GeoVax Labs, Inc. has entered into a securities purchase agreement with healthcare-focused institutional investors for a registered direct offering expected to generate approximately $2.5 million in gross proceeds. The clinical-stage biotechnology company will sell 3,968,256 shares of common stock and warrants to purchase up to 11,904,768 additional shares at a combined price of $0.63 per unit. The warrants carry the same exercise price and will become exercisable upon shareholder approval, expiring five years from that date.
The company plans to use the net proceeds to advance its product candidates through research and development, manufacturing, clinical studies, and working capital requirements. Roth Capital Partners is serving as sole placement agent for the offering, which is expected to close on September 30, 2025, subject to customary closing conditions. The offering is being conducted under a shelf registration statement previously filed with the Securities and Exchange Commission and declared effective on March 14, 2024. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained from the SEC's website at https://www.sec.gov.
GeoVax's lead clinical program involves GEO-CM04S1, a next-generation COVID-19 vaccine currently in three Phase 2 clinical trials. The vaccine is being evaluated as a primary vaccine for immunocompromised patients, including those with hematologic cancers, and as a booster for patients with chronic lymphocytic leukemia and healthy individuals who previously received mRNA vaccines. In oncology, the company's lead program features Gedeptin®, a novel oncolytic solid tumor gene-directed therapy that recently completed a multicenter Phase 1/2 clinical trial for advanced head and neck cancers.
The company is also developing a vaccine targeting Mpox and smallpox and, based on recent regulatory guidance from the European Medicines Agency, anticipates progressing directly to Phase 3 clinical evaluation without conducting Phase 1 and Phase 2 trials. For additional information about the company's clinical trials and updates, visit their website at https://www.geovax.com. The securities offering is being made only by means of a prospectus, and this announcement does not constitute an offer to sell or solicitation of an offer to buy these securities.
