VANCOUVER, BC, March 3, 2025 /CNW/ -- BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) ("BioVaxys" or "Company") announces that, further to its news release dated February 13, 2025, its principal regulator, the British Columbia Securities Commission (the "BCSC"), has accepted the Company's application for, and has granted, a management cease trade order (the "MCTO") under National Policy 12-203 – Management Cease Trade Orders ("NP 12-203").
BioVaxys Technology Corp Logo (PRNewsfoto/BioVaxys Technology Corp.)
As previously announced, the Company applied for the MCTO as it anticipated a short-term delay in the filing of its audited annual financial statements for the year ended October 31, 2024, the related management's discussion and analysis, and its Form 52-109FV1 CEO and CFO certifications of annual filings (collectively the "Required Filings"). Under National Instrument 51-102 - Continuous Disclosure Obligations, the Required Filings were required to be made not later than February 28, 2025.
While every effort is being made to make the Required Filings as soon as possible, one of the factors contributing to the delay is the recent acquisition of all intellectual property, immunotherapeutics platform Technology, and clinical stage assets of the former IMV Inc. completed on February 16, 2024. The purchase involved the acquisition of 120 patents, and it is taking longer than expected for the auditor to complete its review and valuation of the patents. The Company expects that its auditor, Dale Matheson Carr-Hilton LaBonte LLP, will be in a position to complete the audit by March 30, 2025, with the Required Filings to be completed as soon as possible thereafter.
While the MCTO is in effect, the general investing public will continue to be able to trade freely the Company's listed common shares. However, the MCTO will prohibit the Company's Chief Executive Officer and Chief Financial Officer from trading securities of the Company for so long as the Required Filings are not filed. Additionally, the Company will be prohibited from directly or indirectly issuing or acquiring securities from insiders or employees of the Company until such time as the Required Filings have been made and all continuous disclosure requirements have been met by the Company, and the MCTO has been revoked.
The Company confirms that it will comply with the alternative information guidelines set out under NP 12-203 by issuing bi-weekly default status reports, in the form of news releases, until such time as the Required Filings have been made and all continuous disclosure requirements have been met by the Company, and the MCTO has been revoked. The Company also confirms as of the date of this news release that there is no insolvency proceeding against it and there is no other material information concerning the affairs of the Company that has not been generally disclosed.
The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens.
BioVaxys common shares are listed on the Canadian Securities Exchange under the stock symbol "BIOV" and trade on the Frankfurt Bourse (FRA: 5LB) and in the U.S. on the OTC Markets (OTCQB marketplace). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed "James Passin" James Passin, Chief Executive Officer Phone: +1 740 358 0555
Cautionary Statements Regarding Forward Looking Information
This news release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the filing of the Required Filings by March 30, 2025 and the Company's ability to comply with the provision of the alternative information guidelines described by NP 12-203, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ 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 statements are made and are based upon a number of assumptions and estimates, primarily the assumption that BioVaxys will be successful in developing and testing vaccines, that, while considered reasonable by BioVaxys, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the risk that the Company may not be able to file the Required Filings by March 30, 2025. BioVaxys 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 applicable securities laws.
The Canadian Securities Exchange has not reviewed, approved nor disapproved the contents of this press release and does not accept responsibility for the adequacy or accuracy of this release.
