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Blue Water Biotech Reports First Quarter 2023 Financial Results and Recent Business Highlights
CINCINNATI, May 12, 2023 (GLOBE NEWSWIRE) -- Blue Water Biotech, Inc. (“Blue Water” or the “Company”), a biotechnology company spanning multiple sectors,
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[{"type":"text","content":"CINCINNATI, May 12, 2023 (GLOBE NEWSWIRE) -- Blue Water Biotech, Inc. (“Blue Water” or the “Company”), a biotechnology company spanning multiple sectors, today announced its financial results for the quarter ended March 31, 2023 and provided an update on recent business developments and Company progress. Blue Water Biotech is a biological and pharmaceutical technology company developing multiple preclinical vaccine candidates across various infectious diseases and owns the FDA-approved benign hyperplasia (“BPH”) asset, ENTADFI®. “Blue Water’s recent growth is highlighted by our acquisition of ENTADFI®, as well as our subsequent rebranding initiative and name change to reflect our transition into a commercial-stage biotechnology company,” said Joseph Hernandez, Chairman and Chief Executive Officer of Blue Water. “We believe this product has the potential to be transformative for men suffering from BPH, and we are confident that our experienced management team will be the driving force behind ENTADFI®’s anticipated success. We are also excited to bring in an approved asset to support the operations for our preclinical vaccine programs, including our Streptococcus pneumoniae vaccine candidate that is progressing towards clinical trials in the near term.” Q1 2023 and Recent Corporate Developments In April 2023, Blue Water announced the acquisition of ENTADFI®, an FDA-approved treatment for BPH that counteracts negative sexual side effects seen in men on alternative BPH therapies. Under the asset purchase agreement, Blue Water purchased ENTADFI® for a total consideration of up to $100 million, with $20 million upfront, paid in defined tranches through September 2024, and the possibility of an additional $80 million based on predetermined annual sales milestones.Following this acquisition, Blue Water announced in April 2023 that the Company changed its corporate name to Blue Water Biotech, Inc. to reflect its transition into a commercial-stage company. In February 2023, Blue Water announced the appointment of seasoned commercial operations leader Frank Jaeger as Senior Vice President of Marketing and Business Development. Blue Water will leverage Mr. Jaeger’s experience, specifically in Men’s Health through his experience with JATENZO® and AndroGel 1.62%, in the official launch of ENTADFI® and its anticipated success within the BPH ma...