SAB Biotherapeutics Reports Full Year 2023 Operating and Financial Results

Sioux Falls, SD , March 29, 2024 (GLOBE NEWSWIRE) -- SAB Biotherapeutics Reports Full Year 2023 Operating and Financial Results

March 29, 2024

SAB-142 Phase 1 trial on track for data release during 2024

Completed financing for up to $110 million with leading life science investors

Cash and equivalents of $56.6 million as of December 31, 2023

Company expects its cash and equivalents, with exercise of Tranche B warrants, will fund operations into 2026

Sioux Falls, SD March 29, 2024 (GlobeNewswire)—SAB Biotherapeutics, Inc. (Nasdaq:SABS), (“SAB” or “the company”), a clinical-stage biopharmaceutical company with a novel immunotherapy platform that is developing human anti-thymocyte immunoglobulin (hIgG) for delaying the onset or progression of Type 1 diabetes (T1D), today announced its financial results for the fourth quarter of 2023 in addition to its full year financial results for the fiscal year ended December 31, 2023, and reported on recent accomplishments and expected upcoming milestones.

“During 2023, we significantly changed the direction of our company to focus on SAB-142, our innovative, human anti-thymocyte immune globulin for the prevention of progression of T1D” stated Samuel J. Reich, Chairman and CEO of SAB. “Our pivot to SAB-142 catalyzed our capital raise of up to $110 million, led by a dedicated group of specialist investors, many of whom have deep knowledge about the needs of patients with T1D. We are grateful for their support in our drive to bring the benefits of SAB-142 to T1D patients in need. Despite recent advances in therapy, there remains a meaningful void for therapies that can prevent the progression of this devastating illness. We remain on track to provide Phase 1 data for SAB-142 by the end of 2024.”

Highlights from 4Q23 and Recent Corporate Developments

• Closed an equity financing for up to $110 million with leading life sciences investors, generating funds sufficient for operations into 2026 assuming the exercise of all outstanding Tranche B Warrants.
  
  
• Initiated a Phase 1 clinical trial of SAB-142 for safety and tolerability in autoimmune disorders including T1D.
  
  
• Announced Michael G. King Jr. as new Chief Financial Officer. Mr. King has extensive experience and prior success as an award-winning biotechnology research analyst and senior advisor with more than 25 years of experience with investors, banking institutions and thought leaders in various pharmaceutical disciplines.