Biotechnology company GeoVax Labs has secured a $4.5 million registered direct offering through a securities purchase agreement with a healthcare-focused institutional investor. The offering involves the sale of 3,435,115 shares of common stock and accompanying warrants at a combined purchase price of $1.31 per share.
The transaction, priced at-the-market under Nasdaq rules, is expected to close on March 25, 2025. A.G.P./Alliance Global Partners is serving as the sole placement agent for the offering. The company intends to use the net proceeds for working capital and general corporate purposes.
As part of the offering, the investor's existing warrants will be amended, reducing the exercise price from $5.00 to $1.31 per share and extending the term to five years from the closing date. The new warrants will be exercisable upon shareholder approval.
The capital infusion supports GeoVax's ongoing clinical programs, including a BARDA-funded Phase 2b clinical trial for its COVID-19 vaccine GEO-CM04S1 and oncology research focused on a gene-directed therapy for head and neck cancers. This funding provides critical resources for the company to advance its research and development efforts in infectious diseases and cancer treatments.
