Blue Water Vaccines Announces Sponsored Research Agreement Amendment to Continue Funding Universal Influenza Vaccine Development at The University of Oxford CINCINNATI, OH

Water Vaccines Announces Sponsored Research Agreement Amendment to Continue Funding Universal Influenza Vaccine Development at The University

OH, May 31, 2022 -- 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 the signing of an amendment to its existing Sponsored Research Agreement with The University of Oxford. Under this

amendment, BWV will extend funding for research into its universal influenza vaccine candidate, BWV-101, for an additional 18 months.

the original agreement signed in December 2019, BWV agreed to fund research and development of its universal influenza vaccine at The

University of Oxford for a period of three years, ending on December 19, 2022. The signing of this amendment, as well as additional funding

provided by BWV, will enable Oxford to continue research and optimization of the Company's universal influenza vaccine candidate,

are thrilled to continue our partnership with The University of Oxford," said Joseph Hernandez, Chairman and Chief Executive Officer

of Blue Water Vaccines. "In addition to the original work on H1 epitopes of limited variability, the team at Oxford recently found

epitopes of limited variability for H3 and influenza B. This work brings us one step closer to a truly universal influenza vaccine, and

we look forward to reaching that milestone with our partners at Oxford."

to the World Health Organization, there are more than 1 billion influenza infections each year, 3 - 5 million of which are considered

severe, leading to between 290,000 - 650,000 related respiratory deaths worldwide. Current influenza vaccines have several shortcomings,

including yearly reformulations 6 months prior to influenza season leading to yearly administration and typically provide protection

to only 50% of the individuals that receive the vaccine. Additionally, the CDC estimates about $87.1 billion USD is lost through absenteeism

and healthcare costs in the US and the WHO estimates around $4 billion US is spent on the flu vaccine each year. Both the clinical toll

of this disease and the economic burden it poses warrants investigation and commitment to the development of a universal influenza vaccine.

The University of Oxford

University has been placed number 1 in the Times Higher Education World University Rankings for the sixth year running, and 2 in the

QS World Rankings 2022. At the heart of this success is our ground-breaking research and innovation. Oxford is world-famous for research

excellence and home to some of the most talented people from across the globe. Our work helps the lives of millions, solving real-world

problems through a huge network of partnerships and collaborations. The breadth and interdisciplinary nature of our research sparks imaginative

and inventive insights and solutions. Through its research commercialization arm, Oxford University Innovation, Oxford is the highest

university patent filer in the UK and is ranked first in the UK for university spinouts, having created more than 200 new companies since

1988. Over a third of these companies have been created in the past three years. The university is a catalyst for prosperity in Oxfordshire

and the United Kingdom, contributing 15.7 billion to the UK economy in 2018/19, and supports more than 28,000 full time jobs.

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 (CCHMC), 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 CCHMC 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.

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. 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, including, but not limited to BWV-301; 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 Annual Report on Form 10-K for the fiscal year ended December

31, 2021, filed with the Securities and Exchange Commission (the "SEC") 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 thereof.

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