Business
Blue Water Vaccines Reports Third Quarter 2022 Financial Results and Recent Business Highlights; Announces 5 Million Share Repurchase Program
Closed private placement in August 2022, with net proceeds of approximately $8.7 millionAnnounced plans to evaluate efficacy of BWV-201 for protection against
About this update from Onconetix, Inc.
[{"type":"text","content":"Closed private placement in August 2022, with net proceeds of approximately $8.7 millionAnnounced plans to evaluate efficacy of BWV-201 for protection against non-invasive pneumococcal pneumonia in children and adultsBoard of Directors authorized a 5 million share repurchase program in November 2022$29.1 million in cash as of September 30, 2022 CINCINNATI, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Blue Water Vaccines Inc. (“BWV” or “Blue Water Vaccines” or the “Company”), today announced its financial results for the third quarter ended September 30, 2022 and provided an update on recent business developments and progress. Blue Water Vaccines is a pre-clinical stage biotechnology company developing vaccines against multiple infectious diseases, including acute otitis media (AOM) and pneumonia from Streptococcus pneumoniae colonization, influenza, norovirus, and rotavirus. “At this moment in time, we do not believe our current valuation reflects our recent performance or our long-term market potential and opportunity,” said Joseph Hernandez, Chairman and Chief Executive Officer of Blue Water Vaccines. “We have made important progress in the development of our programs in recent months, such as expanding the indication of our Streptococcus pneumoniae candidate to include pneumococcal pneumonia based on promising data in mice. This positive momentum, along with our strong cash position of $29.1 million at the end of the third quarter that we believe can fund operations well into 2023, allows us to execute a share repurchase program while continuing to develop our pipeline towards clinical trials.” Q3 2022 and Recent Corporate Developments On August 11, 2022, BWV closed a private placement with aggregate net cash proceeds of approximately $8.7 million.On August 22, 2022, the Company announced the appointment of Simon Tarsh, seasoned financial consultant with experience in the life science industry, to its board of directors (the “Board”) at BWV’s annual meeting. Mr. Tarsh brings over 40 years of experience in the financial industry to the Company, both domestically within the United States and on a global scale.On November 8, 2022, the Company announced the appointment of Vuk Jeremić to its Board on November 4, 2022. Mr. Jeremić brings decades of experience in operational and strategy advisement on a global scale for both private and public...