CINCINNATI, 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.
“In 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.”
2022 and Recent Corporate Developments
2022 and Recent Vaccine Candidate Developments
2022 Financial Highlights
BLUE WATER VACCINES INC. | ||||||||
Balance Sheets | ||||||||
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 |
BLUE WATER VACCINES INC. | ||||||||
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 |
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, 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.
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 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.
Media Contact Information:
Blue Water Media Relations
Telephone: (646) 942-5591
Email: Nic.Johnson@russopartnersllc.com
Investor Contact Information:
Blue Water Investor Relations
Email: investors@bluewatervaccines.com
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