Business
SAB Biotherapeutics Receives an Additional $8.2 Million in Closeout of DoD Contract
SIOUX FALLS, S.D., Jan. 18, 2023 (GLOBE NEWSWIRE) -- SAB Biotherapeutics (Nasdaq: SABS), a clinical-stage biopharmaceutical company with a novel immunotherapy
About this update from Sab Biotherapeutics, Inc.
[{"type":"text","content":"SIOUX FALLS, S.D., Jan. 18, 2023 (GLOBE NEWSWIRE) -- SAB Biotherapeutics (Nasdaq: SABS), a clinical-stage biopharmaceutical company with a novel immunotherapy platform that produces specifically targeted, high-potency, high-avidity, fully-human polyclonal antibodies without the need for human donors, announced today that the company has received an additional $8.2 million from the U.S. Department of Defense (DoD) related to the closeout of the discontinued COVID-19 prototype research and development contract. This brings the total final closeout settlement to $16.8 million received since November 2022. SAB announced the discontinuation of the contract in August. The agreement, which was awarded in the summer of 2019, underwent significant modifications as a result of the COVID-19 pandemic, and the government’s evolving requirements no longer aligned with the goals of the agreement as originally contemplated. “Our work with the DoD has clinically validated our unique approach and accelerated SAB’s novel polyclonal antibody platform to Phase 3 stage of development,” said Eddie Sullivan, co-founder, President, and Chief Executive Officer of SAB Biotherapeutics. “We are moving full speed ahead with our Influenza, C. diff. and Type I Diabetes programs and look forward to bringing much needed treatment solutions to patients.” Based on its current operating plans and recent developments, SAB now expects cash and cash equivalents, and anticipated cash flows will be sufficient to fund its operating expenses and capital expenditure requirements through 2023. About SAB Biotherapeutics, Inc. SAB Biotherapeutics, Inc. (SAB) We are a clinical-stage biopharmaceutical company focused on the development of powerful and proprietary immunotherapeutic polyclonal human antibodies to treat and prevent infectious diseases and immune and autoimmune disorders. Our development programs include infectious diseases resulting from outbreaks and pandemics, as well as immunological, gastroenterological, and respiratory diseases that have significant mortality and health impacts on immune compromised patients. SAB has applied advanced genetic engineering and antibody science to develop Transchromosomic (Tc) Bovine™. Our versatile DiversitAb™ platform is applicable to a wide range of serious unmet needs in human diseases. It produces natural, specifically targe...