Business
Vaxcyte Reports Second Quarter 2020 Financial Results and Provides Business Update
FOSTER CITY, Calif., Aug. 12, 2020 (GLOBE NEWSWIRE) -- Vaxcyte, Inc., formerly known as SutroVax, a next-generation vaccine company seeking to improve global
About this update from Vaxcyte, Inc.
[{"type":"text","content":"FOSTER CITY, Calif., Aug. 12, 2020 (GLOBE NEWSWIRE) -- Vaxcyte, Inc., formerly known as SutroVax, a next-generation vaccine company seeking to improve global health by developing superior and novel vaccines designed to prevent or treat some of the most common and deadly infectious diseases worldwide, today announced financial results for the second quarter ended June 30, 2020 and provided a business update.\n “Despite the pandemic, the first half of 2020 was marked by significant progress across all aspects of our business, culminating with our successful initial public offering,” said Grant Pickering, Chief Executive Officer and Co-founder of Vaxcyte. “With key additions to our leadership team and the completion of both our Series D financing and IPO in the past several months, we are well positioned to execute our strategy and advance our pipeline of novel vaccine candidates, led by VAX-24, our 24-valent investigational pneumococcal conjugate vaccine.” Recent Highlights Completed Upsized Initial Public Offering (IPO): On June 16, 2010, Vaxcyte completed its IPO of 17,968,750 shares of common stock, which included the full exercise of the underwriters’ option to purchase 2,343,750 additional shares, at a public offering price of $16.00 per share, resulting in aggregate net proceeds of $264.1 million. Achieved VAX-24 Manufacturing Milestones: Vaxcyte achieved several key manufacturing milestones for VAX-24, its lead vaccine candidate, including release of the good manufacturing practices (GMP) batches of the eCRM protein carrier, completion of the GMP batches of the 24 polysaccharide antigens and initiation of the GMP batches of the conjugate drug substances. VAX-24 is the Company’s 24-valent pneumococcal conjugate vaccine (PCV) candidate being developed for the prevention of invasive pneumococcal disease (IPD). Amended CARB-X Agreement for VAX-A1 Program: In July 2020, Vaxcyte’s grant from CARB-X related to its VAX-A1 vaccine candidate was increased from 50% to 90% of reimbursable expenses during the initial funding period. VAX-A1 is a novel conjugate vaccine designed to provide universal protection from infections caused by Group A Strep bacteria, which include pharyngitis, toxic shock syndrome and necrotizing fasciitis. Strengthened Executive Leadership and Board: In May 2020, Vaxcyte appointed Andrew Guggenhime as Chief Fina...