Full Press Release Details
Blue Water Vaccines Announces $10 Million Private
Placement Priced At-the-Market under Nasdaq Rules
CINCINNATI, Ohio, Aug. 09, 2022 (GLOBE NEWSWIRE) -- Blue Water Vaccines
Inc. ("BWV" or "Blue Water Vaccines" or "the Company"), a biopharmaceutical company developing transformational
vaccines to address significant global health challenges, today announced that it has entered into definitive agreements with several
healthcare-focused institutional investors for the purchase of 3,683,280 shares of common stock (or common stock equivalents in lieu thereof)
in a private placement priced at-the-market under Nasdaq rules. The Company will also issue to the investors unregistered preferred investment
options (the "investment options") to purchase up to an aggregate of 4,972,428 shares of common stock. The purchase price
for one share of common stock (or common stock equivalent) and one investment option to purchase one share of common stock is $2.715.
The investment options will have an exercise price of $2.546 per share, will be exercisable immediately upon issuance, and will have a
term equal to five years following the issuance date.
H.C. Wainwright & Co. is acting as the exclusive placement agent
The gross proceeds from the private placement are expected to be approximately
$10 million, before deducting placement agent fees and other offering expenses. The Company intends to use the net proceeds from the private
placement for the research and development of its pipeline as well as for working capital and other general corporate purposes. The Company's
current cash position including the expected gross proceeds from this private placement is approximately $30.3 million. The private placement
is expected to close on or about August 11, 2022, subject to the satisfaction of customary closing conditions.
The offer and sale of the foregoing securities are being made in a
transaction not involving a public offering and the securities have not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or applicable state securities laws. Accordingly, the securities may not be reoffered or resold in the
United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of
the Securities Act and such applicable state securities laws. Pursuant to a registration rights agreement with investors, BWV has agreed
to file a resale registration statement covering the securities described above.
In addition, the investors in the private placement agreed to cancel
preferred investment options to purchase up to an aggregate of 1,180,812 shares of the Company's common stock issued in April 2022.
This press release does not constitute an offer to sell or the solicitation
of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or
About Blue Water Vaccines
Blue 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, and St. Jude
Children's Hospital. 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. For more information, visit www.bluewatervaccines.com.
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 BWV's current expectations and actual results
could differ materially and include, among others: statements regarding the satisfaction of the customary closing conditions of this private
placement and the use of the proceeds from this private placement. 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, market and other conditions,
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, except as required by law. Investors
should read the risk factors set forth in BWV's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with
the Securities and Exchange Commission on March 31, 2022, 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 hereof.
Media Contact Information:
Blue Water Media Relations
Telephone: (646) 942-5591
Investor Contact Information:
Blue Water Investor Relations