible market opportunities.
BioVaxys Technology Corp. focuses on developing innovative immunotherapy applications utilizing its unique DPX™ immune-educating technology and HapTenix© 'neoantigen' tumor cell construct platform for various health concerns including cancers, infectious diseases, and food allergies. Their flagship clinical pipeline product, maveropepimut-S (MVP-S), is currently in Phase IIB development targeting advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum-resistant Ovarian Cancer.
With MVP-S designed to deliver peptide antigens alongside immune activators, the therapy has shown promising patient responses and tolerability in multiple cancer settings. The Company is also actively engaged in the creation of dual-targeted immunotherapies that target distinct cancer antigens, ensuring a broad spectrum of treatment capabilities.
BioVaxys's dedication to advancing immunotherapies not only supports its business growth strategy but also reinforces its mission to enhance patient care through innovative treatment solutions. As they navigate these advancements in partnership with firms like Horizon, the impact on the industry could be profound, paving the way for more effective therapies in the realm of immunotherapy and cancer treatment.
The original APA included a performance milestone within Section 12, obligating BioVaxys to secure a total of USD $10 million in capital by the end of 2024. However, given the dynamic challenges in the biotech industry, both firms reached a consensus to amend this requirement, allowing for increased flexibility and practicality. An initial amendment on December 9, 2024, set a new deadline of June 30, 2025, and the most recent adjustment significantly relaxes the funding performance target to USD $2,028,636.
This lowered milestone will require BioVaxys to meet the new funding criteria by September 30, 2025, after which the obligation tied to Section 12 of the APA will cease to exist. To facilitate this revision, BioVaxys will issue 2,800,000 share purchase warrants to Horizon, along with another 1,200,000 warrants to Powerscourt Investments XXV LP, thus allowing both Horizon and Powerscourt to purchase shares at a fixed price of CAD $0.06 until May 31, 2028.
Additionally, the amendment revises the terms of the Licensing Earn-Out Payments as stated in Section 7(c)(i) of the APA. The original timeline for these payments extending to the eighth anniversary of the closing date has been updated to August 11, 2033, allowing BioVaxys to share a certain percentage of net licensing revenue with Horizon during this term.
The Licensing Non-Sales Earn-Out Term encompasses payments that BioVaxys will receive from existing or potential licensees, concluding with the expiration of the last valid claim of any former IMV patent associated with the licensing agreement. Such amendments highlight BioVaxys's commitment to ensuring the success of its immunotherapy initiatives, transforming them into tangible market opportunities.
BioVaxys Technology Corp. focuses on developing innovative immunotherapy applications utilizing its unique DPX™ immune-educating technology and HapTenix© 'neoantigen' tumor cell construct platform for various health concerns including cancers, infectious diseases, and food allergies. Their flagship clinical pipeline product, maveropepimut-S (MVP-S), is currently in Phase IIB development targeting advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum-resistant Ovarian Cancer.
With MVP-S designed to deliver peptide antigens alongside immune activators, the therapy has shown promising patient responses and tolerability in multiple cancer settings. The Company is also actively engaged in the creation of dual-targeted immunotherapies that target distinct cancer antigens, ensuring a broad spectrum of treatment capabilities.
BioVaxys's dedication to advancing immunotherapies not only supports its business growth strategy but also reinforces its mission to enhance patient care through innovative treatment solutions. As they navigate these advancements in partnership with firms like Horizon, the impact on the industry could be profound, paving the way for more effective therapies in the realm of immunotherapy and cancer treatment.
Topics Health）
【About Using Articles】
You can freely use the title and article content by linking to the page where the article is posted.
※ Images cannot be used.
【About Links】
Links are free to use.