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HC Wainwright Maintains Buy on GeoVax, Raises PT to $8
ByAinvest
Tuesday, Jul 2, 2024 6:16 am ET1min read
HC Wainwright Maintains Buy on GeoVax, Raises PT to $8
GeoVax Labs, Inc. (GOVX), a leading clinical-stage biotechnology company specializing in the development of immunotherapies and vaccines against cancer and infectious diseases, recently announced a registered direct offering to raise approximately $1.3 million in gross proceeds [1]. This financing will significantly bolster the company's working capital and general corporate purposes.
HC Wainwright & Co., a prominent investment bank, acted as the exclusive placement agent for the offering. The institutional investor purchased 802,844 shares of GOVX's common stock priced at $1.68 per share and received warrants to buy an additional 1,605,688 shares [1]. These warrants feature an exercise price of $1.68 per share and a five-year term following the issuance date.
GeoVax's President and CEO, David Dodd, expressed his enthusiasm about the successful financing, stating, "We are delighted to have secured this investment from a respected institutional investor. This financing will provide us with the necessary resources to continue our research and development efforts in the areas of cancer and infectious diseases."
The company's innovative pipeline includes the development of a novel vaccination platform for the prevention of Zika virus and other flaviviruses, as well as immunotherapies for cancer treatment [2]. GeoVax's commitment to advancing these promising therapeutics has earned the company widespread recognition and support from the scientific community.
GeoVax's registration statement on Form S-3 (File No. 277585) was previously filed with the Securities and Exchange Commission (SEC) and declared effective on March 13, 2024 [1]. The company's shares will be offered and sold only by means of a prospectus and related prospectus supplement, which will be available on the SEC's website at http://www.sec.gov.
This financing represents a significant milestone for GeoVax as it continues to work towards bringing its groundbreaking therapies to market. With this renewed financial support, the company is well-positioned to advance its research efforts and create a lasting impact on the lives of patients worldwide.
References:
[1] https://www.geovax.com/investors/press-releases/geovax-to-raise-approximately-1-3-million-of-gross-proceeds-in-offering-priced-at-the-market
[2] https://www.geovax.com/science/technology/
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