03.07.2024 14:05:06 - dpa-AFX: GNW-Adhoc: Evaxion Reinforces Milestone Timeline and Provides Shareholder Update
COPENHAGEN, Denmark, July 03, 2024 (GLOBE NEWSWIRE) -- Evaxion Biotech A/S
(NASDAQ: EVAX) ("Evaxion" or the "Company"), a clinical-stage TechBio company
specializing in developing AI-Immunology(TM) powered vaccines, today issued the
following letter to shareholders.
Dear Fellow Shareholders of Evaxion,
The first half of 2024 has been off to a very productive start to the year for
Evaxion. We have launched our refined strategy, and we are well positioned for
value realization via our three-pronged business model focusing on vaccine
target discovery collaborations using our core AI-Immunology(TM) platform
(Targets), advancing our pipeline of vaccine candidates (Pipeline) and using our
core data and predictive capabilities to develop responder models (Responders).
Value realization is being pursued via a multi-partner approach.
In early 2024, we bolstered our cash at hand via completion of a USD 15 million
public offering. We were pleased to see MSD GHI (a corporate venture capital arm
of Merck & Co., Inc., Rahway, NJ, USA) also participate in this offering, making
them our largest shareholder.
Within the Target part of our strategy, in February we announced the successful
completion of the initial phases of the ongoing vaccine collaboration with MSD
(tradename of Merck & Co., Inc., Rahway, NJ, USA). The collaboration is on track
for completion of the vaccine discovery and early preclinical development part
during the second half of the year, and we are excited to be developing a novel
vaccine together with one of the world's leading companies in vaccine
development and commercialization.
Our R&D Day in March, with a focus on our AI-Immunology(TM) platform, attracted a
lot of attention and we are thrilled to see the interest from potential partners
in gaining a deeper understanding of the unique opportunities for discovering,
designing, and developing novel vaccines using AI-Immunology(TM) in partnership
with Evaxion.
Within the Pipeline part of our strategy, a key focus for Evaxion during 2024
has been the ongoing personalized EVX-01 Phase 2 trial in metastatic melanoma.
We were thrilled to see the first patient completing dosing with EVX-01 in
April. This was followed by a presentation of exciting immune data at the ASCO
Annual Meeting in early June, showing that the EVX-01 vaccine induced specific
and targeted immune responses, with 71% of the administered neoantigens
eliciting a T-cell response. This compares favorably to what other companies
have shown. We are looking very much forward to the one-year readout from the
Phase 2 trial, which is still expected in the third quarter of this year.
Also, within the Pipeline part of our strategy, we are continuing the work on a
precision vaccine concept based on a novel source of cancer vaccine targets.
This novel precision vaccine concept holds potential to broaden the use of
cancer vaccines. We are on track for preclinical Proof-of-Concept in the second
half of the year.
Finally, it's worth mentioning that our ambition of generating business
development income in 2024 corresponding to our yearly operational cash burn of
USD 14 million remains in place. While there will always be uncertainty as to
whether business development discussions materialize in actual agreements and
the timing of such agreements, we are encouraged by the strong interest we are
seeing from potential partners in both our pipeline assets and our AI-
Immunology(TM) platform. We are fully focused on advancing these business
development discussions.
We would like to take this opportunity to wish you all a great summer, and we
look forward to continuing strong execution on our three-pronged business model
during the second half of 2024. We remain committed to saving and improving
lives with AI-Immunology(TM).
On behalf of the Evaxion team, I would like to thank all our shareholders for
the continued support.
Best regards,
Christian Kanstrup, CEO
About EVAXION
Evaxion Biotech A/S is a pioneering TechBio company based upon its AI platform,
AI-Immunology(TM). Evaxion's proprietary and scalable AI prediction models harness
the power of artificial intelligence to decode the human immune system and
develop novel immunotherapies for cancer, bacterial diseases, and viral
infections. Based upon AI-Immunology(TM), Evaxion has developed a clinical-stage
oncology pipeline of novel personalized vaccines and a preclinical infectious
disease pipeline in bacterial and viral diseases with high unmet medical needs.
Evaxion is committed to transforming patients' lives by providing innovative and
targeted treatment options. For more information about Evaxion and its
groundbreaking AI-Immunology(TM) platform and vaccine pipeline, please visit our
website (https://www.evaxion-biotech.com/ \h).
Forward-Looking Statement
This announcement contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The words "target," "believe,"
"expect," "hope," "aim," "intend," "may," "might," "anticipate," "contemplate,"
"continue," "estimate," "plan," "potential," "predict," "project," "will," "can
have," "likely," "should," "would," "could," and other words and terms of
similar meaning identify forward-looking statements. Actual results may differ
materially from those indicated by such forward-looking statements as a result
of various factors, including, but not limited to, risks related to: our
financial condition and need for additional capital; our development work; cost
and success of our product development activities and preclinical and clinical
trials; commercializing any approved pharmaceutical product developed using our
AI platform technology, including the rate and degree of market acceptance of
our product candidates; our dependence on third parties including for conduct of
clinical testing and product manufacture; our inability to enter into
partnerships; government regulation; protection of our intellectual property
rights; employee matters and managing growth; our ADSs and ordinary shares, the
impact of international economic, political, legal, compliance, social and
business factors, including inflation, and the effects on our business from the
worldwide ongoing COVID-19 pandemic and the ongoing conflict in the region
surrounding Ukraine and Russia and the Middle East; and other uncertainties
affecting our business operations and financial condition. For a further
discussion of these risks, please refer to the risk factors included in our most
recent Annual Report on Form 20-F and other filings with the U.S. Securities and
Exchange Commission (SEC), which are available at www.sec.gov
(https://www.globenewswire.com/Tracker?data=3eX-
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1A== \h). We do not assume any obligation to update any forward-looking
statements except as required by law.
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