VANCOUVER, BC, Jan. 29, 2024 /CNW/ -- BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB:BVAXF) ("BioVaxys" or the "Company") announces that it completed the settlement of CAD$215,000 in debtthrough the issuance of 7,166,666 common shares issued at a deemed price of $0.03 per common share.None of the debt settled included accrued salaries to officers or directors of the Company, nor does itinclude payments for Investor Relations Activities. The debt included the participation of certain relatedparties, including BioVaxys CEO James Passin and BioVaxys COO and President Kenneth Kovan, both ofwhom are officers of the Company, with James Passin being a director of the Company, and as such it willconstitute a "related party transaction" within the meaning of Multilateral Instrument 61-101 – Protection ofMinority Security Holders in Special Transactions ("MI 61-101"). The Company relied on the exemptions fromthe valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and5.7(1)(a) of MI 61-101.
All securities issued in connection with the completed Debt Settlement are subject to a statutory hold periodof four months plus a day from the date of issuance in accordance with applicable securities legislation.About BioVaxys Technology Corp.BioVaxys Technology Corp. (www.biovaxys.com), is a biopharmaceuticals company registered in BritishColumbia dedicated to improving patient lives with immunotherapeutics based on its HapTenix© 'neoantigen'tumor cell construct platform. The Company's clinical stage pipeline includes BVX-0918, a personalizedimmunotherapeutic vaccine using its proprietary HapTenix© 'platform, which is planned to enter Phase I inSpain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumorimmunology know-how through creation of a unique library of T-lymphocytes & other datasets postvaccination with its personalized immunotherapeutic vaccines and utilize predictive algorithms and othertechnologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSEunder the stock symbol "BIOV" and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB:BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.ON BEHALF OF THE BOARDSigned "James Passin"James Passin, CEO+1 646 452 7054Cautionary Statements Regarding Forward Looking InformationThis press release includes certain "forward-looking information" and "forward-looking statements"(collectively "forward-looking statements") within the meaning of applicable Canadian and UnitedStates securities legislation including the United States Private Securities Litigation Reform Act of 1995. Allstatements, other than statements of historical fact, included herein, without limitation, statements relatingthe future operating or financial performance of the Company, are forward looking statements. Forwardlooking statements are frequently, but not always, identified by words such as "expects", "anticipates","believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements thatevents, conditions, or results "will", "may", "could", or "should" occur or be achieved.. There can be noassurance that such statementswill prove to be accurate, and actual results and future events coulddiffer 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 statementsare made and are based upon a number of assumptions and estimates, primarily the assumption thatBioVaxys will be successful in developing and testing vaccines, that, while considered reasonable by theCompany, are inherently subject to significant business, economic, competitive, political and socialuncertainties and contingencies including, primarily but without limitation, the risk that BioVaxys' vaccineswill not prove to be effective and/ or will not receive the required regulatory approvals. With regards toBioVaxys' business, there are a number of risks that could affect the development of its biotechnologyproducts, including, without limitation, the need for additional capital to fund clinical trials, its lack ofoperating history, uncertainty about whether its products will complete the long, complex and expensiveclinical 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 safeand effective products and, if so, whether its vaccine products will be commercially accepted andprofitable, the expenses, delays and uncertainties and complications typically encountered by developmentstage biopharmaceutical businesses, financial and development obligations under license arrangements inorder to protect its rights to its products and technologies, obtaining and protecting new intellectual propertyrights 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.
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