Ocean Biomedical (NASDAQ: OCEA) Announces Share Price Target Increase to $17.63 by Fundamental Research Corp. on Positive Results from Independent Study Showing Glioblastoma Tumor Suppression, Received Patents, and Recent Financing

Providence, RI, June 21, 2023 (GLOBE NEWSWIRE) — Ocean Biomedical, Inc. (NASDAQ: “OCEA”), a next-generation biopharma company working to accelerate the development and commercialization of compelling new biopharma discoveries, announced today that an equity analyst coverage report issued by Fundamental Research Corp. (“FRC”) has increased FRC’s price target of OCEA stock to $17.63 per share, up from FRC’s initial report in March 2023 of $16.40.

FRC highlighted the following points in its research report:

• Ocean Biomedical’s arranging of an anticipated $25 million financing facility last month, allowing it to raise additional capital by issuing convertible promissory notes that will be funded in multiple tranches, subject to certain conditions.
• Since FRC’s initial report, Ocean Biomedical being granted two new U.S. patents, and one Brazilian patent, for drug and vaccine candidates targeting malaria and cancer treatment.
• Ocean Biomedical recently announcing positive results from an independent study demonstrating that its “antibodies can suppress glioblastoma (brain) tumor growth by 60%.”
• Ocean Biomedical’s plans to progress the manufacturing and IND-enabling studies needed to submit applications to the FDA to initiate human clinical trials and its diversified development pipeline, which includes three drug candidates for oncology (cancer prevention), one for fibrosis (lung tissue damage treatment), and three for infectious diseases (malaria), with “all three areas represent[ing] significant global markets.”

The report also highlights Ocean Biomedical’s current efforts to move multiple assets towards clinical trials, stating, “Our research indicates that approximately 19% of drugs advance from phase I clinical trials to approval.” The report further emphasizes the potential value of Ocean Biomedical’s multi-pronged approach by providing a detailed overview of Ocean Biomedical’s primary drug candidates (seen in the image below) and stating, “As OCEA has a diversified pipeline, we believe the company has a greater number of opportunities for success.”

The Science

In discussing Ocean Biomedical’s portfolio, FRC’s report notes that the company has already received 25 patents and has an additional 38 patent applications currently pending, for a total of 63 patent claims.

The report also summarizes the potential treatments that Ocean Biomedical is developing in the areas of oncology, fibrosis, and infectious diseases, providing the following “Potential Treatment” notes with respect to each area:

Oncology. “OCEA’s studies indicate that their antibodies developed against Chitinase 3-like-1 (CHI3L1) reduce tumors by 85%-90%. CHI3L1 plays a key role in forming lung cancer.”

Fibrosis. “OCEA’s OCF-203 has potential to reduce fibrosis by preventing Chitinase 1 (Chit1) from inducing fibrosis. OCF-203 also has potential to treat scleroderma (skin inflammation), alcoholic liver disease, and NASH (non-alcoholic liver damage).”

Infectious Diseases. “Studies indicate that OCEA’s ODA-570 mRNA vaccine has potential to eliminate 90% of malaria parasites, and demonstrates effectiveness against other infectious diseases such as tuberculosis.”

From Ocean Biomedical

“We are pleased to see our cumulative efforts and growing strengths recognized by Fundamental Research Corp.’s analyst coverage, especially the diverse potential of our core cancer, fibrosis, and infectious disease programs,” commented Dr. Chirinjeev Kathuria, co-founder and Executive Chairman of Ocean Biomedical.

“We appreciate Fundamental Research Corp.’s close attention to our financial and research news,” said Suren Ajjarapu, an Ocean Director, “and we will continue our efforts to meet and exceed both shareholder and stakeholder expectations.”

“Our team of experienced biopharma executives and top-tier scientists continue their efforts to move our research programs towards their phase 1 clinical trials as efficiently as possible,” said Elizabeth Ng, CEO of Ocean Biomedical.”

Ocean’s core assets in oncology, fibrosis, and infectious diseases, all based on new target discoveries enabling first-in-class drug and vaccine candidates, were developed through past and ongoing grants totaling $123.9 million.

A copy of Fundamental Research Corp.’s full analyst report can be obtained directly from the firm.

All reports on OCEA prepared by analysts represent the views of such analysts and are not necessarily those of OCEA. OCEA is not responsible for the content, accuracy, or timelines provided by analysts. OCEA does not expressly or by implication warrant or assume any legal liability or responsibility for the accuracy, completeness, or usefulness of any information, assumption, data, forecast, price target, estimate, or projection contained in the reports or industry notes provided by analysts, and the dissemination of such reports or industry notes does not necessarily constitute or imply OCEA’s endorsement or recommendation.

About Ocean Biomedical

Ocean Biomedical, Inc. is a Providence, Rhode Island-based biopharma company with an innovative business model that accelerates the development and commercialization of scientifically compelling assets from research universities and medical centers. Ocean Biomedical deploys the funding and expertise to move new therapeutic candidates efficiently from the laboratory to the clinic, to the world. Ocean Biomedical is currently developing five promising discoveries that have the potential to achieve life-changing outcomes in lung cancer, brain cancer, pulmonary fibrosis, and the prevention and treatment of malaria. The Ocean Biomedical team is working on solving some of the world’s toughest problems, for the people who need it most.

To learn more, visit www.oceanbiomedical.com.

Forward-Looking Statements

The information included herein and in any oral statements made in connection herewith include “forward- looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target,” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. These forward-looking statements include but are not limited to: the expected timing and success of investigational new drug (“IND”) filings for our initial product candidates; statements regarding the expected timing of our IND-enabling studies; the frequency and timing of filing additional INDs; expectations regarding the availability and addition of future assets to our pipeline; the advantages of any of our pipeline assets and platforms; the potential benefits of our product candidates; potential commercial opportunities; the timing of key milestones for our programs; the future financial condition, results of operations, business strategy and plans, and objectives of management for future strategy and operations; and statements about industry trends and other companies in the industry. These forward-looking statements are based on various assumptions, whether or not identified herein, and on the current expectations of the management of Ocean Biomedical, Inc. (the “Company”), and they are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions.

Any discoveries announced by the Company are based solely on laboratory and animal studies. The Company has not conducted any studies that show similar efficacy or safety in humans. There can be no assurances that any treatment tested by the Company will prove safe or effective in humans, and any clinical benefit of any such treatment is subject to clinical trials and ultimate approval of its use in patients by the FDA. Such approval, if granted, could be years away.

Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. These forward-looking statements are not guarantees of future performance, conditions, or results, and involve a number of known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside the control of the Company that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. You should carefully consider the foregoing factors and the other risks and uncertainties that are described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and in other documents to be filed by the Company from time to time with the SEC and which are and will be available at www.sec.gov. These filings identify and address important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. We do not undertake any obligation to update any forward-looking statements made by us. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this filing. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Ocean Biomedical Investor Relations
OCEANIR@westwicke.com

Ocean Biomedical Media Relations
OCEANPR@westwicke.com

Kevin Kertscher
Communications Director

Source: Ocean Biomedical, Inc.