Full Press Release Details
Biotherapeutics and Big Cypress Merger Call
Corporate Communications & IR Officer, SAB Biotherapeutics
you, operator. Good morning and thank you for joining the Big Cypress/SAB Biotherapeutics joint investor conference call and webcast.
In this call, we will be discussing information contained in our press release issued today and available at www.SABBiotherapeutics.com.
Before we begin to discuss what we believe is a very exciting announcement and a significant milestone for both SAP Biotherapeutics and
Big Cypress, please note that we will be making forward-looking statements, which involve risks and uncertainties. These forward-looking
statements are subject to risks and uncertainties that could cause actual results to differ materially from such forward-looking statements.
We strongly encourage you to review the legends accompanying today's presentation and the Form 8-K to be filed by with the Securities
and Exchange Commission for further information regarding these risks and uncertainties. And with that, I'll turn the call over
to Samuel Reich, CEO of Big Cypress. Sam?
Cypress and SAB Merger
CFO and Director, Big Cypress
the right partner in SAB
Cypress track record and goal
you, Melissa. Good morning. Big Cypress is an entrepreneur/operator led SPAC with more than 150 years of combined experience in executive
and director level management roles at life science companies. We are a team with a successful track record of positive outcomes for
shareholders. In January of this year, we set out to find a private life sciences company with exciting technology that could lead to
novel therapeutics in areas of major unmet medical needs with the potential to provide great value to shareholders in the public capital
markets. We reviewed over 60 viable targets companies and had extensive discussions and conducted diligence with nine, all excellent
stood out from their peers
in the Heartland of the United States, SAB stood out from their peers with a one of a kind validated platform we believe has great potential.
They have combined some of the most sophisticated genetic engineering and their unique proprietary know how a large animal husbandry
to create a novel therapeutic platform with applications across a wide range of immune-mediated diseases. Importantly, they have demonstrated
that they can generate promising drug candidates rapidly and produce them at scale. We are very excited to be partnering with SAB to
bring them to the public market and believe that the merged company is well positioned to provide excellent shareholder value with both
near and long term growth potential.
features of the transaction
to the key features of the transaction, Big Cyprus has about $116 million in cash to be deployed. The transaction is expected to provide
SAB with $118 million in pro forma cash, assuming no redemptions, providing the company a cash runway through the end of 2023. SAB will
have an implied post-merger enterprise value of about $325 million. There are no minimum cash flows and conditions for the deal and the
transaction is expected to close early in the fourth quarter of this year. It is now my pleasure to introduce Dr. Eddie Sullivan, co-founder
CEO and president of SAB Biotherapeutics.
of SAB Biotherapeutics
President & CEO, SAB Biotherapeutics
opportunity to advance platforms and pipelines
you, Sam and hello everyone. I am pleased to be here this morning to discuss our transaction with Big Cypress. We believe the transaction
offers SEB Biotherapeutics a significant opportunity to advance our differentiated platform for developing targeted, fully human, highly
potent polyclonal antibodies and developing a robust pipeline of programs as well as create shareholder value.
of Concept of human polyclonal antibody platform
we start with slide five, SAB Biotherapeutics has established proof of concept of our human polyclonal antibody platform applicable to
a broad range of indications in autoimmune, oncology, infectious disease and inflammation with multiple clinical stage programs currently.
SAB has been awarded about $250 million in non-diluted funding from government and global pharma collaboration sources. This has allowed
us to advance clinical stage programs and show significant potential clinical advantage over monoclonal antibodies and animal derived
polyclonal antibodies. To advance genetic engineering and antibody science, we are able to produce targeted high potency, fully human
polyclonal antibodies from genetically engineered cattle.
have demonstrated human safety and tolerability and the potential for redosing as well as multiple routes of administration. We have
shown proven efficacy against mutational drift and variant escapes and the potential to simultaneously address multiple targets with
the same product. We show that we can enable a reliable, controlled, consistent production of diverse high titer, high affinity human
antibodies that work in the natural way that our bodies fight disease.
readouts coming soon
is a highly scalable system with the ability to rapidly advance from concept to clinic and we have a well-defined and understood regulatory
pathway as a true biologic through the FDA center for biologics evaluation and research or CBRE. We anticipate that proceeds from this
SPAC combination will support development through multiple catalysts, including clinical data readouts in 2021 and 2022, which provide
opportunities as well in new product development, rapid response and discovery collaborations with other organizations.
experienced management team
we go to slide six, we do have a highly experienced management team at SAB Biotherapeutics. Myself, I have more than 20 years in new
technology development, and more than 25 years in biotech. I was formally with a Japanese pharmaceutical company, and I also have served
on the executive committee of the Biotechnology Innovation Organization. I'm a reproductive physiologist by background but joined
this great technology because I saw the unmet medical need of being able to provide polyclonal antibodies and the really natural way
that our bodies fight disease and saw the real potential that this technology lens. In addition, we have a great team of individuals
that come to us from both big pharma, as well as emerging biotech and business leaders that will help us to advance this technology moving
forward. And I'm very proud of the experienced team that we have built to support our vision.
thesis for DiversitAb
class of polyclonal antibodies
we move to slide seven, we show the investment thesis of this novel DiversitAb platform for developing highly differentiated immunotherapies.
And the entire investment thesis is built on the foundation of this innovative DiveristAb platform, which we produce a new class of targeted,
fully human, highly potent polyclonal antibodies that work in a very natural way within the human immune system. We have a - to
this foundation, the pillars of a robust and growing clinical stage pipeline that spans multiple therapeutic areas.
company is building a full integration that enables rapid scalable development of multiple targeted products from both discovery as well
as clinical manufacturing and clinical development on through commercialization. We leveraged this advanced genetic engineering and antibody
science to develop Tc bovine, transchromosomic bovine, fully human polyclonal antibodies without the need for human donors. We have established
proof of concept of this technology through non-diluted US government funded programs and partnerships totaling more than $250 million,
which has allowed us to grow a strong corporate position with this great experienced leadership team, as well as a growing infrastructure
that allows us to produce the clinical material actually in our own facilities.
Broader spectrum efficacy
advantage of diversity
moving to slide eight, polyclonal antibodies provide a broader spectrum of efficacy with a multiple range of indications. If we talk
about immunotherapies overall, we all are very familiar with monoclonal antibodies and certainly they have had a very significant impact
on immunotherapies around the world. And they are regulated by the FDA center for drug evaluation and research. Polyclonal antibodies
on the other hand, which again are the natural way that our bodies fight disease are regulated by the Center for Biologics Evaluation
and Research. And this makes them very different from what we could call the monoclonal antibody, or even an olig[?] funnel, meaning
multiple monoclonal antibody cocktails, or even bi-specific. The type of regulation the polyclonal antibodies allow for allow us to take
advantage of the diversity of the antibodies that are produced with multiple binding to epitopes and multiple modalities. This is also
a very efficient platform that is resistant to mutational drafts, drift, and variant escape.
pipeline with broad therapeutic reach
so with that, we moved to discuss just a little bit on slide nine, about the robust pipeline with our broad therapeutic reach. First
of all, you will note that SAB does have an infectious disease program, which has provided significant proof of concept for the overall
platform and these programs in infectious disease, have moved into advanced clinical studies at this time. You will note that we have
a COVID-19 US government funded program, where we have been able to not only have significant funding provided for this program, but
this program has now moved into advanced - an advanced phase two-three adaptive design trial as part of the ACTIVE II program.
In addition, SAB has completed or started four clinical trials so far this year. And in fact, we are just now or imminently starting
a phase 2-A challenge study in the influenza program. Additionally, we have a robust preclinical and discovery stage pipeline in immune
disorders and an emerging polyclonal oncology program, wherein we have filed our first two patent applications this year.
from Tc Bovine to cross-react
we go to slide ten, we talk about the multi-dimensional properties of immunotherapies derived from the Tc bovine antibody platform. This
platform obviously being polyclonal has the advantage of activating the full cell effect or functions, and as well as compliment acting
in conjunction with the rest of the immune system. And certainly, this allows us to have immunotherapies that exceed just targeted neutralization
by providing blocking antibodies as well as both high and low ability antibodies that allow for a complete immunotherapy target.
polyclonal antibodies are multi-valent, meaning that they are designed to attack multiple targets or strains or mutations. And so even
though we specifically target the antibodies to a specific strain, perhaps, we know that we produce significant antibodies that cross-react