GeoVax Labs, Inc. (Nasdaq: GOVX), a clinical-stage biotechnology company developing vaccines and immunotherapies for infectious diseases and cancer, announced on October 26, 2026, that it has entered into an unsecured $1,000,000 Revolving Loan Agreement with Bowery Consulting Group Inc. The agreement, dated October 23, 2026, provides for advances up to $1,000,000, subject to the lender’s approval, and carries a 12% annual interest rate with a 12-month maturity. The financing is significant because it strengthens GeoVax’s balance sheet and supplies working capital as the company pushes its lead vaccine candidate forward.
Alongside the loan, the company disclosed a major board restructuring. Randal Chase, Dean Kollintzas, Nicole Lemerond, Jayne Morgan and John Spencer, Jr. resigned as directors on October 23, 2026, and Steven Brown, Tyler O’Brien and Manpreet Uppal were appointed. Each new director was nominated by the lender under the Revolving Loan Agreement, reducing the board to five members. The new directors will serve until the loan is repaid in full or until their resignation under the agreement’s terms. The board determined that all three meet SEC and Nasdaq independence standards, and O’Brien and Uppal will join the Audit Committee with Dr. Robert McNally. The changes matter because they give the lender governance influence and could affect oversight of the company’s strategy and financial reporting.
David A. Dodd, Chairman and CEO of GeoVax, said the financing is an important achievement that reinforces the balance sheet and provides needed working capital. He welcomed the new directors, citing their diverse experience and leadership, and thanked departing board members for their contributions. Dodd said the company believes it is entering a new chapter of growth, with a clear strategic path forward. The loan’s implications extend beyond liquidity: because advances are subject to the lender’s sole discretion, GeoVax’s access to cash is not guaranteed, a risk the company acknowledged in its forward-looking statements. The agreement also includes customary representations, warranties, indemnification provisions and borrowing conditions. Further details will appear in a Form 8-K filed with the Securities and Exchange Commission.
The financing comes as GeoVax advances GEO-MVA, a Modified Vaccinia Ankara–based vaccine targeting mpox and smallpox, under an expedited regulatory pathway with plans to start a pivotal Phase 3 trial in late 2026. In oncology, the company is developing Gedeptin® for head and neck cancer. For investors, the loan eases near-term funding pressure but ties board composition to the lender, a trade-off that could shape decision-making as the company pursues commercialization. The announcement was distributed through NEWMEDIAWIRE, and more information about the company is available at www.geovax.com.
