GeoVax Labs, Inc. (Nasdaq: GOVX) announced on Monday that it has entered into an unsecured $1,000,000 Revolving Loan Agreement dated October 23, 2026, with Bowery Consulting Group Inc. The financing, reported via NEWMEDIAWIRE, carries a 12% annual interest rate and matures 12 months from issuance, with advances subject to the lender’s approval.
The agreement’s implications extend beyond the balance sheet. Concurrently with the loan, five directors—Randal Chase, Dean Kollintzas, Nicole Lemerond, Jayne Morgan and John Spencer, Jr.—resigned, and Steven Brown, Tyler O’Brien and Manpreet Uppal were appointed to the board. Each new director was nominated by the lender, reducing the board to five members. The newly appointed directors will serve until the earlier of the loan’s full repayment and their resignation under the agreement’s terms, giving the lender significant influence over GeoVax’s governance for the loan’s duration.
The board determined that all three new directors meet SEC and Nasdaq independence standards. O’Brien and Uppal will join the Audit Committee alongside Dr. Robert McNally. The reshuffle reflects the conditions attached to the financing and could affect strategic decision-making at the clinical-stage biotechnology company.
David A. Dodd, Chairman and Chief Executive Officer, framed the deal as a critical step. “Securing this financing is an important achievement for GeoVax, reinforcing our balance sheet and providing the working capital needed to support our operations,” he said. Dodd also welcomed the new directors, citing their “diverse experience and strong leadership” as the company advances its GEO-MVA clinical program toward what it believes will be an expedited pathway to commercialization. He expressed appreciation to the departing board members.
GeoVax’s priority program, GEO-MVA, is a Modified Vaccinia Ankara–based vaccine targeting mpox and smallpox, with a pivotal Phase 3 trial planned for late 2026. The company is also developing Gedeptin® for head and neck cancer. The loan provides near-term liquidity, though its terms—including the lender’s discretion over advances and board nomination rights—highlight the financing constraints facing small biotech firms. Further details will appear in a Form 8-K filing with the Securities and Exchange Commission. For more information, visit www.geovax.com.
