Full Press Release Details
Water Vaccines Reports Year 2022 Financial Results and Recent Business Highlights
9, 2023 at 8:31 AM EST
March 09, 2023 (GLOBE NEWSWIRE) -- Blue Water Vaccines Inc. ("BWV" or "Blue Water Vaccines" or the "Company"),
today announced its financial results for the fiscal year ended December 31, 2022 and provided an update on recent business developments
and Company progress. Blue Water Vaccines is a preclinical stage biotechnology company developing vaccines against multiple infectious
diseases, including acute otitis media ("AOM") and pneumonia from Streptococcus pneumoniae colonization,
influenza, norovirus, rotavirus, monkeypox, Marburg virus disease and Chlamydia.
addition to our successful initial public offering and raising subsequent capital to extend our runway, we made significant corporate
progress and further developed our vaccine candidates throughout the year," said Joseph Hernandez, Chairman and Chief Executive
Officer of Blue Water Vaccines. "We advanced research of our Streptococcus pneumoniae vaccine candidate, expanded
its target indication to include both acute otitis media and pneumococcal pneumonia, and are exploring the potential to transform this
vaccine into a platform to protect against other respiratory pathogens. In addition, we continued to expand our research endeavors with
our esteemed network of collaborators and highlighted our story to investment and scientific conferences around the world. We are truly
excited to build on this progress in 2023 and continue our mission to positively impact public health for all."
and Recent Corporate Developments
| In February 2022, BWV closed its initial public offering of 2,222,222 shares of common stock, generating aggregate net proceeds of approximately $17.1 million. | ||
| BWV closed private placements in each of April and August of 2022, with aggregate net cash proceeds of approximately $6.9 million and $8.7 million, respectively. | ||
| In November 2022, the Board approved a share repurchase program to allow for the Company to repurchase up to 5 million shares, with discretion to management to make purchases subject to market conditions. | ||
| BWV named several seasoned professionals to its board of directors, including Simon Tarsh, retired Deloitte consulting Senior Managing Director, Vuk Jeremi, previous chair of the Council of Europe's Committee of Ministers and previous President of the United Nations Assembly, as well as Timothy Ramdeen, experienced public market and private equity investment leader. | ||
| In February 2023, BWV appointed veteran commercial operations leader Frank Jaeger as Senior Vice President of Marketing and Business Development to support BWV as its pipeline programs progress towards clinical development. | ||
| In December 2022, BWV received "buy" recommendations from two notable healthcare-focused Wall Street banks, Maxim Group LLC and H.C. Wainwright & Co. |
and Recent Vaccine Candidate Developments
Financial Highlights
BLUE WATER VACCINES INC.
| December 31, | December 31, | |||||||
| 2022 | 2021 | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash | $ | 25,752,659 | $ | 1,928,474 | ||||
| Prepaid expenses and other current assets | 469,232 | 234,551 | ||||||
| Deferred offering costs | - | 757,646 | ||||||
| Receivable from related parties | 35,850 | 152,524 | ||||||
| Total current assets | 26,257,741 | 3,073,195 | ||||||
| Prepaid expenses, long-term | 38,617 | - | ||||||
| Property and equipment, net | 14,089 | 11,502 | ||||||
| Total assets | $ | 26,310,447 | $ | 3,084,697 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 1,499,296 | $ | 582,605 | ||||
| Accrued expenses | 2,409,128 | 1,055,515 | ||||||
| Contingent warrant liability | 14,021 | - | ||||||
| Total current liabilities | 3,922,445 | 1,638,120 | ||||||
| Total liabilities | 3,922,445 | 1,638,120 | ||||||
| Commitments and Contingencies | ||||||||
| Stockholders' equity | ||||||||
| Preferred stock, $0.00001 par value, 10,000,000 shares authorized at December 31, 2022 and 2021 | ||||||||
| Series Seed: 0 and 1,150,000 shares designated at December 31, 2022 and 2021, respectively; 0 and 1,146,138 shares issued and outstanding at December 31, 2022 and 2021, respectively; $0 and $15.4 million aggregate liquidation preference at December 31, 2022 and 2021, respectively | - | 11 | ||||||
| Common stock, $0.00001 par value, 250,000,000 shares authorized at December 31, 2022 and 2021; 15,724,957 and 3,200,000 shares issued at December 31, 2022 and 2021, respectively; 15,265,228 and 3,200,000 shares outstanding at December 31, 2022 and 2021, respectively | 157 | 32 | ||||||
| Additional paid-in-capital | 42,331,155 | 7,403,204 | ||||||
| Treasury stock, at cost; 459,729 and 0 shares of common stock at December 31, 2022 and 2021, respectively | (566,810 | ) | - | |||||
| Accumulated deficit | (19,376,500 | ) | (5,956,670 | ) | ||||
| Total stockholders' equity | 22,388,002 | 1,446,577 | ||||||
| Total liabilities and stockholders' equity | $ | 26,310,447 | $ | 3,084,697 |
Statements of Operations
| Year Ended | Year Ended | |||||||
| December 31, 2022 | December 31, 2021 | |||||||
| Operating expenses | ||||||||
| General and administrative | $ | 9,351,552 | $ | 2,092,304 | ||||
| Research and development | 4,129,688 | 1,325,030 | ||||||
| Total operating expenses | 13,481,240 | 3,417,334 | ||||||
| Loss from operations | (13,481,240 | ) | (3,417,334 | ) | ||||
| Other income | ||||||||
| Change in fair value of contingent warrant liability | (61,410 | ) | - | |||||
| Total other income | (61,410 | ) | - | |||||
| Net loss | $ | (13,419,830 | ) | $ | (3,417,334 | ) | ||
| Cumulative preferred stock dividends | 96,359 | 627,391 | ||||||
| Net loss applicable to common stockholders | $ | (13,516,189 | ) | $ | (4,044,725 | ) | ||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (1.10 | ) | $ | (1.26 | ) | ||
| Weighted average number of common shares outstanding, basic and diluted | 12,271,449 | 3,200,000 |
Water Vaccines Inc. is a biopharmaceutical company focused on developing transformational vaccines to address significant health challenges
globally. Headquartered in Cincinnati, OH, the company holds the rights to proprietary technology developed at the University of Oxford,
Cincinnati Children's Hospital Medical Center, St. Jude Children's Hospital, and The University of Texas Health at San Antonio
("UT Health"). The Company is developing a universal flu vaccine that will provide protection from all virulent strains in
addition to licensing a novel norovirus (NoV) S&P nanoparticle versatile virus-like particle (VLP) vaccine platform from Cincinnati
Children's to develop vaccines for multiple infectious diseases, including norovirus/rotavirus and malaria, among others. Additionally,
Blue Water Vaccines is developing a Streptococcus pneumoniae (pneumococcus) vaccine candidate, designed to specifically
prevent the highly infectious middle ear infections, known as Acute Otitis Media (AOM), in children, and prevention of pneumonia in older
people at risk for contracting pneumococcal pneumonia, a significant unmet medical need. The advantage of this technology includes a
serotype independent mucosal immunity that prevents colonization in the upper respiratory tract as well as systemic immunity that can
confer serotype independent against invasive pneumococcal disease. The Company is also developing a Chlamydia vaccine
candidate with UT Health to prevent infection and reduce the need for antibiotic treatment associated with contracting Chlamydia disease.
For more information, visit www.bluewatervaccines.com.
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 include, but are
not limited to, statements concerning the Company's ability to implement its business strategy and operations, its cash needs, the development
and efficacy of the Company's vaccine candidates, and the Company's anticipated future growth strategy. These forward-looking statements
are based on BWV'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 the development of BWV'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. As with any vaccine under development, there are significant risks in the development, regulatory approval and commercialization
of new products. BWV does not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk
factors set forth in BWV's 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 BWV'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 date thereof.
Contact Information:
Blue Water Media Relations
Telephone: (646) 942-5591
Contact Information:
Blue Water Investor Relations