SAB Biotherapeutics (Nasdaq: SABS), a clinical-stage
biopharmaceutical company with a novel immunotherapy platform
that is developing fully-human anti-thymocyte immunoglobulin (hIgG)
for delaying the onset or progression of type 1 diabetes (T1D),
today announced that the SAB Board of Directors has approved the
appointment of Andrew Moin to the Company’s Board of Directors. SAB
also announced the closing of the issuance of Series A-1 Preferred
Stock, the first tranche of the $130 million in private financing
the company announced on Oct. 2. The gross proceeds of the issuance
of Series A-1 Preferred Stock are approximately $7.5 million.
With Mr. Moin’s appointment, SAB
Biotherapeutics’ Board is composed of nine directors, seven of whom
are independent. Mr. Moin serves as Partner and Analyst at Sessa
Capital, a New York based investment advisor registered with the
SEC. Sessa Capital makes, on behalf of its funds and accounts,
concentrated investments in value-oriented equity and debt
securities, based on in-depth fundamental research. Mr. Moin has
been with Sessa since 2012, where he works on idea generation,
research, and investment implementation. He has also been deeply
involved in the type 1 diabetes community for over 20 years,
including as a volunteer and member of the Young Leadership
Committee of the New York City Chapter of the JDRF and an early
supporter of multiple fundamental diabetes research and innovation
projects.
Prior to Sessa, Mr. Moin was in the Tax Group at
Sullivan & Cromwell LLP, where he advised corporate and other
clients on a variety of transactions, including mergers &
acquisitions, spinoffs, financings, and restructurings. He has a
B.A. in Economics, with distinction, from Amherst College, a J.D.,
magna cum laude, from Harvard Law School, and is a member of the
New York Bar.
“The entire team at SAB Biotherapeutics is most
grateful Andrew has accepted a position on the Company’s Board of
Directors,” said Samuel J. Reich, Executive Chairman of SAB. “With
Andrew’s appointment, SAB is strengthening its commitment to
fighting type 1 diabetes and advancing our lead therapeutic
candidate, SAB-142. Andrew combines broad business acumen with a
commitment to better serving the needs of those with type 1
diabetes. His many strengths will benefit the Company as we advance
SAB-142 through the clinical trial process.”
Mr. Moin said: “Anyone with personal experience
with the burden of type 1 diabetes understands its substantial
challenges, as well as the profound need for new and innovative
approaches to the condition. I am intrigued by the potential of
SAB’s novel approach and am excited to join SAB’s Board of
Directors as the company pursues its important goals.”
On Monday, SAB announced a private placement of
$130 million. The financial transaction is being led by RA Capital
Management, with participation from BVF Partners, Sessa Capital,
Commodore Capital, RTW Investments, Marshall Wace, and the JDRF T1D
Fund. The full proceeds, when funded, are expected to fund the
company through 2026 and topline Phase II results. SAB will use the
funds to clinically advance SAB-142, its lead therapeutic candidate
for type 1 diabetes.
About SAB-142
SAB-142 is a fully-human alternative to rabbit
anti-thymocyte globulin (ATG). SAB-142’s mechanism of action is
similar to that of rabbit ATG, which has been clinically validated
in multiple clinical trials for type 1 diabetes, demonstrating the
ability to slow down disease progression in patients with new or
recent onset of Stage 3 type 1 diabetes.
Two clinical trials have shown that a single,
low dose of rabbit ATG has demonstrated the ability to modulate the
body’s immune response to help slow beta cell destruction and
preserve the ability of these cells to generate insulin, which the
body needs to regulate blood sugar and carry out all human
activities.
SAB-142, like rabbit ATG, directly targets
multiple immune cells involved in destroying pancreatic beta cells.
By stopping immune cells from attacking beta cells, this treatment
has potential to preserve insulin-producing beta cells. However,
most humans treated with rabbit ATG develop serum sickness and
anti-drug antibodies from exposure to the rabbit-derived antibody.
SAB-142 is a human antibody, intended to allow safe, consistent
re-dosing for type 1 diabetes, a lifelong chronic disease, without
the potential risk of inducing the major adverse immune reactions
that can occur with administration of a fully animal ATG.
About SAB Biotherapeutics, Inc.
SAB Biotherapeutics (SAB) is a clinical-stage
biopharmaceutical company focused on developing fully human, multi-
targeted, high-potency immunoglobulins (IgGs), without the need for
human donors or convalescent plasma, to treat and prevent immune
and autoimmune disorders. The company’s lead asset, SAB-142,
targets type 1 diabetes (T1D) with a disease-modifying therapeutic
approach that aims to change the treatment paradigm by delaying
onset and potentially preventing disease progression. Using
advanced genetic engineering and antibody science to develop
Transchromosomic (Tc) Bovine™, the only transgenic animal with a
human artificial chromosome, SAB’s DiversitAb™ drug development
production system is able to generate a diverse repertoire of
specifically targeted, high-potency, fully-human IgGs that can
address a wide range of serious unmet needs in human diseases
without the need for convalescent plasma or human donors. For more
information on SAB, visit: https://www.SAb.bio/.
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,” “to be,”
“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 closing of each
tranche of the Company’s private placement offering, the timely
funding to the Company by each investor in the private placement
offering, the development and efficacy of our influenza 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-142 and
SAB-176 (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, as amended,
subsequent quarterly reports on Form 10-Q, as may be amended or
supplemented from time to time, 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
Media Relations:SAbPR@westwicke.com
Investor
Relations:matt@milestone-advisorsllc.com
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