- BioVaxys Technology Corp. (BIOV) amends Asset Purchase Agreement with Horizon Technology Finance Corporation.
- Key milestones lowered from USD $10M to USD $2.03M, with the new deadline set for September 30, 2025.
- Licensing Earn-Out Payments Term extended to August 11, 2033.
BioVaxys Technology Corp. (CSE: BIOV) has executed an amendment to its Asset Purchase Agreement (APA) with Horizon Technology Finance Corporation, significantly altering the terms surrounding the acquisition of IMV Inc's DPX immune educating platform technology assets. The performance milestone requirement has been reduced from USD $10 million to USD $2.03 million, with a deadline extension to raise this amount by September 30, 2025.
Additionally, BioVaxys has extended the Licensing Earn-Out Payments Term to August 11, 2033, allowing for a longer window to generate and share licensing revenues with Horizon. As part of the amendment, the company will issue 2.8 million warrants to Horizon and 1.2 million warrants to Powerscourt at CAD $0.06 per share, exercisable until May 31, 2028.
The revised terms aim to make the performance milestones more achievable while extending the company's potential for future revenue streams. BioVaxys is actively developing innovative therapies utilizing its DPXâ„¢ technology platform, targeting cancer, infectious diseases, and immunological conditions.
