Mr. James Passin reports

BIOVAXYS TECHNOLOGY CORP. CLOSES LISTED ISSUER FINANCING EXEMPTION (LIFE) PRIVATE PLACEMENT

Biovaxys Technology Corp. has closed its previously announced non-brokered private placement financing of 11,311,676 units of the company at an issue price of 17 cents per unit for aggregate gross proceeds of $1,922,984.92.

Each unit consists of one common share of the company and one common share purchase warrant, whereby each warrant will entitle the holder thereof to acquire one additional share at an exercise price of 40 cents for a period of 24 months from the date of issuance.

The gross proceeds from the offering are intended to be used to drive more organic pipeline growth by: (1) pursuing multiple licensing opportunities and research collaborations with DPX where the company's platform solutions can address specific needs or gaps, making the company an attractive go-to partner for targeted immunotherapies; (2) identifying remaining GLP supply or production of (non-GMP (good manufacturing practice)) preclinical supply of DPX to be used in conducting research, preclinical supply of DPX+peanut antigen for the peanut allergy vaccine program, and additional proof of concept studies for expanding the DPX formulations in mRNA and neoantigens; (3) initiating DPX food allergy program at McMaster University for conducting a preclinical proof of concept study with a DPX peanut antigen prophylaxis vaccine candidate; (4) filing of new patents and maintaining annuity payments for issued patents; and (5) completing remaining immunological data analysis from MVP-S phase 1 studies to complete data packages and prepare this asset for outlicensing in other tumour types. The company paid an aggregate of $10,856.20 in cash as finders' fees and issued 63,860 finders' warrants, each entitling the holder to acquire one share at a price of 40 cents for a period of 24 months from the date of issuance. The finders' warrants are subject to a statutory hold period expiring March 19, 2026, being the date that is four months and one day from the date of issuance in accordance with applicable Canadian securities legislation.

In accordance with National Instrument 45-106, Prospectus Exemptions, the units issued under the offering were offered for sale to purchasers resident in all of the provinces of Canada (except Quebec) pursuant to the listed issuer financing exemption under Part 5A.2 of NI 45-106. Because the offering was completed pursuant to the LIFE, the units issued to subscribers in the offering are not subject to resale restrictions in accordance with applicable Canadian securities legislation.

There is an amended and restated offering document dated Oct. 28, 2025, related to the offering that can be accessed under the company's profile on SEDAR+ and on the company's website. This offering document contains additional details regarding the offering, including additional detail regarding the expected use of proceeds from the offering.

James Passin, chief executive officer and director of the company, participated in the offering by purchasing 1,484,588 units for $252,379.96. The participation by Mr. Passin, as an insider of the company, constitutes a related party transaction as defined under 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 neither the fair market value of the units purchased by Mr. Passin, nor the consideration for the units paid by Mr. Passin, exceeded 25 per cent of the company's market capitalization. The company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the offering, which the company deems reasonable in the circumstances in order to complete the offering in an expeditious manner.

About Biovaxys Technology Corp.

Biovaxys Technology, 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 tumour cell construct platform, for treating cancers, infectious disease, antigen desensitization for food allergy and other immunological diseases. Through a differentiated mechanism of action, the DPX platform delivers instruction to the immune system to generate a specific, robust and persistent immune response. The company's clinical-stage pipeline includes maveropepimut-S (MVP-S), based on the DPX platform, and in phase IIB clinical development for advanced relapsed-refractory diffuse large B-cell lymphoma (DLBCL) and platinum resistant ovarian cancer. MVP-S delivers antigenic peptides from survivin, a well-recognized cancer antigen commonly overexpressed in advanced cancers, and also delivers an innate immune activator and a universal CD4 T-cell helper peptide. MVP-S has been well tolerated and has demonstrated defined clinical benefit in multiple cancer indications, as well as the activation of a targeted and sustained, survivin-specific anti-tumour immune response. Biovaxys is also developing DPX+SurMAGE, a dual-targeted immunotherapy combining antigenic peptides for both the survivin and MAGE-A9 cancer proteins to elicit immune responses to these two distinct cancer antigens simultaneously, DPX-RSV for respiratory syncytial virus, DPX+rPA for peanut allergy prophylaxis, and BVX-0918, a personalized immunotherapeutic vaccine using its proprietary HapTenix neoantigen tumour cell construct platform for refractive late-stage ovarian cancer.

Biovaxys common shares are listed on the Canadian Securities Exchange under the stock symbol BIOV, and trade on the Frankfurt Bourse and in the United States on the OTC Markets.

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