Mr. James Passin reports

BIOVAXYS ANNOUNCES UPSIZING OF PRIVATE PLACEMENT

Biovaxys Technology Corp. has increased its previously announced non-brokered private placement offering of units of the company at a price of five cents per unit. Each unit consists of one common share and one whole common share purchase warrant, whereby each warrant is exercisable for one additional common share at an exercise price of 15 cents for a period of 24 months. The private placement initially comprised 10 million units (see news release dated July 23, 2024) for total gross proceeds of $500,000. The company has now increased the size of the private placement to up to 20 million units for total gross proceeds of up to $1-million.

Closing of the private placement is subject to receipt of all necessary regulatory and other approvals. All securities to be issued pursuant to the private placement will be subject to a statutory hold period of four months and one day from the date of issuance.

The company intends to use the net proceeds of the private placement for general working capital purposes, including enabling the company to finance and advance its business plans in regard to its successful recent acquisition of the entire portfolio of discovery, preclinical and clinical development-stage assets in oncology, infectious disease, antigen desensitization and other immunological fields based on the DPX immune educating platform technology, developed by the former Canadian biotechnology company, IMV Inc., Immunovaccine Technologies Inc., which was purchased from IMV USA on Feb. 16, 2024. The company may pay finders' fees in connection with the private placement.

In addition, the company announces that, further to its news release of July 23, 2024, it has increased the amount of debt it intends to settle by an additional $40,000. The company plan to fully settle up to a maximum of $773,600 in debt through the issuance of up to a maximum of 15,472,000 common shares at a deemed price of five cents per common share. The board of directors of the company has determined that it is in the best interests of the company to settle the outstanding debts by the issuance of common shares in order to preserve the company's cash for working capital. The debt settlement is expected to include the participation of certain related parties, including Biovaxys chief executive officer and director James Passin, Biovaxys chief operating officer and president Kenneth Kovan, Biovaxys directors Anthony Dutton and Craig Loverock, and Biovaxys consultant Loverock Consulting Corp., and, as such, will constitute a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the shares for debt transaction with the forgoing related parties does not exceed 25 per cent of the market capitalization of the company, as determined in accordance with MI 61-101.

All securities proposed to be issued in connection with the debt settlement will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation. Closing of the debt settlement is conditional upon a number of conditions, including finalizing all contractual documentation and receipt of all applicable regulatory approvals, and the policies of the Canadian Securities Exchange.

About Biovaxys Technology Corp.

Biovaxys, a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX immune-educating technology platform and its HapTenix neoantigen tumour cell construct platform, for treating cancers, infectious disease, antigen desensitization and other immunological fields. The company's clinical-stage pipeline includes maveropepimut-S, which is in phase II clinical development for advanced relapsed-refractory diffuse large-B-cell lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using its proprietary HapTenix neoantigen tumour cell construct platform, which is soon to enter phase I in Spain for treating refractive late-stage ovarian cancer. The company is also capitalizing on its tumour immunology know-how and creation of a unique library of T-lymphocytes and other data sets postvaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumour antigens. Biovaxys common shares are listed on the Canadian Securities Exchange under the stock symbol BIOV, on the Frankfurt Bourse under the symbol 5LB and in the United States on the OTC (over-the-counter) market under the symbol BVAXF.

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