Mr. James Passin reports

BIOVAXYS TECHNOLOGY CORP. CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT

Biovaxys Technology Corp. has closed the first tranche of its previously announced non-brokered private placement with the issuance of 5,126,574 units of the company at a price of 6.5 cents per unit for aggregate gross proceeds of $333,227.31.

Each unit consists of one common share in the capital of the company and one whole common share purchase warrant, whereby each warrant is convertible into one additional share at an exercise price of 15 cents until May 3, 2026, being the date that is 24 months from the date of issue.

In connection with the closing of the first tranche of the private placement, the company paid cash finders' fees in the aggregate of $6,500, and issued a total of 60,000 finders' warrants. Each finder's warrant is also convertible into an additional share at an exercise price of 15 cents until May 3, 2026.

The company intends to use the net proceeds of the first tranche for general working capital purposes, including, enabling the company to finance and advance its business plans in regard to its successful recent acquisition on Feb. 16, 2024, 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. and IMV USA.

All securities issued pursuant to the first tranche are subject to a statutory hold period under applicable Canadian securities laws expiring Sept. 4, 2024, being the date that is four months and one day from the date of closing of the first tranche.

The company anticipates closing the second and final tranche of the private placement within the next two weeks. Closing of the final tranche is subject to the receipt of all necessary regulatory approvals, including approval of the Canadian Securities Exchange.

About Biovaxys Technology Corp.

Biovaxys, a biopharmaceutical 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 2 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 1 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 CSE under the stock symbol BIOV and trade on the Frankfurt Bourse (5LB) and in the United States (OTCQB: BVAXF).

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