GeoVax Labs has entered into a securities purchase agreement for a $4.5 million registered direct offering, providing critical funding for its ongoing clinical research initiatives. The company will issue 3,435,115 shares of common stock and accompanying warrants at a combined price of $1.31 per share, priced at-the-market under Nasdaq rules.
The offering, expected to close on March 25, 2025, will generate gross proceeds of approximately $4.5 million. GeoVax plans to use the net proceeds for working capital and general corporate purposes, supporting its advanced research in COVID-19 vaccines and oncology therapies.
As part of the transaction, the company will amend existing warrants to reduce their exercise price from $5.00 to $1.31 per share, extending their term to five years from the closing date. A.G.P./Alliance Global Partners is serving as the sole placement agent for the offering.
The funding comes at a critical time for GeoVax, which is currently conducting multiple clinical trials. These include a BARDA-funded Phase 2b trial for its COVID-19 vaccine GEO-CM04S1, which is being evaluated for immunocompromised patients and as a booster vaccine. The company is also advancing its oncology program, with a planned Phase 2 trial for Gedeptin®, a gene-directed therapy for head and neck cancers.
This financial injection underscores GeoVax's commitment to developing innovative vaccines and therapies for complex medical challenges, positioning the company to continue its research and potentially bring advanced medical solutions to market.
