GeoVax Secures $8.5 Million in Above-Market Offering
![GeoVax Secures $8.5 Million in Above-Market Offering](https://investorshangout.com/images/blog/investors-hangout-newswire.jpg)
GeoVax to Raise Approximately $8.5 Million
GeoVax Labs, Inc. (Nasdaq: GOVX), a clinical-stage biotechnology company developing immunotherapies and vaccines against cancer and infectious diseases, has entered into a definitive securities purchase agreement with an institutional investor for the purchase and sale of 1,700,000 shares of the Company’s common stock at a price of $5.00 per share in a registered direct offering priced above-the-market under Nasdaq rules.
Warrants and Concurrent Private Placement
In addition, in a concurrent private placement, the Company will issue warrants to purchase up to 1,700,000 shares of common stock. These warrants have an exercise price of $5.00 per share, will be exercisable immediately after the date of issuance, and will have a term of five years.
Proceeds and Use of Funds
The gross proceeds to the Company from this offering are expected to be approximately $8.5 million, before deducting placement agent fees and other offering expenses. The Company intends to use the net proceeds for working capital and general corporate purposes.
Shelf Registration Statement
The shares in the offering are being offered pursuant to a shelf registration statement on Form S-3 that was previously filed with the Securities and Exchange Commission (SEC) and declared effective. The offering is made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement.
About GeoVax
GeoVax Labs, Inc. is focused on developing novel vaccines for infectious diseases and therapies for solid tumor cancers. The company’s lead clinical program is GEO-CM04S1, a next-generation COVID-19 vaccine currently involved in multiple Phase 2 clinical trials. Additionally, it is developing an innovative gene-directed therapy for advanced head and neck cancers.
Leadership and Expertise
GeoVax has a strong intellectual property portfolio and a leadership team experienced in creating significant value across life science companies. For more information about the current status of clinical trials and other updates, please visit the company’s website.
Frequently Asked Questions
What is the purpose of GeoVax's recent offering?
The offering aims to raise funds for working capital and general corporate purposes.
How much gross proceeds is GeoVax expecting to raise?
GeoVax expects to raise approximately $8.5 million in gross proceeds from the offering.
Who is the placement agent for this offering?
Roth Capital Partners is acting as the exclusive placement agent for the offering.
What is GEO-CM04S1?
GEO-CM04S1 is GeoVax's next-generation COVID-19 vaccine involved in Phase 2 clinical trials to evaluate its efficacy.
What types of diseases is GeoVax focused on?
GeoVax is focused on developing immunotherapies and vaccines against cancer and infectious diseases.
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