Blue Water Vaccines Announces First Quarter 2022 Financial Results

  • Initial closed public offering of 2,222,222 common shares at a public offering price of $9.00 per share, with aggregate gross proceeds of approximately $20 million
  • Development of several candidate vaccines, including additional data for universal vaccine candidate BWV-101, identifying additional epitopes with limited variability for H3N2 and influenza B strains
  • $18.6 million in cash as of March 31, 2022

CINCINNATI, May 13, 2022 (GLOBE NEWSWIRE) — Blue Water Vaccines Inc. (“BWV” or “Blue Water Vaccines” or “the Company”) today announced its financial results for the first quarter ended March 31, 2022 and provided an update on recent company developments and progress. Blue Water Vaccines is a pre-clinical stage biotechnology company developing vaccines against multiple infectious diseases including influenza, norovirus, rotavirus and acute otitis media (AOM) from Streptococcus pneumoniae colonization.

“The first quarter of this year saw several exciting updates for Blue Water Vaccines, including the successful closing of our initial public offering,” said Joseph Hernandez, President and CEO of Blue Water Vaccines. “We continue to advance our portfolio of transformational vaccines to address important global public health challenges and look forward to sharing additional developments throughout 2022.”

Q1 2022 and recent company developments

  • On February 23, 2022, BWV closed its initial public offering of 2,222,222 common shares at a public offering price of $9.00 per share, with aggregate gross proceeds of approximately $20 million. Boustead Securities, LLC acted as sole bookrunner for the offering.
  • In February 2022, the company appointed James Sapirstein, R.Ph., MBA to the Blue Water Vaccines Board of Directors. Sapirstein has over 35 years of experience in the biotech industry and brings a strong combination of healthcare and business experience to the team.
  • In February 2022, the Company appointed John Rice, Ph.D. to its scientific council. In addition to his work in microbiology and virology early in his career, he brings over 30 years of experience in venture capital and previously served on the board of BWV prior to BWV’s IPO.
  • On April 19, 2022, BWV closed a private placement with gross proceeds of approximately $8.0 million.

Q1 2022 and recent developments of vaccine candidates

  • On March 22, 2022, BWV announced that researchers at licensing partner Cincinnati Children’s Hospital Medical Center had published a research paper in Nano-research supporting the versatility of the company’s S&P (norovirus shell and protrusion) platform in influenza vaccine applications, in addition to the current use of this platform to develop a vaccine against gastroenteritis caused by norovirus or rotavirus, BWV-301.
  • On April 20, 2022, Brian Price, Ph.D., BWV’s chief technology officer, presented new data regarding the company’s development of BWV-101, a universal influenza vaccine candidate, at the World Vaccine Congress. 2022 in Washington, DC. These data showed new evidence for epitopes of limited variability for influenza B and H3N2 strains in addition to those previously found for H1 at Oxford University. The Company hypothesizes that the combination of H1, H3N2 and influenza B epitopes within BWV-101 will provide high levels of protection against various potential strains and eliminate the need for annual revaccination. Provisional patents have been filed for additional epitopes with limited variability in H3N2 and influenza B.
  • On May 11, 2022, BWV announced the extension of its licensing agreement with St. Jude Children’s Research Hospital to continue research and development of BWV-201, an intranasal Streptococcus pneumoniae vaccine candidate against acute induced otitis media (AOM). This expanded research agreement funds research into the viability of this method as a vaccine platform to potentially provide protection against multiple pathogens, including untypable agents Haemophilus influenzae, which is another major cause of acute otitis media (AOM). The American Academy of Pediatrics reports more than 5 million cases of AOM in the United States each year, resulting in approximately 30 million doctor visits and more than 10 million antibiotic prescriptions.

Q1 2022 Financial Highlights

  • Cash position: Cash was $18.6 million as of March 31, 2022, compared to $1.9 million as of December 31, 2021. The substantial increase is primarily due to the initial public offering, with gross proceeds of around $20 million. In addition, a private placement closed on April 19, with gross proceeds of approximately $8 million.
  • Research and development costs: R&D expenses were $0.46 million for the quarter ended March 31, 2022, compared to $0.09 million for the same period in 2021. The increase is mainly due to an increase in development activities preclinical primarily related to BWV-201 and increased research expenditures. and development staff costs.
  • General and administrative expenses: General and administrative expenses were approximately $1.6 million for the three months ended March 31, 2022, compared to $0.2 million for the same period in 2021. The increase is primarily due to an increase in expenses legal, advisory and other associated with the IPO. and an increase in staff and associated costs.
  • Net loss: Net loss was approximately $2.1 million as of March 31, 2022, compared to $0.3 million for the same period in 2021.

BLUE WATER VACCINES INC.
Condensed balance sheets

March, 31st,
2022
The 31st of December,
2021
ASSETS (Unaudited)
Current assets
Species $ 18,609,249 $ 1,928,474
Prepaid expenses 90,005 234,551
Deferred investment fees 238,804 757,646
To be received from related parties 164,515 152,524
Total current assets 19,102,573 3,073,195
Prepaid expenses, long term 129,454
Property and equipment, net 15,399 11,502
To pay 87,638
Total assets $ 19,335,064 $ 3,084,697
LIABILITIES AND EQUITY
Current liabilities
Accounts payable $ 907 538 $ 582 605
Increased expenses 1,893,438 1,055,515
Total current liabilities 2,800,976 1,638,120
Commitments and contingencies (see Note 7)
Equity
Preferred shares, par value $0.00001, 10,000,000 shares authorized as of March 31, 2022 and December 31, 2021
Seed Series: 0 and 1,150,000 shares designated as of March 31, 2022 and December 31, 2021 respectively; 0 and 1,146,138 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively; Overall liquidation preference of $0 and $15.4 million as of March 31, 2022 and December 31, 2021, respectively 11
Common Stock, $0.00001 par value, 250,000,000 shares authorized as of March 31, 2022 and December 31, 2021; 11,048,587 and 3,200,000 shares outstanding as of March 31, 2022 and December 31, 2021, respectively 110 32
Premium 24,561,309 7,403,204
Accumulated deficit (8,027,331 ) (5,956,670 )
Full shareholder equity 16,534,088 1,446,577
Total Liabilities and Equity $ 19,335,064 $ 3,084,697


BLUE WATER VACCINES INC.
Condensed Income Statements
(Unaudited)

Quarter ended March 31
2022
Quarter ended March 31
2021
Operating costs and expenses
general and administrative $ 1,615,569 $ 237,544
Research and development 455,092 88,237
Total operating expenses 2,070,661 325,781
Operating loss (2,070,661 ) (325,781 )
Net loss $ (2,070,661 ) $ (325,781 )
Cumulative Preferred Share Dividends 96,359 137,687
Net loss applicable to common shareholders (2,167,020 ) (463,468 )
Net loss per share attributable to common shareholders, basic and diluted $ (0.34 ) $ (0.14 )
Weighted average number of common shares outstanding, basic and diluted 6,339,435 3,200,000

About Blue Water Vaccines

Blue Water Vaccines Inc. is a biopharmaceutical company focused on developing transformational vaccines to address important global health challenges. Based in Cincinnati, OH, the company owns the rights to proprietary technology developed at Oxford University, Cincinnati Children’s Hospital Medical Center (CCHMC), and St. Jude Children’s Hospital. The company is developing a universal influenza vaccine that will provide protection against all virulent strains in addition to licensing a novel S&P Nanoparticle Versatile Virus Particle (VLP) Vaccine Platform S&P of CCHMC to develop vaccines against several infectious diseases, including norovirus/rotavirus and malaria, among others. Additionally, Blue Water Vaccines is developing a vaccine candidate against Streptococcus pneumoniae (pneumococcus), designed to specifically prevent 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. Such statements can be identified by the use of forward-looking terms such as “anticipate”, “believe”, “expect”, ” 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 these 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; failure to obtain FDA clearances or approvals and failure to comply with FDA regulations; delays and uncertainties caused by the global COVID-19 pandemic; risks relating to the timing and progress of clinical development of our product candidates; our need for additional funding; uncertainties of patent protection and litigation; uncertainties of reimbursement by the government or third-party payer; limited research and development efforts and reliance on third parties; and significant competition. As with any vaccine under development, the development, regulatory approval and commercialization of new products involve significant risks. BWV does not undertake 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 as of the date hereof. All of BWV’s forward-looking statements are expressly qualified by all such risk factors and other caveats. The information presented here is only valid as of the date thereof.

Investor contact details:
Investor Relations
Email: [email protected]

Media Contacts:
Media Relations
513-620-4101
Email: [email protected]

Comments are closed.