Full Press Release Details
Blue Water Biotech Signs Non-Binding Term Sheet
a Commercial Stage Oncology Company
Transaction will Advance Company's
Shift in Business Strategy Aligned
with Life Sciences Industry Expertise of
CINCINNATI, November 2, 2023 - Blue Water Biotech, Inc. (Nasdaq:
BWV) ("BWB" or the "Company"), today announced the execution of a non-binding term sheet regarding the acquisition
of a private commercial stage oncology biotechnology company (the "Proposed Transaction"). This latest announcement is part
of the Company's new business strategy focusing on oncology. The Company plans to commercialize therapeutics, diagnostics and clinician
services, which will serve as the foundation for the Company's future operations.
The Proposed Transaction furthers a shift in business strategy driven
by BWB's decision to align with both the market value drivers provided by its new oncology focus and the extensive life sciences
company-building expertise of its new leadership team under the direction of President and CEO, Dr. Neil J. Campbell.
"There are still many unmet medical needs in the cancer marketplace
that require solid answers and focus on the important relationship between healthcare providers and patients. This announcement is part
of our commercial focus for the Company as we shift to opportunities in oncology, which we believe presents the best market opportunities
for shareholder value," said Dr. Campbell. "This new potential opportunity with an oncology business is a first step in the
After stockholder approval of the Proposed Transaction, shareholders
of the target company will own a majority of BWB. The Company expects to announce additional details regarding the Proposed Transaction
when a definitive agreement is executed. The completion of the transaction is subject to, among other matters, the completion of due diligence,
the negotiation of a definitive agreement, obtaining adequate financing, satisfaction of the conditions negotiated therein and approval
of the Proposed Transaction by the board and stockholders, as and when applicable. There can be no assurance that a definitive agreement
will be entered into or that the Proposed Transaction will be consummated on the terms or timeframe currently contemplated, or at all.
Tungsten Advisors served as the exclusive financial advisor to the
Forward-Looking Statements
Certain statements in this press release are forward-looking within
the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking
words such as "anticipate," "believe," "forecast," "estimate," "expect," and
"intend," among others. These forward-looking statements are based on Blue Water's current expectations and actual results
could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such
forward-looking statements. These factors include, but are not limited to, risks related to Blue Water's ability to complete the
Proposed Transaction; risks related to Blue Water's ability to realize the benefits of its acquisition of ENTADFI and the Proposed
Transaction described herein; risks related to Blue Water's ability to expand its business scope, commercialize ENTADFI and
integrate the assets and commercial operations contemplated to be acquired in the Proposed Transaction into Blue Water's business;
risks related to Blue Water's ability to attract, hire and retain skilled personnel and establish an effective sales team; risks
related to the development of Blue Water's vaccine candidates; the failure to obtain FDA clearances or approvals and noncompliance
with FDA regulations; delays and uncertainties caused by the global COVID-19 pandemic; risks related to the timing and progress of clinical
development of our product candidates; our need for additional financing; uncertainties of patent protection and litigation; uncertainties
of government or third party payor reimbursement; limited research and development efforts and dependence upon third parties; and substantial
competition. Blue Water does not undertake an obligation to update or revise any forward-looking statement. Investors should read the
risk factors set forth in Blue Water's Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the "SEC")
on March 9, 2023 and periodic reports filed with the SEC on or after the date thereof. All of Blue Water's forward-looking statements
are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the
About Blue Water Biotech, Inc.
Blue Water Biotech, Inc. is a commercial stage biotechnology company
focused on the research, development, and commercialization of innovative solutions for oncology. The Company currently has Entadfi ,
an FDA approved, oral therapeutic for the treatment of benign prostatic hyperplasia (BPH), a disorder of the prostate, along with building
additional assets in therapeutics, diagnostics and clinician services for oncology.
Investor and Media Contact Information:
Nic Johnson and Harrison Seidner, PhD
Telephone: (212) 845-4242