Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Lions Bay Mining (CSE:LBM) has signed a definitive agreement to acquire New York-based vaccine developer, BioVaxys
  • Under a share exchange agreement, Lions Bay Mining will issue a total of 29 million common shares for the acquisition
  • The company will also issue an advance worth C$269,730 to BioVaxys, which will be repaid should the transaction fall through
  • BioVaxys will continue to be led by its current CEO, James Passin, with Kenneth Kovan as President and Chief Operating Officer and David Berd as Chief Medical Officer
  • Lions Bay Mining (LBM) was suspended from trading on May 29, 2020, and is expected to remain under suspension until the completion of the acquisition

Lions Bay Mining (CSE:LBM) has signed a definitive agreement to acquire New York-based vaccine developer, BioVaxys.

Under a share exchange agreement, Lions Bay will acquire all of the issued and outstanding shares in BioVaxys through the issuance of 29 million of its own common shares.

As part of the transaction, Lions Bay has also agreed to issue an advance to BioVaxys worth C$269,730, which will be repaid should the transaction fall through.

BioVaxys’ work is currently based on the immunological concept that modifying proteins with simple chemicals, called haptens, makes them more visible to the body’s immune system. The company is using this platform to develop vaccines for SARS-CoV-2, which causes COVID-19, and a range of cancers.

As part of this, BioVaxys is in the process of initiating a preclinical study to evaluate the immunogenicity of its SARS-CoV-2 vaccine with a controlled murine model study. Such a study requires no regulatory approval, and is expected to begin within the next seven to ten days.

However, commencement of the study is dependent on the company signing a proposal with a supplier who will produce the vaccine material. Should the study go ahead, the results are likely to be available in October this year.

Upon closing of the acquisition, BioVaxys will continue to be led by its existing CEO, James Passin. Kenneth Kovan will act as President and Chief Operating Officer, with David Berd as Chief Medical Officer.

Lions Bay’s board will remain at three directors, including one nominee to be appointed by BioVaxys.

The acquisition of BioVaxys constitutes a change of business for Lions Bay, and as such will require approval from the Canadian Securities Exchange.

Lions Bay Mining (LBM) was suspended from trading on May 29, 2020, and is expected to remain under suspension until the completion of the acquisition.

More From The Market Herald

" Revive Therapeutics (CSE:RVV) updates Bucillamine in treating COVID-19

Revive Therapeutics (RVV) announced an update of its Food and Drug Administration (FDA) phase three clinical trial for Bucillamine.
The Market Herald Video

" BioVaxys (CSE:BIOV) signs binding term sheet for distribution of Papilocare in the U.S.

BioVaxys Technology Corp. (BIOV) has signed a binding term sheet with Procare Health Iberia, S.L. of Barcelona, Spain.

" Satellos Bioscience (TSXV:MSCL) announces OTCQB listing

Common shares of Satellos Bioscience (MSCL) have commenced trading on the OTCQB Venture Market (OTCQB) under the symbol MSCLF.
Innocan Pharma - CEO Iris Bincovish

" Innocan Pharma (CSE:INNO) patent application for treatment of psoriasis of the scalp goes national

Innocan Pharma’s (INNO) patent application, which claims cannabinoid-based topical compositions can treat psoriasis of the scalp, has reached the national phase.