- 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.
