Full Press Release Details
Evaxion Biotech Announces Q4 and Full-Year 2020 Financial Results
and Provides Business Update
Denmark, April 6, 2021 (GLOBAL NEWSWIRE) - Evaxion Biotech A/S (Nasdaq: EVAX), a clinical-stage biotechnology company
specializing in the development of AI-driven immunotherapies to improve the lives of patients with cancer and infectious diseases, announced
today the fourth quarter and full year 2020 financial results and provided an operational update.
Wegner, CEO of Evaxion, said: "Evaxion made outstanding progress in 2020 in redefining the immunotherapy
discovery process through our AI platform technologies, despite the complications caused by the COVID-19 pandemic. We are very
pleased with the successful initial public offering on U.S. Nasdaq, concluded in February 2021, which raised gross proceeds of
$30 million and positions Evaxion for further progress with our patient-specific cancer immunotherapies."
"In 2020, we initiated a Phase 1/2a clinical trial of the adjuvant
immunotherapy EVX-02, in combination with checkpoint inhibitors in patients with advanced melanoma. Both this study and our Phase 1/2a
trial with EVX-01 remain on track and our other product candidates - EVX-03 for multiple cancer indications and EVX-B1, a vaccine
for prevention of S. aureus - are progressing well through preclinical development".
Evaxion is in a strong position with cash and cash equivalents of $5.8 million at December 31, 2020, to which we have now added the
proceeds from our IPO. This provides funding to advance our four product candidates into 2022, covering a number of key expected
milestones. These include Phase 1/2a data on EVX-01 and EVX-02 expected in late Q2 2021 and filing for approval of a clinical trial of
EVX-03 in multiple cancers in the second half of the year."
Operational and Business Highlights in 2020
Events after the Reporting Period
Expected milestones in 2021
Fourth Quarter and Full Year 2020 Financial
Webcast and Conference Call
Evaxion will host a webcast and conference call
today, April 6, 2021, at 8.30 a.m. EDT.
access dial-in details for the conference call, please use the following link:
Alternatively to access the webcast, please use
Evaxion Biotech A/S is an AI-immunology platform company decoding
the human immune system to discover and develop novel immunotherapies to treat cancer and infectious diseases. Evaxion has developed its
AI-immunology core technology to deeply understand the biological processes relevant for engaging the immune system so the Company can
harness its powers through novel immunotherapies. Evaxion's scalable AI-immunology core technology enables broad applicability across
diseases with immunological components. With deep insights into the biological processes of the immune system, Evaxion bridges technology,
engineering expertise and drug development know-how to bring novel immunotherapies to patients.
| For more information | |
| Evaxion Biotech A/S | LifeSci Advisors LLC |
| Glenn S. Vraniak | Mary-Ann Chang |
| Chief Financial Officer | Managing Director |
| gvr@evaxion-biotech.com | mchang@lifesciadvisors.com |
| +1 (513) 476-2669 | +44 7483 284 853 |
Source: Evaxion Biotech
Forward-looking statement
announcement contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements
of historical facts, included in this announcement regarding the Company's future operations, plans and objectives are forward-looking
statements. Although the Company believes its expectations are based on reasonable assumptions, all statements other than statements of
historical fact included in this announcement about future events are subject to (i) change without notice and (ii) factors
beyond the Company's control. These statements may include, without limitation, any statements preceded by, followed by, or including
words such as "target," "believe," "expect," "hope," "aim," "intend,"
"may," "might," "anticipate," "contemplate," "continue," "estimate,"
"plan," "potential," "predict," "project," "will," "can have,"
"likely," "should," "would," "could", and other words and terms of similar meaning or
the negative thereof. Actual results may differ materially from those indicated by such forward-looking statements as a result
of various factors, including but not limited to: risks associated with the Company's financial condition and need for additional
capital; risks associated with the Company's development work; cost and success of the Company's product development activities
and preclinical and clinical trials; risks related to commercializing any approved pharmaceutical product developed using the Company's
AI platform technology, including the rate and degree of market acceptance of the Company's product candidates; risks related to
the Company's dependence on third parties including for conduct of clinical testing and product manufacture; risks associated with
the Company's inability to enter into partnerships; risks related to government regulation; risks associated with protection of
the Company's intellectual property rights; risks related to employee matters and managing growth; risks related to the Company's
ADSs and ordinary shares, risks associated with the pandemic caused by the novel coronavirus known as COVID-19 and other risks and uncertainties
affecting the Company's business operations and financial condition.
statements are subject to inherent risks and uncertainties beyond the Company's control that could cause the Company's actual
results, performance, or achievements to be materially different from the expected results, performance, or achievements expressed or
implied by such forward-looking statements. For a further description of the risks and uncertainties that could cause actual results
to differ from those expressed in these forward-looking statements, as well as risks relating to the Company's business in general,
see the risks described in the "Risk Factors" section included in the Company's prospectus filed on February 5,
2021 and the Company's current and future reports filed with, or submitted to, the U.S. Securities and Exchange Commission (SEC).
Any forward-looking statements contained in this announcement speak only as of the date hereof, and except as required by law, the Company
assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially
from those anticipated in the forward-looking statements, even if new information becomes available in the future.
Statements of Financial Position Data (Unaudited)
| December 31, | ||||||||
| 2020 | 2019 | |||||||
| Cash and cash equivalents | $ | 5,834 | $ | 9,559 | ||||
| Total assets | 11,965 | 11,084 | ||||||
| Total liabilities | 4,927 | 1,722 | ||||||
| Share capital | 2,648 | 2,481 | ||||||
| Other reserves | 31,669 | 22,693 | ||||||
| Accumulated deficit | (27,279 | ) | (15,812 | ) | ||||
| Total equity | 7,038 | 9,362 | ||||||
| Total liabilities and equity | $ | 11,965 | $ | 11,084 |
Consolidated Statements of Comprehensive Loss Data (Unaudited)
(USD in thousands, except per share data)
| Year Ended December 31, | ||||||||
| 2020 | 2019 | |||||||
| Research and development expenses | $ | 10,902 | $ | 8,216 | ||||
| General and administrative expenses | 5,666 | 2,647 | ||||||
| Operating loss | (16,568 | ) | (10,863 | ) | ||||
| Finance income | 216 | 65 | ||||||
| Finance expenses | (223 | ) | (1,222 | ) | ||||
| Net loss before tax | (16,575 | ) | (12,020 | ) | ||||
| Income taxes | 1,557 | 825 | ||||||
| Net loss for the period | $ | (15,018 | ) | $ | (11,195 | ) | ||
| Net loss attributable to equity holders of Evaxion Biotech A/S | $ | (15,018 | ) | $ | (11,195 | ) | ||
| Loss per share - basic and diluted | $ | (0.97 | ) | $ | (0.81 | ) | ||
| Number of shares used for calculation (basic and diluted) | 15,434,758 | 13,892,314 |