Mr. James Passin reports

BIOVAXYS ENTERS MAJOR BIOPRODUCTION AGREEMENT WITH WUXI BIOLOGICS (HONG KONG) LTD. TO SYNTHESIZE PROTEINS FOR ITS SARS-COV-2 VACCINE AND COVID-T IMMUNODIAGNOSTIC PROGRAMS

Biovaxys Technology Corp. has entered into a major bioproduction agreement with WuXi Biologics Ltd., a leading global contract development and research organization (CDMO) and business unit of Shanghai-based Wuxi AppTec, to produce SARS-CoV-2 s-proteins required by Biovaxys for BVX-0320, its COVID-19 vaccine candidate, and for its COVID-T immunodiagnostic program.

Under the terms of the March 11, 2021, agreement, WuXi will synthesize high yields of fully characterized, good-laboratory-practice-grade (GLP) SARS-CoV-2 s-protein for the company's preclinical safety study of its COVID-T diagnostic this spring. The recombinant s-protein will be constructed and expressed using WuXi's proprietary vector, with high-yield protein production in a pilot plant bioreactor. By establishing its own source of s-protein, rather than depending upon a bulk commercial supplier, Biovaxys will be able to secure the level of purity, consistency and protein characterization required by the United States Food and Drug Administration (FDA), as well as the economics of sourcing its own protein supply, facilitating the future production of good-manufacturing-practice-grade (GMP) s-protein for human trials and future commercial-scale production.

Synthesized GMP-grade s-protein is used in both Biovaxys's COVID-T immunodiagnostic, as well as in BVX-0320, the company's SARS-CoV-2 candidate vaccine, which is also being prepared for a clinical study this year. Biovaxys will submit its pre-investigational new drug (IND) meeting request to the FDA for COVID-T early next month.

Biovaxys president and chief operating officer Ken Kovan stated: "Establishing a bioproduction method for a steady supply of purified and fully characterized s-protein from a validated process will enable us to quickly transition from having the GLP material for the upcoming COVID-T animal toxicity study to having a steady source the GMP-grade s-protein for clinical trials later this year. Now that we know the gene sequences, a further major benefit of our relationship with WuXi will be our ability to quickly source the s-protein of newly emerging SARS-CoV-2 variants for use in a planned multivalent version of BVX-0320 and line extensions of COVID-T."

James Passin, Biovaxys chief executive officer, stated: "We are delighted to execute a definitive agreement with WuXi Biologics, a leading China-based CDMO listed on the Hong Kong Stock Exchange under the symbol 2269, with a market capitalization of $45-billion (U.S.). The relationship with WuXi positions Biovaxys to accelerate the regulatory and commercial advancement of COVID-T and BVX-0320."

For greater certainty, Biovaxys is not making any express or implied claims that it has the ability to treat the SARS-CoV-2 virus at this time.

About Biovaxys Technology Corp.

Based in Vancouver, Biovaxys Technology is a British Columbia-registered, early-stage biotechnology company that is developing viral and oncology vaccine platforms, as well as immuno-diagnostics. The company is advancing a SARS-CoV-2 vaccine based on its haptenized viral protein technology and is planning a clinical trial of its haptenized autologous cell vaccine used in combination with anti-PD1 and anti-PDL-1 checkpoint inhibitors that will initially be developed for ovarian cancer. Also in development is a diagnostic for evaluating the presence or absence of a T-cell immune response to SARS-CoV-2, the virus that causes COVID-19. Biovaxys has two issued United States patents and two patent applications related to its cancer vaccine and pending patent applications for its SARS-CoV-2 (COVID-19) vaccine and diagnostic technologies.

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