BioVaxys Technology Corp. (OTC:BVAXF) Stock Surges 13% After Termination of USA Distribution Agreement for Papilocare

The trading week would be coming to a close today, but there are stocks that could come on the radars of investors all the same, and one of those could be the BioVaxys Technology Corp. (OTC:BVAXF) stock. On December 21, it emerged that the company and Procare Health had amicably agreed to end the United States Distribution Agreement for Immunocaps and Papilocare.

The decision from the company had come about as part of its wider strategy to move its focus to immunotherapeutics once again. However, it was also noted that the partnership between the two companies for the European Union-based clinical development of BioVaxys Technology Corp’s vaccine for ovarian cancer, BVX 0918, would continue as before. Kenneth Kovan, the Chief Operating Officer and President of the company, spoke about the development yesterday. He noted that while the company believed in the future of Papilocare as a product, the regulatory timeline in the United States was no longer in alignment with the strategic objectives of BioVaxys Technology.

On December 13, BioVaxys Technology announced that it was in the middle of non-binding talks pertaining to a major acquisition in the immunotherapy technology space. The immunotherapeutic intellectual property consisted of products in the clinical development, pre-clinical, and discovery stages in oncology and other fields. The portfolio had been owned in the past by a biotech company, but the identity of the company was not revealed. The portfolio was in the possession of a secured creditor at the time of the announcement.

The company added that no formal agreement had been reached. Additionally, BioVaxys Technology also cautioned investors to be careful when trading the company’s shares at a time when non-binding discussions were ongoing. The company went on to note that there was no assurance that the concerned parties were going to reach an agreement.

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