GeoVax Secures $1 Million Revolving Loan, Overhauls Board with Lender-Nominated Directors

GeoVax Labs, Inc. (Nasdaq: GOVX), a clinical-stage biotechnology company developing vaccines and immunotherapies, announced it has entered into an unsecured $1,000,000 revolving loan agreement with Bowery Consulting Group Inc. The financing, dated October 23, 2026, carries a 12% annual interest rate and matures in 12 months. The agreement provides a crucial lifeline for the company as it seeks to advance its lead vaccine candidate, GEO-MVA, toward a planned pivotal Phase 3 trial in late 2026.

The implications of this deal extend far beyond the balance sheet. In conjunction with the loan, five directors resigned and three new directors—Steven Brown, Tyler O’Brien, and Manpreet Uppal—were appointed, each nominated by the lender. This board overhaul gives Bowery Consulting Group substantial influence over GeoVax’s strategic direction. The new directors will serve until the loan is repaid in full or they resign under the agreement’s terms. The board has determined that all three meet SEC and Nasdaq independence standards, and Mr. O’Brien and Mr. Uppal will join the Audit Committee alongside Dr. Robert McNally.

David A. Dodd, Chairman and CEO of GeoVax, framed the financing as a key achievement. “Securing this financing is an important achievement for GeoVax, reinforcing our balance sheet and providing the working capital needed to support our operations,” Dodd said. He also welcomed the new directors, citing their “diverse experience and strong leadership” as valuable for advancing the GEO-MVA clinical program. The company believes this program is on an expedited pathway to commercialization, targeting mpox and smallpox. Dodd expressed appreciation to the departing board members for their contributions.

The loan agreement contains customary representations, warranties, indemnification provisions, and conditions precedent to borrowing. However, advances under the facility are subject to the lender’s approval, meaning GeoVax does not have guaranteed access to the full $1 million. This condition introduces uncertainty, as the lender retains sole discretion over drawdowns. Further details will be disclosed in a Form 8-K to be filed with the Securities and Exchange Commission.

For a company like GeoVax, which maintains a global intellectual property portfolio and is also developing Gedeptin for head and neck cancer, this financing and board restructuring signal a critical juncture. The new board’s guidance will be essential as GeoVax navigates the costly Phase 3 trial and potential regulatory milestones. Investors and industry observers will be watching closely to see how the lender’s influence shapes the company’s priorities and whether the revolving loan provides the runway needed to achieve its clinical and commercial objectives. More information is available at www.geovax.com, and the original release can be viewed via www.newmediawire.com.