BioVaxys and Procare Health Agree to Termination of USA Distribution Agreement for Papilocare

December 21, 2023

VANCOUVER, BC, Dec. 21, 2023 /CNW/ -- BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) ("BioVaxys" or "Company")announced today that as part of BioVaxys' efforts to refocus on immunotherapeutics, Biovaxys and Procare Health ("Procare") have jointly and amicablyagreed to terminate the US Distribution Agreement for Papilocare and Immunocaps.The partnership between BioVaxys and Procare for the EU clinical development of BioVaxys' ovarian cancer vaccine BVX-0918 will continue and remainsunchanged.BioVaxys President and Chief Operating Officer Kenneth Kovan stated, "While we believe the Papilocare® is a highly promising product, the timetable ofthe regulatory pathway in the US is not aligned anymore with our strategic objectives to focus on immunotherapeutics. The termination of the agreementstrengthens the balance sheet of BioVaxys and allows the management team to advance certain initiatives related to immunotherapy. We appreciate thecontinued partnership with Procare on the EU clinical development of our ovarian cancer vaccine."About BioVaxys Technology Corp.BioVaxys Technology Corp. (, a biopharmaceuticals company based in Vancouver, Canada, is developing BVX-0918, a personalizedimmunotherapeutic vaccine using our proprietary HapTenix© 'neoantigen' tumor cell construct platform for treating refractive late stage ovarian cancer andother tumor types. The Company is capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasetspost-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumorantigens. BioVaxys is also pursuing vaccines based on its HapTenix© platform for various emerging viral infections. BioVaxys common shares are listed onthe CSE under the stock symbol "BIOV" and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF).ON BEHALF OF THE BOARDSigned "James Passin"James Passin, CEO+1 646 452 7054Cautionary Statements Regarding Forward Looking InformationThis press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. Allstatements, other than statements of historical fact, included herein, without limitation, statements relating the future operating or financial performance ofthe Company, are forward looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects","anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may","could", or "should" occur or be achieved.. There can be no assurance that such statements will prove to be accurate, and actual results and future eventscould differ materially from those expressed or implied in such forward-looking statements.These forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number ofassumptions and estimates, primarily the assumption that BioVaxys will be successful in developing and testing vaccines, that, while considered reasonableby the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies including, primarilybut without limitation, the risk that BioVaxys' vaccines will not prove to be effective and/ or will not receive the required regulatory approvals. With regardsto BioVaxys' business, there are a number of risks that could affect the development of its biotechnology products, including, without limitation, the need foradditional capital to fund clinical trials, its lack of operating history, uncertainty about whether its products will complete the long, complex and expensiveclinical trial and regulatory approval process for approval of new drugs necessary for marketing approval, uncertainty about whether its autologous cellvaccine immunotherapy can be developed to produce safe and effective products and, if so, whether its vaccine products will be commercially acceptedand profitable, the expenses, delays and uncertainties and complications typically encountered by development stage biopharmaceutical businesses,financial and development obligations under license arrangements in order to protect its rights to its products and technologies, obtaining and protectingnew intellectual property rights and avoiding infringement to third parties and their dependence on manufacturing by third parties.The Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should theychange, except as required by law.

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