GeoVax Labs, Inc. (Nasdaq: GOVX), a clinical-stage biotechnology company developing vaccines and immunotherapies, announced on October 26, 2026, that it has entered into an unsecured $1,000,000 Revolving Loan Agreement with Bowery Consulting Group Inc. The loan, dated October 23, 2026, carries a 12% annual interest rate and matures 12 months from issuance. Advances under the facility are subject to the lender's approval.
Concurrent with the loan agreement, five directors—Randal Chase, Dean Kollintzas, Nicole Lemerond, Jayne Morgan, and John Spencer, Jr.—resigned from the company's board. Steven Brown, Tyler O'Brien, and Manpreet Uppal were appointed as directors, each nominated by the lender pursuant to the agreement. The board now consists of five directors, and the new appointees will serve until the loan is repaid in full or their resignation under the agreement's terms. The board determined that all new directors meet SEC and Nasdaq independence standards. O'Brien and Uppal will join the Audit Committee alongside Dr. Robert McNally.
David A. Dodd, Chairman and CEO of GeoVax, commented, "Securing this financing is an important achievement for GeoVax, reinforcing our balance sheet and providing the working capital needed to support our operations. I am pleased to welcome Steven, Tyler and Manpreet to our Board. Their diverse experience and strong leadership will bring fresh perspectives and valuable guidance as we continue to advance our GEO-MVA clinical program forward to what we believe will be an expedited pathway to commercialization." Dodd also expressed appreciation to the departing board members.
The financing and board changes are significant for GeoVax as it advances its priority program, GEO-MVA, a Modified Vaccinia Ankara-based vaccine targeting mpox and smallpox. The program is advancing under an expedited regulatory pathway, with plans to initiate a pivotal Phase 3 clinical trial in late 2026. The company also develops Gedeptin®, a gene-directed enzyme prodrug therapy for head and neck cancer, which has completed a Phase 1/2 trial and is being advanced into combination strategies.
Investors and industry observers will be watching how the new board influences GeoVax's strategic direction, particularly given the lender's role in nominating directors. The loan agreement includes customary representations, warranties, indemnification provisions, and conditions precedent to borrowing. Further details will be disclosed in a Form 8-K to be filed with the Securities and Exchange Commission.
For more information, visit www.geovax.com. The original release is available on www.newmediawire.com.
