GeoVax Labs, Inc. (Nasdaq: GOVX), a clinical-stage biotechnology company developing vaccines and immunotherapies for infectious diseases and cancer, has entered into an unsecured $1,000,000 Revolving Loan Agreement with Bowery Consulting Group Inc., according to a company announcement. The agreement, dated October 23, 2026, provides for advances of up to $1,000,000, subject to the lender’s approval, and bears interest at 12% per annum with a 12-month maturity. The financing is accompanied by a significant governance change: five directors resigned and three new directors nominated by the lender were appointed, reshaping the company’s board.
The board restructuring is a direct condition of the loan agreement. Randal Chase, Dean Kollintzas, Nicole Lemerond, Jayne Morgan, and John Spencer, Jr. resigned as directors on October 23, 2026. Steven Brown, Tyler O’Brien, and Manpreet Uppal were appointed as directors, each nominated by Bowery Consulting Group. The new directors will serve until the earlier of the loan’s full repayment or their resignation under the agreement’s terms. The board now consists of five directors. GeoVax stated that the board determined each new director meets SEC and Nasdaq independence standards, and that O’Brien and Uppal will join the Audit Committee alongside Dr. Robert McNally.
David A. Dodd, Chairman and CEO of GeoVax, framed the financing as a strategic boost. “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 welcomed the new directors, citing their “diverse experience and strong leadership” as bringing “fresh perspectives and valuable guidance” as the company advances its GEO-MVA clinical program toward an expedited pathway to commercialization. Dodd also thanked the departing board members for their contributions.
The loan’s implications extend beyond the balance sheet. Because advances are subject to the lender’s sole and absolute discretion, GeoVax may not be able to draw down the full commitment, a risk the company acknowledged in its forward-looking statements. The lender’s ability to nominate directors also gives Bowery Consulting Group considerable influence over GeoVax’s strategic direction until the loan is repaid. The company said further details will be disclosed in a Form 8-K filed with the Securities and Exchange Commission.
GeoVax’s priority program is GEO-MVA, a Modified Vaccinia Ankara–based vaccine targeting mpox and smallpox, which is advancing under an expedited regulatory pathway with plans to initiate a pivotal Phase 3 trial in late 2026. In oncology, the company is developing Gedeptin®, a gene-directed enzyme prodrug therapy that has completed a Phase 1/2 trial in advanced head and neck cancer. For more information, visit www.geovax.com. The original release is available via www.newmediawire.com.
