GeoVax Announces Closing of $10 Million Private Placement
January 20 2022 - 9:00AM
via NewMediaWire -- GeoVax Labs, Inc. (Nasdaq: GOVX), a
biotechnology company specializing in developing human vaccines and
cancer immunotherapies, announced today the closing of its
previously announced private placement for the issuance and sale of
707,484 shares of common stock, 2,360,000 pre-funded warrants to
purchase common stock, and accompanying warrants to purchase an
aggregate of up to 3,067,484 shares of common stock. Each share of
common stock (or pre-funded warrant in lieu thereof) is being sold
together with an accompanying warrant at a combined effective
purchase price of $3.26. The warrants are exercisable immediately
at an exercise price of $3.26 per share and will expire five years
from the date of issuance.
Maxim Group LLC acted as the sole placement agent
for the private placement.
The gross proceeds from this offering were
approximately $10.0 million, before deducting placement agent’s
fees and other offering expenses. The Company intends to use the
net proceeds from the private placement for clinical trial
expenses, working capital and general corporate purposes.
The shares of common stock, pre-funded warrants
and warrants described above have not been registered under the
Securities Act of 1933, as amended, and may not be offered or sold
in the United States absent registration with the Securities and
Exchange Commission (SEC) or an applicable exemption from such
registration requirements. The securities were offered only to
accredited investors. Pursuant to a registration rights agreement
with the investor, the Company has agreed to file one or more
registration statements with the SEC covering the resale of the
shares of common stock and the shares issuable upon exercise of the
pre-funded warrants and warrants.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About GeoVax
GeoVax Labs, Inc. is a clinical-stage
biotechnology company developing human vaccines and immunotherapies
against infectious diseases and cancer using novel proprietary
platforms. GeoVax’s product pipeline includes two ongoing Phase 2
clinical trials of GEO-CM04S1 (formerly COH04S1) for COVID-19 as a
universal booster vaccine to mRNA vaccines authorized by the U.S.
Food and Drug Administration (FDA) and as a primary vaccine for use
in immunocompromised patients. In addition to GEO-CM04S1 for
COVID-19, GeoVax is developing GEO-CM02 as a pan-coronavirus
vaccine. The Company is also conducting a Phase 1/2 clinical trial
of Gedeptin® for treatment of head and neck cancer. Gedeptin® has
been granted orphan drug status by the FDA. Additional research and
development programs include preventive vaccines against Zika
Virus, hemorrhagic fever viruses (Ebola, Sudan, Marburg, and Lassa)
and malaria, as well as immunotherapies for multiple solid tumors.
The Company’s portfolio of wholly owned, co-owned, and in-licensed
intellectual property stands at over 70 granted or pending patent
applications spread over 20 patent families.
For additional information about GeoVax, visit our
website: www.geovax.com.
Forward-Looking Statements
This release contains forward-looking statements
regarding GeoVax’s business plans. The words “believe,” “look
forward to,” “may,” “estimate,” “continue,” “anticipate,” “intend,”
“should,” “plan,” “could,” “target,” “potential,” “is likely,”
“will,” “expect” and similar expressions, as they relate to us, are
intended to identify forward-looking statements. We have based
these forward-looking statements largely on our current
expectations and projections about future events and financial
trends that we believe may affect our financial condition, results
of operations, business strategy and financial needs. Actual
results may differ materially from those included in these
statements due to a variety of factors, including whether: GeoVax
is able to obtain acceptable results from ongoing or future
clinical trials of its investigational products, GeoVax’s
immuno-oncology products and preventive vaccines can provoke the
desired responses, and those products or vaccines can be used
effectively, GeoVax’s viral vector technology adequately amplifies
immune responses to cancer antigens, GeoVax can develop and
manufacture its immuno-oncology products and preventive vaccines
with the desired characteristics in a timely manner, GeoVax’s
immuno-oncology products and preventive vaccines will be safe for
human use, GeoVax’s vaccines will effectively prevent targeted
infections in humans, GeoVax’s immuno-oncology products and
preventive vaccines will receive regulatory approvals necessary to
be licensed and marketed, GeoVax raises required capital to
complete development, there is development of competitive products
that may be more effective or easier to use than GeoVax’s products,
GeoVax will be able to enter into favorable manufacturing and
distribution agreements, and other factors, over which GeoVax has
no control.
Further information on our risk factors is
contained in our periodic reports on Form 10-Q and Form 10-K that
we have filed and will file with the SEC. Any forward-looking
statement made by us herein speaks only as of the date on which it
is made. Factors or events that could cause our actual results to
differ may emerge from time to time, and it is not possible for us
to predict all of them. We undertake no obligation to publicly
update any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be
required by U.S. federal securities law.
GeoVax Labs,
Inc.678-384-7220investor@geovax.com
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