Business
Blue Water Vaccines Reports Year 2022 Financial Results and Recent Business Highlights
CINCINNATI, March 09, 2023 (GLOBE NEWSWIRE) -- Blue Water Vaccines Inc. (“BWV” or “Blue Water Vaccines” or the “Company”), today announced its financial
About this update from Onconetix, Inc.
[{"type":"text","content":"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 In February 2022, BWV closed its initial public offering of 2,222,222 shares of common stock, generating aggregate net proceeds of approximately $17.1 million.BWV closed private placements in each of April and August of 2022, with aggregate net cash proceeds of approximately $6.9 million and $8.7 million, respectively.In November 2022, the Board approved a share repurchase program to allow for the Company to repurchase up to 5 million shares, with discretion to management to make purchases subject to market conditions.BWV named several seasoned professionals to its board of directors, including Simon Tarsh, retired Deloitte consulting Senior Managing Director, Vuk Jeremić, previous chair of the Council of Europe’s Committee of Ministers and previous President of the United Nations Assembly, as well as Timothy Ramdeen, experienced public ma...