On February 21, 2024 BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) ("BioVaxys" or "Company") reported that it has completed the acquisition of the entire portfolio of discovery, preclinical and clinical development stage assets of former Canadian biotechnology company, IMV Inc., Immunovaccine Technologies Inc., and IMV USA ("IMV") (Press release, BioVaxys Technology, FEB 21, 2024, View Source [SID1234640346]). On February 11th, 2024, the Company executed the definitive Asset Purchase Agreement for the extensive technology portfolio from HIMV, LLC, an acquisition vehicle formed by Horizon Technology Finance Corporation (NASDAQ: HRZN) and IMV’s other secured creditors for the purpose of acquiring IMV’s intellectual property through a secured party credit bid in the proceedings commenced in Canada by IMV under the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the "CCAA").
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At the closing, BioVaxys delivered to HIMV a one-time payment of both US$750,000 in cash and 5,034,701 common shares of BioVaxys at a deemed price of CAD$0.067.
With the transaction now complete, BioVaxys is working on integrating the acquired assets into the Company. BioVaxys President and Chief Operating Officer Kenneth Kovan stated "We now have massive opportunities in oncology, infectious disease, allergy desensitization, and autoimmune diseases. Adding several clinical-stage programs was critical for us becoming a product-centric company, but there are always inherent risks with clinical programs, and they require significant investment. Maveropepimut-S has incredible potential and is a very important addition to our oncology pipeline." Kovan further stated "Over the upcoming months our plan is to drive more organic growth by pursuing multiple licensing and partnership opportunities with the DPX and HapTenix© platforms. We will be identifying target partners where our solutions can address specific needs or gaps, making BioVaxys an attractive ‘go-to’ partner for targeted immunotherapies."
The Company has identified potential for DPX in improved mRNA vaccines, multivalent viral vaccines, vaccines for desensitizing immune response for peanut allergies, and immune system diseases. Prior clinical studies by IMV have supported proof of concept and a superior immune response with a DPX-RSV formulation, DPX-rHA/DPX-FLU influenza vaccine, DPX-packaged survivin/MAGE-Ag for advanced metastatic bladder cancer, and certain other infectious diseases.