BioVaxys Announces Sale of TAET Software Co

June 14, 2023 5:28 PM EDT | Source: BioVaxys Technology Corp.

Vancouver, British Columbia--(Newsfile Corp. - June 14, 2023) - BioVaxys Technology Corp. (CSE: BIOV) (FSE: 5LB) (OTCQB: BVAXF) ("BioVaxys" or "Company") is pleased to announce that it has sold TAET Software Co. to 10402588 BC Ltd ("Purchaser"), a private company formed under the laws of British Columbia, in exchange for 500,000 shares of the Purchaser, with further potential future milestone payments totaling a maximum of 1,000,000 shares of the Purchaser and a maximum of USD$4,000,000 in cash.

James Passin, BioVaxys CEO, stated, "We are pleased to monetize our investment in TAET Software Corp.; exiting this medical software business will allow BioVaxys to refocus on its core business objectives of distributing OTC women's healthcare products in the USA and advancing towards the launch of the planned Phase I trial for BVX-0918, our therapeutic ovarian cancer vaccine."

About BioVaxys Technology Corp.

BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company based in Vancouver, Canada, is the exclusive US licensee and distributor of a portfolio of OTC female reproductive health products currently marketed in the EU from Barcelona-based Procare Health Iberia, and is also entering clinical development for BVX-0918, a personalized immunotherapeutic vaccine using our proprietary HapTenix© 'neoantigen' tumor cell construct platform for treating refractive late stage ovarian cancer. The Company's OTC female reproductive system products include Papilocare®, a re-epithelializing vaginal gel for the preventative and supportive treatment of lesions caused by HPV, and Papilocare® Immunocaps, a nutritional supplement that helps to normalize the vaginal microbiota and strengthen natural immune defenses. BioVaxys is also exploring vaccines for SARS-CoV-2, SARS-CoV-1, and a pan-sarbecovirus vaccine based on its HapTenix© platform through academic collaborations.

Novel Therapeutics. For Life.

ON BEHALF OF THE BOARD
Signed "James Passin"
James Passin, CEO
+1 646 452 7054

Cautionary Statements Regarding Forward Looking Information

This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future operating or financial performance of the Company, 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.

Forward-looking statements in this news release relate to, among other things, a potential listing of the Company on a US national stock exchange or completing a capital markets transaction. 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. With regards to BioVaxys' business, there are a number of risks that could affect the development of its biotechnology products, including, without limitation, the need for additional capital to fund clinical trials, its lack of operating history, uncertainty about whether its products will complete the long, complex and expensive clinical trial and regulatory approval process for approval of new drugs necessary for marketing approval, uncertainty about whether its autologous cell vaccine immunotherapy can be developed to produce safe and effective products and, if so, whether its vaccine products will be commercially accepted and profitable, the expenses, delays and uncertainties and complications typically encountered by development stage biopharmaceutical businesses, financial and development obligations under license arrangements in order to protect its rights to its products and technologies, obtaining and protecting new intellectual property rights and avoiding infringement to third parties and their dependence on manufacturing by third parties.The Company 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 law.

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