EVAX Evaxion Biotech A/S

3.22
-0.33  -9%
Previous Close 3.55
Open 3.64
52 Week Low 3.1
52 Week High 25.04
Market Cap $74,515,707
Shares 23,141,524
Float 23,141,524
Enterprise Value $74,767,655
Volume 598,129
Av. Daily Volume 192,267
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Drug Pipeline

Drug Stage Notes
EVX-01 + KEYTRUDA (pembrolizumab) / OPDIVO (nivolumab)
Melanoma/NSCLC/Bladder cancer
Phase 2b
Phase 2b
Phase 1/2a data from 5 patients showed capabilities of eliciting T-cell responses in a clinical setting where the patients received concurrent standard immune therapy, i.e. anti-PD-1 treatment. Results demonstrated an antitumor effect in combination with anti-PD-1 treatment, noted January 26, 2022. Phase 2b trial to be initiated in 2Q 2022.
EVX-02
Adjuvant melanoma
Phase 1/2
Phase 1/2
Phase 2b trial to be initiated 2Q 2022.

Latest News

  1. COPENHAGEN, Denmark, Jan. 26, 2022 (GLOBE NEWSWIRE) -- Evaxion Biotech A/S (NASDAQ:EVAX), a clinical-stage biotechnology company specializing in the development of AI-driven immunotherapies to improve the lives of patients with cancer and infectious diseases, announced today the publication of a paper on personalized therapy with EVX-01 in patients with metastatic melanoma in the open access, peer-reviewed journal OncoImmunology.

    The paper, entitled, "Personalized therapy with peptide-based neoantigen vaccine (EVX-01) including a novel adjuvant, CAF®09b, in patients with metastatic melanoma", outlines results from a continuing Phase 1/2a trial of EVX-01, a novel personalized cancer immunotherapy based on Evaxion's proprietary PIONEER…

    COPENHAGEN, Denmark, Jan. 26, 2022 (GLOBE NEWSWIRE) -- Evaxion Biotech A/S (NASDAQ:EVAX), a clinical-stage biotechnology company specializing in the development of AI-driven immunotherapies to improve the lives of patients with cancer and infectious diseases, announced today the publication of a paper on personalized therapy with EVX-01 in patients with metastatic melanoma in the open access, peer-reviewed journal OncoImmunology.

    The paper, entitled, "Personalized therapy with peptide-based neoantigen vaccine (EVX-01) including a novel adjuvant, CAF®09b, in patients with metastatic melanoma", outlines results from a continuing Phase 1/2a trial of EVX-01, a novel personalized cancer immunotherapy based on Evaxion's proprietary PIONEER AI technology.

    Results from five patients in the study demonstrated that EVX-01 is safe and has encouraging early indications of clinically and meaningful antitumor activity. Data showed EVX-01 is capable of eliciting T-cell responses in a clinical setting where the patients received concurrent standard immune therapy, i.e. anti-PD-1 treatment. Results demonstrated an antitumor effect in combination with anti-PD-1 treatment.

    Identification of immunogenic neoantigens is the core of establishing an effective personalized cancer immunotherapy and the evidence from this trial supports the potential of Evaxion's PIONEER platform to successfully overcome that challenge of correctly identifying neoantigens. The results of the trial also provide evidence that implementation of a timely manufacturing process of a personalized cancer immunotherapy is feasible.

    Lars Wegner, CEO of Evaxion, said: "Personalized immunotherapy with neoantigens is a promising approach in cancer treatment. The clinical data generated on EVX-01 so far are very exciting and demonstrate PIONEER's immense potential in developing truly personalized immunotherapies to improve treatment for patients with melanoma as well as other types of cancer. We are pleased that we are well financed to further investigating EVX-01's potential in our new Phase 2b trial in collaboration with Merck, which we expect to start in Q2 2022."

    Evaxion's planed Phase 2b study will evaluate the efficacy and safety of EVX-01 in combination with KEYTRUDA® (pembrolizumab), an anti-PD1 therapy, in approximately 100 checkpoint inhibitor treatment naïve adults with unresectable or metastatic melanoma, with overall response as the primary endpoint.

    About Evaxion

    Evaxion Biotech A/S is a clinical-stage AI-immunology™ platform company decoding the human immune system to discover and develop novel immunotherapies to treat cancer, bacterial diseases and viral infections. Based on its proprietary and scalable AI-immunology core technology, Evaxion is developing a broad pipeline of novel product candidates which currently includes three patient-specific cancer immunotherapies, two of which are in Phase 1/2a clinical development. In addition, Evaxion is advancing a portfolio of vaccines to prevent bacterial and viral infections currently in preclinical development.

    For more information

    Corey Davis, Ph.D.

    LifeSci Advisors LLC



    +1 (212) 915 2577

    Source: Evaxion Biotech

    Forward-looking statement

    This announcement contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this announcement regarding the Company's future operations, plans and objectives are forward-looking statements. Although the Company believes its expectations are based on reasonable assumptions, all statements other than statements of historical fact included in this announcement about future events are subject to (i) change without notice and (ii) factors beyond the Company's control. These statements may include, without limitation, any statements preceded by, followed by, or including words such as "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 or the negative thereof. 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 associated with the Company's financial condition and need for additional capital; risks associated with the Company's development work; cost and success of the Company's product development activities and preclinical and clinical trials; risks related to commercializing any approved pharmaceutical product developed using the Company's AI platform technology, including the rate and degree of market acceptance of the Company's product candidates; risks related to the Company's dependence on third parties including for conduct of clinical testing and product manufacture; risks associated with the Company's inability to enter into partnerships; risks related to government regulation; risks associated with protection of the Company's intellectual property rights; risks related to employee matters and managing growth; risks related to the Company's ADSs and ordinary shares, risks associated with the pandemic caused by the coronavirus known as COVID-19 and other risks and uncertainties affecting the Company's business operations and financial condition.

    Forward-looking statements are subject to inherent risks and uncertainties beyond the Company's control that could cause the Company's actual results, performance, or achievements to be materially different from the expected results, performance, or achievements expressed or implied by such forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the Company's business in general, see the risks described in the "Risk Factors" section included in the Company's prospectus filed on February 5, 2021 and the Company's current and future reports filed with, or submitted to, the U.S. Securities and Exchange Commission (SEC). Any forward-looking statements contained in this announcement speak only as of the date hereof, and except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.



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  2. COPENHAGEN, Denmark, Jan. 18, 2022 (GLOBE NEWSWIRE) -- Evaxion Biotech A/S (NASDAQ:EVAX), a clinical-stage biotechnology company specializing in the development of AI-driven immunotherapies to improve the lives of patients with cancer and infectious diseases, announced today it has received clearance from the Australia Therapeutic Goods Administration to initiate a Phase 2b trial of its patient specific cancer immunotherapy EVX-01 in combination with Merck & Co., Inc.'s (known as MSD outside the United States and Canada) anti-PD-1 therapy KEYTRUDA® (pembrolizumab).

    The open label, single arm trial will evaluate the efficacy and safety of EVX-01 in combination with KEYTRUDA® in approximately 100 checkpoint inhibitor treatment naïve adults…

    COPENHAGEN, Denmark, Jan. 18, 2022 (GLOBE NEWSWIRE) -- Evaxion Biotech A/S (NASDAQ:EVAX), a clinical-stage biotechnology company specializing in the development of AI-driven immunotherapies to improve the lives of patients with cancer and infectious diseases, announced today it has received clearance from the Australia Therapeutic Goods Administration to initiate a Phase 2b trial of its patient specific cancer immunotherapy EVX-01 in combination with Merck & Co., Inc.'s (known as MSD outside the United States and Canada) anti-PD-1 therapy KEYTRUDA® (pembrolizumab).

    The open label, single arm trial will evaluate the efficacy and safety of EVX-01 in combination with KEYTRUDA® in approximately 100 checkpoint inhibitor treatment naïve adults with unresectable or metastatic melanoma, with overall response as the primary endpoint. The study is expected to be initiated in Q2. Evaxion will be responsible for the conduct of the study and Merck & Co., Inc. will supply all of the necessary KEYTRUDA® and will continue to collaborate as the data mature.

    Lars Wegner, CEO of Evaxion, said: "Australian clearance for our Phase 2b trial of our lead product EVX-01 is a significant step forward for Evaxion and our exciting pipeline of immunotherapies. Data from the Phase 1/2a trial have shown that EVX-01 may be able to dramatically improve the treatment landscape in melanoma and possibly other cancers and we are excited to continue the clinical progress of our lead drug candidate EVX-01 in collaboration with Merck. This new Phase 2b trial, combining EVX-01 and KEYTRUDA®, addresses a significant medical need and a potential multibillion dollar market. There could be potential further benefits from combining EVX-01 with checkpoints inhibitors such as KEYTRUDA®, and so this study may enable expansion into many other types of cancers, addressing a market of well over $100 billion."

    An ongoing Phase 1/2a trial is investigating EVX-01, a novel patient specific cancer neoepitope immunotherapy based on Evaxion's proprietary PIONEER™ AI technology, for the treatment of patients with melanoma. Data from this trial has shown that 67% of the nine patients benefited from EVX-01 in combination with anti-PD-1 for the treatment of metastatic melanoma, compared to the historical data of only 40% benefiting from the checkpoint inhibitor alone. 22% of the patients in the trial achieved a complete response with EVX-01 in combination with anti-PD-1.

    KEYTRUDA® is a registered trademark of Merck Sharp & Dohme Corp., a subsidiary of Merck & Co., Kenilworth, NJ, USA.

    About Evaxion

    Evaxion Biotech A/S is a clinical-stage AI-immunology™ platform company decoding the human immune system to discover and develop novel immunotherapies to treat cancer, bacterial diseases and viral infections. Based on its proprietary and scalable AI-immunology core technology, Evaxion is developing a broad pipeline of novel product candidates which currently includes three patient-specific cancer immunotherapies, two of which are in Phase 1/2a clinical development. In addition, Evaxion is advancing a portfolio of vaccines to prevent bacterial and viral infections currently in preclinical development.

    For more information

    Corey Davis, Ph.D.

    LifeSci Advisors



    +1 (212) 915 2577

    Source: Evaxion Biotech

    Forward-looking statement

    This announcement contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this announcement regarding the Company's future operations, plans and objectives are forward-looking statements. Although the Company believes its expectations are based on reasonable assumptions, all statements other than statements of historical fact included in this announcement about future events are subject to (i) change without notice and (ii) factors beyond the Company's control. These statements may include, without limitation, any statements preceded by, followed by, or including words such as "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 or the negative thereof. 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 associated with the Company's financial condition and need for additional capital; risks associated with the Company's development work; cost and success of the Company's product development activities and preclinical and clinical trials; risks related to commercializing any approved pharmaceutical product developed using the Company's AI platform technology, including the rate and degree of market acceptance of the Company's product candidates; risks related to the Company's dependence on third parties including for conduct of clinical testing and product manufacture; risks associated with the Company's inability to enter into partnerships; risks related to government regulation; risks associated with protection of the Company's intellectual property rights; risks related to employee matters and managing growth; risks related to the Company's ADSs and ordinary shares, risks associated with the pandemic caused by the coronavirus known as COVID-19 and other risks and uncertainties affecting the Company's business operations and financial condition.

    Forward-looking statements are subject to inherent risks and uncertainties beyond the Company's control that could cause the Company's actual results, performance, or achievements to be materially different from the expected results, performance, or achievements expressed or implied by such forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the Company's business in general, see the risks described in the "Risk Factors" section included in the Company's Form 20-F for the year ended December 31, 2020 and the Company's other reports filed with, or submitted to, the U.S. Securities and Exchange Commission (SEC). Any forward-looking statements contained in this announcement speak only as of the date hereof, and except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.



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  3. COPENHAGEN, Denmark, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Evaxion Biotech A/S (NASDAQ:EVAX) ("Evaxion" or the "Company"), a clinical-stage biotechnology company specializing in the development of AI-driven immunotherapies to improve the lives of patients with cancer, bacterial diseases and viral infections, announced today the closing of its follow-on public offering of 3,942,856 American Depositary Shares ("ADSs"), at a public offering price of $7.00 per ADS, which includes the exercise in full of the underwriters' option to purchase 514,285 additional ADSs, with each such ADS representing one ordinary share, DKK 1 nominal value per share, of Evaxion (the "Ordinary Shares"). The gross proceeds to the Company from the offering were approximately…

    COPENHAGEN, Denmark, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Evaxion Biotech A/S (NASDAQ:EVAX) ("Evaxion" or the "Company"), a clinical-stage biotechnology company specializing in the development of AI-driven immunotherapies to improve the lives of patients with cancer, bacterial diseases and viral infections, announced today the closing of its follow-on public offering of 3,942,856 American Depositary Shares ("ADSs"), at a public offering price of $7.00 per ADS, which includes the exercise in full of the underwriters' option to purchase 514,285 additional ADSs, with each such ADS representing one ordinary share, DKK 1 nominal value per share, of Evaxion (the "Ordinary Shares"). The gross proceeds to the Company from the offering were approximately $27.6 million before deducting underwriting fees, commissions and other offering expenses. The Company's ADSs are listed on the Nasdaq Capital Market in the United States and the ADSs trade under the symbol "EVAX". All ADSs were offered by the Company.

    Oppenheimer & Co. Inc. acted as sole book-running manager for the offering. Ladenburg Thalmann & Co. Inc. acted as lead manager for the offering and Lake Street Capital Markets, LLC acted as co-manager for the offering.

    A registration statement ("Registration Statement") was declared effective by the U.S. Securities and Exchange Commission (the "SEC") on November 4, 2021.  A final prospectus relating to the offering was filed with the SEC on November 5, 2021. Copies of the final prospectus relating to the offering are available on the SEC's website at www.sec.gov. The final prospectus relating to the offering may also be obtained from Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, New York 10004, by telephone at 212-667-8055, or by email at .

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.

    About Evaxion

    Evaxion Biotech A/S is a clinical-stage AI-immunology™ platform company decoding the human immune system to discover and develop novel immunotherapies to treat cancer, bacterial diseases and viral infections. Based on its proprietary and scalable AI-immunology core technology, Evaxion is developing a broad pipeline of novel product candidates which currently includes three patient-specific cancer immunotherapies, two of which are in Phase 1/2a clinical development. In addition, Evaxion is advancing a portfolio of vaccines to prevent bacterial and viral infections currently in preclinical development.

    For more information

    Evaxion Biotech A/S

    Niels Iversen Møller

    Interim Chief Financial Officer 

     

    +45 27 11 62 27 
    LifeSci Advisors LLC

    Corey Davis, Ph.D.

    Managing Director



    212-915-2577

      

    Source: Evaxion Biotech

    Forward-looking statements

    This announcement contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this announcement regarding the Company's future operations, plans and objectives are forward-looking statements. Although the Company believes its expectations are based on reasonable assumptions, all statements other than statements of historical fact included in this announcement about future events are subject to (i) change without notice and (ii) factors beyond the Company's control. These statements may include, without limitation, any statements preceded by, followed by, or including words such as "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 or the negative thereof. 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 associated with the Company's financial condition and need for additional capital; risks associated with the Company's development work; cost and success of the Company's product development activities and preclinical and clinical trials; risks related to commercializing any approved pharmaceutical product developed using the Company's AI platform technology, including the rate and degree of market acceptance of the Company's product candidates; risks related to the Company's dependence on third parties including for conduct of clinical testing and product manufacture; risks associated with the Company's inability to enter into partnerships; risks related to government regulation; risks associated with protection of the Company's intellectual property rights; risks related to employee matters and managing growth; risks related to the Company's ADSs and Ordinary Shares; risks associated with the pandemic caused by the coronavirus known as COVID-19; the risks and uncertainties related to market conditions; and other risks and uncertainties affecting the Company's business operations and financial condition.

    Forward-looking statements are subject to inherent risks and uncertainties beyond the Company's control that could cause the Company's actual results, performance, or achievements to be materially different from the expected results, performance, or achievements expressed or implied by such forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the Company's business in general, see the risks described in the "Risk Factors" section included in the Company's Form 20-F for the year ended December 31, 2020 and the Company's other reports filed with, or submitted to, the SEC. Any forward-looking statements contained in this announcement speak only as of the date hereof, and except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.



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    • Expect to close our follow-on public offering (FPO) of 3,942,856 ordinary shares represented by American Depositary Shares (ADSs) for gross proceeds of $27.6 million before deducting underwriter fees and commissions and other offering expenses
    • Data reported in early July 2021 from EVX-01 Phase 1/2a clinical trial showed a robust anti-tumor effect in combination with anti-PD-1 treatment for patients with metastatic melanoma, supporting advancement into a Phase 2b clinical trial
    • Data also reported in early July 2021 from the EVX-02 clinical trial in adjuvant melanoma support advancing into a Phase 2b clinical trial

    COPENHAGEN, Denmark, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Evaxion Biotech A/S (NASDAQ:EVAX) ("Evaxion" or the "Company"), a clinical-stage…

    • Expect to close our follow-on public offering (FPO) of 3,942,856 ordinary shares represented by American Depositary Shares (ADSs) for gross proceeds of $27.6 million before deducting underwriter fees and commissions and other offering expenses

    • Data reported in early July 2021 from EVX-01 Phase 1/2a clinical trial showed a robust anti-tumor effect in combination with anti-PD-1 treatment for patients with metastatic melanoma, supporting advancement into a Phase 2b clinical trial
    • Data also reported in early July 2021 from the EVX-02 clinical trial in adjuvant melanoma support advancing into a Phase 2b clinical trial

    COPENHAGEN, Denmark, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Evaxion Biotech A/S (NASDAQ:EVAX) ("Evaxion" or the "Company"), a clinical-stage biotechnology company specializing in the development of AI-driven immunotherapies to improve the lives of patients with cancer, bacterial diseases and viral infections, announced today the third quarter 2021 financial results and provided an operational update.

    Lars Wegner, CEO of Evaxion, said: "Evaxion has continued to make very encouraging clinical progress in the third quarter of 2021, reporting data in July 2021 which we believe support advancing two of our lead programs into Phase 2b clinical trials. Phase 1/2a clinical trial data on our lead product candidate, EVX-01, showed that 67% of the patients benefited from EVX-01 in combination with anti-PD-1 for the treatment of metastatic melanoma, compared to the historical data of only 40% benefiting from the check point inhibitor alone. In addition, EVX-02 showed T-cell activation in adjuvant melanoma and appeared to be well tolerated. We plan to initiate a Phase 2b clinical trial for EVX-01 in melanoma by the end of 2021 in collaboration with Merck and initiate a Phase 2b clinical trial of EVX-02, in conjunction with our third product candidate, EVX-03, in Q2 2022. Our cash reserves of $11.9 million as of the end of the third quarter, combined with the follow-on financing provide a solid financial foundation and will facilitate the continued development of our lead programs."

    Operational and Business Highlights in Q3 2021

    • Reported new clinical data in early July 2021 from Phase 1/2a clinical trials of EVX-01 and EVX-02.



      • EVX-01, our peptide-based patient-specific cancer therapy, demonstrated anti-tumor effect in combination with anti-PD-1 treatment, for metastatic melanoma. Results from the combination therapy compares favorably to historical data from anti-PD-1 treatment alone. A Phase 2b clinical trial of EVX-01 is planned to start by the end of 2021.
      • Preliminary data with EVX-02, our DNA-based patient-specific cancer therapy, demonstrated T-cell activation induced by EVX-02 and appeared to be well tolerated. We intend to submit a regulatory filing for a Phase 2b clinical trial of EVX-02 and EVX-03, in combination with anti-PD-1 in adjuvant melanoma in a three-arm trial, in the first half of 2022.

    Events after the Reporting Period

    • Announced clinical trial and supply agreement with subsidiaries of Merck & Co., Inc. (known as MSD outside of the United States and Canada) to evaluate the combination of Evaxion's cancer immunotherapy EVX-01 with MSD's anti-PD-1 therapy KEYTRUDA® (pembrolizumab) in a new Phase 2b clinical trial in patients with metastatic melanoma
    • Awarded this year's Enabling Technology Leadership Award in the artificial intelligence-enabled drug discovery industry by global research and consulting firm Frost & Sullivan
    • Presentation at the Immuno UK 2021 conference held in London in October
    • Announced pricing of our FPO on November 5, 2021, and expect to raise gross proceeds of $27.6 million before deducting underwriting discounts and commissions and other offering expenses.

    Expected milestones in 2021 & 2022

    • Phase 2b Investigational New Drug (IND) / Clinical Trial Application (CTA) of EVX-01 in metastatic melanoma – H2 2021.
    • Phase 2b IND / CTA filing for EVX-02 in combination with EVX-03 in adjuvant melanoma – H1 2022.
    • Phase 1a IND / CTA filing for EVX-B1 for S. aureus in skin and soft tissue infections (SSTIs) – H2 2022.
    • First viral candidate selected from RAVEN platform – H2 2022.

    Third Quarter 2021 Financial Results

    • Cash position: As of September 30, 2021, cash and cash equivalents were $11.9 million compared to $5.8 million as of December 31, 2020. On February 9, 2021, we closed our IPO raising net proceeds of $27.9 million after deducting underwriting discounts and commissions, but before offering expenses.
    • Research and Development expenses were $4.4 million for the quarter ended September 30, 2021, compared to $3.0 million for the same period in 2020. The increase of $1.4 million was primarily related to increased spending, net of grant income, for ongoing development utilizing our AI platforms, preclinical product candidates, and clinical trials. In addition, employee-related costs increased due to higher headcount.
    • General and Administrative expenses were $1.5 million for the quarter ended September 30, 2021, compared to $1.7 million for the same period in 2020. The decrease of $0.2 million was primarily related to higher share-based compensation in the period ended September 30, 2020 due to accelerated vesting period and sign-on warrants issued associated with the IPO.
    • Net loss was $5.3 million for the quarter ended September 30, 2021 or ($0.27) loss per basic and diluted share, compared to $4.0 million, or ($0.26) loss per basic and diluted share, for the same period in 2020.

    Guidance

    • We expect the net proceeds from our IPO and FPO combined with our existing cash reserves will be sufficient to fund our operating expenses and capital expenditure requirements through at least 12 months from September 30, 2021.

    Webcast and Conference Call

    Evaxion will host a webcast and conference call today, November 9, at 8:30 a.m. EST.

    To dial-in for the conference call, please use the following details:

    US: 877-407-0792

    International: +1-201-689-8263

    Conference ID: 13723544

    Alternatively to access the audio webcast, please visit the events page of Evaxion's website at:

    https://evaxion-biotech.com/news-and-events/events/default.aspx

    About Evaxion

    Evaxion Biotech A/S is a clinical-stage AI-immunology™ platform company decoding the human immune system to discover and develop novel immunotherapies to treat cancer, bacterial diseases and viral infections. Based on its proprietary and scalable AI-immunology core technology, Evaxion is developing a broad pipeline of novel product candidates which currently includes three patient-specific cancer immunotherapies, two of which are in Phase 1/2a clinical development. In addition, Evaxion is advancing a portfolio of vaccines to prevent bacterial and viral infections currently in preclinical development.

    For more information
    Evaxion Biotech A/SLifeSci Advisors LLC
    Niels Iversen Moller, M.D.Corey Davis, Ph.D.
    Chief Financial OfficerManaging Director
    +45 27 11 62 27212-915-2577

    Source: Evaxion Biotech

    Forward-looking statement

    This announcement contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this announcement regarding the Company's future operations, plans and objectives are forward-looking statements. Although the Company believes its expectations are based on reasonable assumptions, all statements other than statements of historical fact included in this announcement about future events are subject to (i) change without notice and (ii) factors beyond the Company's control. These statements may include, without limitation, any statements preceded by, followed by, or including words such as "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 or the negative thereof. 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 associated with the Company's financial condition and need for additional capital; risks associated with the Company's development work; cost and success of the Company's product development activities and preclinical and clinical trials; risks related to commercializing any approved pharmaceutical product developed using the Company's AI platform technology, including the rate and degree of market acceptance of the Company's product candidates; risks related to the Company's dependence on third parties including for conduct of clinical testing and product manufacture; risks associated with the Company's inability to enter into partnerships; risks related to government regulation; risks associated with protection of the Company's intellectual property rights; risks related to employee matters and managing growth; risks related to the Company's ADSs and ordinary shares, risks associated with the pandemic caused by the coronavirus known as COVID-19 and other risks and uncertainties affecting the Company's business operations and financial condition.

    Forward-looking statements are subject to inherent risks and uncertainties beyond the Company's control that could cause the Company's actual results, performance, or achievements to be materially different from the expected results, performance, or achievements expressed or implied by such forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the Company's business in general, see the risks described in the "Risk Factors" section included in the Company's Form 20-F for the year ended December 31, 2020 and the Company's other reports filed with, or submitted to, the U.S. Securities and Exchange Commission (SEC). Any forward-looking statements contained in this announcement speak only as of the date hereof, and except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.



    Evaxion Biotech A/S

    Consolidated Statements of Financial Position Data (Unaudited)

    (USD in thousands)

         Sep 30,    Dec 31,
      2021

     2020

    Cash and cash equivalents $11,944  $5,834 
    Total assets  24,116   11,965 
    Total liabilities  7,466   4,927 
    Share capital  3,132   2,648 
    Other reserves  55,658   31,669 
    Accumulated deficit  (42,140)  (27,279)
    Total equity  16,650   7,038 
    Total liabilities and equity $24,116  $11,965 



    Evaxion Biotech A/S

    Consolidated Statements of Comprehensive Loss Data (Unaudited)

    (USD in thousands, except per share data)

      Three Months Nine months
      Ended Sep 30 Ended Sep 30
         2021     2020     2021     2020 
    Research and development expenses $4,417  $2,966  $13,429  $8,046 
    General and administrative expenses  1,495   1,719   4,684   3,872 
    Operating loss  (5,912)  (4,685)  (18,113)  (11,918)
    Finance income  288   100   1,293   122 
    Finance expenses  (51)  (3)  (843)  (7)
    Net loss before tax  (5,675)  (4,588)  (17,663)  (11,803)
    Income tax benefit  425   578   1,501   1,054 
    Net loss for the period $(5,250) $(4,010) $(16,162) $(10,749)
    Net loss attributable to equity holders of Evaxion Biotech A/S $(5,250) $(4,010) $(16,162) $(10,749)
    Loss per share – basic and diluted $(0.27) $(0.26) $(0.86) $(0.71)
    Number of shares used for calculation (basic and diluted)  19,198,668   15,289,477   18,759,108   15,219,517 


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  4. COPENHAGEN, Denmark, Nov. 05, 2021 (GLOBE NEWSWIRE) -- Evaxion Biotech A/S (NASDAQ:EVAX) ("Evaxion" or the "Company"), a clinical-stage biotechnology company specializing in the development of AI-driven immunotherapies to improve the lives of patients with cancer, bacterial diseases and viral infections, announced today the pricing of its follow-on public offering of 3,428,571 American Depositary Shares ("ADSs"), at a public offering price of $7.00 per ADS, with each such ADS representing one ordinary share, DKK 1 nominal value per share, of Evaxion (the "Ordinary Shares"). The gross proceeds from the offering are expected to be approximately $24.0 million before deducting underwriting fees, commissions and other offering expenses. Evaxion…

    COPENHAGEN, Denmark, Nov. 05, 2021 (GLOBE NEWSWIRE) -- Evaxion Biotech A/S (NASDAQ:EVAX) ("Evaxion" or the "Company"), a clinical-stage biotechnology company specializing in the development of AI-driven immunotherapies to improve the lives of patients with cancer, bacterial diseases and viral infections, announced today the pricing of its follow-on public offering of 3,428,571 American Depositary Shares ("ADSs"), at a public offering price of $7.00 per ADS, with each such ADS representing one ordinary share, DKK 1 nominal value per share, of Evaxion (the "Ordinary Shares"). The gross proceeds from the offering are expected to be approximately $24.0 million before deducting underwriting fees, commissions and other offering expenses. Evaxion has granted the underwriters an option for a period of 30 days from the date of the final prospectus to purchase an additional 514,285 ADSs at the follow-on public offering price.

    The Company is listed on the Nasdaq Capital Market in the United States and the ADSs trade under the symbol "EVAX". The offering is expected to close on November 9, 2021, subject to the satisfaction of customary closing conditions.

    Oppenheimer & Co. Inc. is acting as sole book-running manager for the offering. Ladenburg Thalmann & Co. Inc. is acting as lead manager for the offering and Lake Street Capital Markets, LLC is acting as co-manager for the offering.

    The Form F-1 registration statement (the "Registration Statement") was declared effective by the U.S. Securities and Exchange Commission (the "SEC") on November 4, 2021.  The offering is being made only by means of a prospectus forming part of the effective Registration Statement. The prospectus will be filed with the SEC and will be available on the SEC's website at: http://www.sec.gov. When available, copies of the final prospectus related to the offering may also be obtained from Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, New York 10004, by telephone at 212-667-8055, or by email at .

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.

    About Evaxion

    Evaxion Biotech A/S is a clinical-stage AI-immunology™ platform company decoding the human immune system to discover and develop novel immunotherapies to treat cancer, bacterial diseases and viral infections. Based on its proprietary and scalable AI-immunology core technology, Evaxion is developing a broad pipeline of novel product candidates which currently includes three patient-specific cancer immunotherapies, two of which are in Phase 1/2a clinical development. In addition, Evaxion is advancing a portfolio of vaccines to prevent bacterial and viral infections currently in preclinical development.

    For more information 
    Evaxion Biotech A/SLifeSci Advisors LLC
    Niels Iversen MøllerCorey Davis, Ph.D.
    Interim Chief Financial OfficerManaging Director
    +45 27 11 62 27212-915-2577

    Source: Evaxion Biotech

    Forward-looking statements

    This announcement contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this announcement regarding the Company's future operations, plans and objectives are forward-looking statements. Although the Company believes its expectations are based on reasonable assumptions, all statements other than statements of historical fact included in this announcement about future events are subject to (i) change without notice and (ii) factors beyond the Company's control. These statements may include, without limitation, any statements preceded by, followed by, or including words such as "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 or the negative thereof. 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 associated with the Company's financial condition and need for additional capital; risks associated with the Company's development work; cost and success of the Company's product development activities and preclinical and clinical trials; risks related to commercializing any approved pharmaceutical product developed using the Company's AI platform technology, including the rate and degree of market acceptance of the Company's product candidates; risks related to the Company's dependence on third parties including for conduct of clinical testing and product manufacture; risks associated with the Company's inability to enter into partnerships; risks related to government regulation; risks associated with protection of the Company's intellectual property rights; risks related to employee matters and managing growth; risks related to the Company's ADSs and Ordinary Shares; risks associated with the pandemic caused by the coronavirus known as COVID-19; the risks and uncertainties related to market conditions and satisfaction of customary closing conditions related to the offering; and other risks and uncertainties affecting the Company's business operations and financial condition.

    Forward-looking statements are subject to inherent risks and uncertainties beyond the Company's control that could cause the Company's actual results, performance, or achievements to be materially different from the expected results, performance, or achievements expressed or implied by such forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the Company's business in general, see the risks described in the "Risk Factors" section included in the Company's Form 20-F for the year ended December 31, 2020 and the Company's other reports filed with, or submitted to, the SEC. Any forward-looking statements contained in this announcement speak only as of the date hereof, and except as required by law, the Company assumes no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future.



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