GeoVax Labs, Inc. (Nasdaq: GOVX), a clinical-stage biotechnology company developing vaccines and immunotherapies for infectious diseases and cancer, announced on October 27, 2026, that it has entered into an unsecured $1,000,000 Revolving Loan Agreement dated October 23, 2026, with Bowery Consulting Group Inc. The revolving loan facility provides for advances of up to $1,000,000, with any advances subject to the Lender’s approval. The loan bears interest at 12% per annum and matures 12 months from issuance. The agreement includes customary representations and warranties, indemnification provisions, and conditions precedent to borrowing.
Concurrently, on October 23, 2026, Randal Chase, Dean Kollintzas, Nicole Lemerond, Jayne Morgan, and John Spencer, Jr. resigned as directors of the company. Steven Brown, Tyler O’Brien, and Manpreet Uppal were appointed as directors. Each of the newly appointed directors was nominated by the Lender pursuant to the Revolving Loan Agreement. Following these changes, the company’s Board of Directors consists of five directors. The Board has determined that each of the newly appointed directors meets the independence standards of the Securities and Exchange Commission and Nasdaq. Mr. O’Brien and Mr. Uppal will join the Audit Committee together with Dr. Robert McNally.
David A. Dodd, Chairman and Chief Executive Officer 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 for their dedication and contributions.
The financing and board changes matter for several reasons. GeoVax’s priority program is GEO-MVA, a Modified Vaccinia Ankara–based vaccine targeting mpox and smallpox, which is advancing under an expedited regulatory pathway with plans to initiate a pivotal Phase 3 clinical trial in late 2026. The loan provides working capital to support that effort, though advances remain subject to the Lender’s approval. The board restructuring, with lender-nominated directors, may give the Lender significant influence over corporate governance. Investors should note that further details will be contained 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 via www.newmediawire.com.
