BioVaxys Technology Corp. Provides Bi-Weekly MCTO Status Update

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BioVaxys Technology Corp. is providing a bi-weekly update on the status of the management cease trade order (MCTO) granted by the Ontario Securities Commission. The delay in filing required financial statements is due to the auditor needing more time to complete the audit. The MCTO extension has been granted until May 13, 2024, to allow for the completion of the audit related to the recent acquisition of assets from IMV Inc.

VANCOUVER, BC, April 18, 2024 /PRNewswire/ -- BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the "Company") is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the "MCTO"), by its principal regulator, the Ontario Securities Commission (the "OSC"), under National Policy 12-203 - Management Cease Trade Orders ("NP 12-203"), following the Company's announcement on February 21, 2024 (the "Default Announcement"), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management's discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the "Required Annual Filings"). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.

As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management's discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the "Required Interim Filings"). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.

The Company had anticipated filing the Required Annual Filings and the Required Interim Filings by April 30, 2024; however, the auditor of the Company has advised that it will not be in a position to complete the audit by April 30, 2024, and has advised that it requires additional time to complete the audit. As a result, the Company requested approval from the Ontario Securities Commission for an extension of the MCTO and such extension was granted by the OSC until May 13, 2024.

As previously disclosed, the auditor of the Company requires additional time to complete its audit of the Company, including the Company's recent acquisition of all intellectual property, immunotherapeutics platform Technology, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. The Company is working with its auditor in order to file the Required Annual Filings and with its accountants in order to file the Required Interim Filings, all of which is expected to be filed on or before May 13, 2024.

Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.

About BioVaxys Technology Corp.

BioVaxys Technology Corp. (www.biovaxys.com), 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 it's HapTenix© 'neoantigen' tumor 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 II 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 it proprietary HapTenix© 'neoantigen' tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. 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 CSE under the stock symbol "BIOV" and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). 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: +1 646 452 7054

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SOURCE BioVaxys Technology Corp.

FAQ

Why is BioVaxys Technology Corp. providing a bi-weekly update?

BioVaxys Technology Corp. is providing a bi-weekly update on the status of the management cease trade order (MCTO) granted by the Ontario Securities Commission.

What is the reason for the delay in filing required financial statements?

The delay in filing required financial statements is due to the auditor needing more time to complete the audit.

Why was the MCTO extension granted until May 13, 2024?

The MCTO extension was granted until May 13, 2024, to allow for the completion of the audit related to the recent acquisition of assets from IMV Inc.