Vaxart Announces Corporate Update for First Quarter 2020
April 28 2020 - 8:00AM
Vaxart, Inc., a clinical-stage biotechnology company developing
oral recombinant vaccines that are administered by tablet rather
than by injection, today provided an update on its financials for
the first quarter of 2020, and a corporate update ahead of its
presentation at the Maxim Infectious Disease Virtual Conference on
May 5, 2020.
“This has been a busy quarter at Vaxart, as we have focused on
developing a vaccine candidate for COVID-19,” said Wouter Latour,
MD, chief executive officer of Vaxart Inc. “We believe our oral
tablet vaccine could be an important tool to help protect the
global population from COVID-19.”
2020 Q1 Financials Update and Recent Corporate Highlights:
- Vaxart had cash of $29.9 million as of March 31, 2020.
- Vaxart received a total of $10.3 million from warrant exercises
during the quarter.
- Vaxart will receive $2.8 million in royalty revenue for Q1
2020.
- On April 21, 2020, Vaxart announced that its lead vaccine
candidates generated anti-SARS CoV-2 antibodies in all tested
animals after the first dose. The Company expects to announce
additional four-week data within days and the selection of lead
development candidate shortly thereafter.
- Vaxart is continuing with its manufacturing collaboration with
Emergent and provided Vaxart elects to proceed, is on schedule to
produce bulk cGMP vaccine in time for initiation of a Phase 1
clinical study during the second half of 2020.
- The Universal Influenza vaccine collaboration with Janssen
remains on schedule to provide results in mid-2020.
- The Company continues to pursue strategic, financial and
public-private partnerships to advance its development candidates,
including its coronavirus vaccine candidates, norovirus and
seasonal influenza vaccine programs.
About Vaxart
Vaxart is a clinical-stage biotechnology company primarily
focused on developing oral recombinant protein vaccines based on
its proprietary oral vaccine platform. Vaxart’s vaccines are
designed to generate broad and durable immune responses that
protect against a wide range of infectious diseases and may also be
useful for the treatment of chronic viral infections and cancer.
Vaxart’s vaccines are administered using a convenient room
temperature-stable tablet, rather than by injection. Vaxart
believes that tablet vaccines are easier to distribute and
administer than injectable vaccines and have the potential to
significantly increase vaccination rates. Vaxart’s development
programs include oral tablet vaccines that are designed to protect
against coronavirus, norovirus, seasonal influenza and respiratory
syncytial virus (“RSV”), as well as a therapeutic vaccine for human
papillomavirus (“HPV”). For more information, please visit
www.vaxart.com.
Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that
involve substantial risks and uncertainties. All statements, other
than statements of historical facts, included in this press release
regarding Vaxart’s strategy, prospects, plans and objectives,
results from pre-clinical and clinical trials, commercialization
agreements and licenses, beliefs and expectations of management are
forward-looking statements. These forward-looking statements may be
accompanied by such words as “should,” “believe,” “could,”
“potential,” “will,” “expected,” “plan” and other words and terms
of similar meaning. Examples of such statements include, but are
not limited to, statements relating to Vaxart’s ability to develop
and commercialize its product candidates and clinical results and
trial data (including plans with respect to the COVID-19 vaccine
product candidates); expectations relating to Vaxart’s relationship
with Emergent, including Emergent’s ability to produce bulk cGMP
vaccine and the timing thereof; and Vaxart’s expectations with
respect to the important advantages it believes its oral vaccine
platform can offer over injectable alternatives, particularly for
mucosal pathogens such as norovirus, flu and RSV, as well as
coronaviruses such as SARS, MERS and SARS CoV-2. Vaxart may not
actually achieve the plans, carry out the intentions or meet the
expectations or projections disclosed in the forward-looking
statements and you should not place undue reliance on these
forward-looking statements. Actual results or events could differ
materially from the plans, intentions, expectations and projections
disclosed in the forward-looking statements. Various important
factors could cause actual results or events to differ materially
from the forward-looking statements that Vaxart makes,
including uncertainties inherent in research and development,
including the ability to meet anticipated clinical endpoints,
commencement and/or completion dates for clinical trials,
regulatory submission dates, regulatory approval dates and/or
launch dates, as well as the possibility of unfavorable new
clinical data and further analyses of existing clinical data;
the risk that clinical trial data are subject to differing
interpretations and assessments by regulatory authorities; whether
regulatory authorities will be satisfied with the design of and
results from the clinical studies; decisions by regulatory
authorities impacting labeling, manufacturing processes, and safety
that could affect the availability or commercial potential of any
product candidate, including the possibility that Vaxart’s product
candidates may not be approved by the FDA or non-U.S. regulatory
authorities; that, even if approved by the FDA or non-U.S.
regulatory authorities, Vaxart’s product candidates may not achieve
broad market acceptance; that a Vaxart collaborator may not attain
development and commercial milestones; that Vaxart may experience
manufacturing issues and delays due to events within, or outside
of, Vaxart’s control, including the recent outbreak of COVID-19;
that Vaxart may not be able to obtain, maintain and enforce
necessary patent and other intellectual property protection; that
Vaxart’s capital resources may be inadequate; Vaxart’s ability to
obtain sufficient capital to fund its operations on terms
acceptable to Vaxart, if at all; the impact of government
healthcare proposals and policies; competitive factors; and
other risks described in the “Risk Factors” sections of Vaxart’s
Quarterly and Annual Reports filed with the SEC. Vaxart does not
assume any obligation to update any forward-looking statements,
except as required by law.
ContactBrant Biehn Vaxart Inc 650 550
3500IR@vaxart.com
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