SAB Biotherapeutics Receives an Additional $8.2 Million in Closeout of DoD Contract
January 18 2023 - 8:00AM
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 targeted,
high-potency, fully-human polyclonal immunotherapies without the
need for human donors. SAB currently has multiple drug development
programs underway and collaborations with the US government and
global pharmaceutical companies. For more information on SAB,
visit: https://www.SAb.bio/ and follow SAB
on Twitter and LinkedIn.
Forward-Looking Statements
Certain statements made herein that are not historical facts are
forward-looking statements for purposes of the safe harbor
provisions under The Private Securities Litigation Reform Act of
1995. Forward-looking statements generally are accompanied by words
such as “believe,” “may,” “will,” “estimate,” “continue,”
“anticipate,” “intend,” “expect,” “should,” “would,” “plan,”
“predict,” “potential,” “seem,” “seek,” “future,” “outlook” and
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements include, but are not limited to,
statements regarding future events, including the development and
efficacy of our influenza program, C. diff. program, Type 1
Diabetes program, and other discovery programs, the likelihood that
a patent will issue from any patent application, the results,
including timing, of the development of SAB-176, SAB-185 and
SAB-195 (including any IND filing or proposed clinical trials),
financial projections and future financial and operating results
(including estimated cost savings and cash runway), the outcome of
and potential future government and other third-party
collaborations or funded programs (including negotiations with the
DoD).
These statements are based on the current expectations of SAB
and are not predictions of actual performance, and are not intended
to serve as, and must not be relied on, by any investor as a
guarantee, prediction, definitive statement, or an assurance, of
fact or probability. These statements are only current predictions
or expectations, and are subject to known and unknown risks,
uncertainties and other factors which may be beyond our control.
Actual events and circumstances are difficult or impossible to
predict, and these risks and uncertainties may cause our or our
industry’s results, performance, or achievements to be materially
different from those anticipated by these forward-looking
statements. A further description of risks and uncertainties can be
found in the sections captioned “Risk Factors” in our most recent
annual report on Form 10-K, subsequent quarterly reports on Form
10-Q, and other filings with or submissions to, the U.S. Securities
and Exchange Commission, which are available
at https://www.sec.gov/. Except as otherwise required by law,
SAB disclaims any intention or obligation to update or revise any
forward-looking statements, which speak only as of the date they
were made, whether as a result of new information, future events,
or circumstances or otherwise.
CONTACTS
Investor Relations:SAbIR@westwicke.com
Media Relations:SAbPR@westwicke.com
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