GeoVax Labs secures $1 million loan and restructures board

GeoVax Labs, Inc., a clinical-stage biotechnology company, has entered into an unsecured $1,000,000 revolving loan agreement with Bowery Consulting Group Inc. The agreement, dated October 23, 2026, allows for advances of up to $1 million at an annual interest rate of 12%, with a maturity period of 12 months from issuance.

In conjunction with the financing, GeoVax underwent a significant governance overhaul. Five directors—Randal Chase, Dean Kollintzas, Nicole Lemerond, Jayne Morgan, and John Spencer, Jr.—resigned from the board. They were replaced by Steven Brown, Tyler O’Brien, and Manpreet Uppal, all of whom were nominated by the lender as part of the loan agreement.

The restructured five-member board includes the new directors, who will serve until the loan is repaid in full or they resign under the terms of the agreement. The company confirmed that the new appointees meet SEC and Nasdaq independence standards. Tyler O’Brien and Manpreet Uppal will join the Audit Committee alongside Dr. Robert McNally.