GlobeNewswire Inc | Nov 11, 2020 04:05PM EST

November 11, 2020

FLORHAM PARK, N.J., Nov. 11, 2020 (GLOBE NEWSWIRE) -- PDS Biotechnology Corporation (Nasdaq: PDSB), a clinical-stage immunotherapy company developing novel cancer therapies and infectious disease vaccines based on the Companys proprietary Versamune T-cell activating technology, today announced its financial results for the third quarter ended September 30, 2020 and provided a business update.

Third Quarter 2020 and Recent Business Highlights

-- Successfully raised approximately $19 million via a public offering of common stock. -- Initiated VERSATILE-002, a Phase 2 trial of PDS0101, our investigational drug candidate, in combination with standard of care KEYTRUDA for first-line treatment of patients with metastatic or recurrent HPV-positive head and neck cancer. -- Initiated a Phase 2 study of PDS0101 in combination with standard of care chemoradiotherapy at the MD Anderson Cancer Center for treatment of locally advanced cervical cancer. -- Continued development of PDS0103 in partnership with the National Cancer Institute. -- Advanced co-development program with Farmacore with plans to move the PDS0203 COVID-19 vaccine into clinical development with the support of the Brazilian government. -- Expanded Board of Directors with appointment of preeminent oncologist, Otis Brawley, M.D.

As a result of our teams dedicated efforts during the third quarter and our clinical partnerships with leading institutions in immuno-oncology, today PDS0101 is being evaluated in three phase 2 clinical trials for multiple HPV-associated cancers, commented Dr. Frank Bedu-Addo, President and Chief Executive Officer of PDS Biotechnology. Furthermore, the successful equity raise we completed in August strengthened our balance sheet, ensuring we can continue to progress the clinical development of our oncology programs as well as expand both our oncology and infectious disease programs despite the challenges posed by the COVID-19 pandemic.

Third Quarter 2020 Financial Review

For the third quarter of 2020, net loss was approximately $3.9 million, or $0.23 per basic share and diluted share, compared to a net loss of approximately $5.8 million, or $1.10 per basic share and diluted share for the third quarter of 2019.

Research and development expenses totaled approximately $2.1 million for the third quarter of 2020, compared to approximately $1.8 million for the same period in 2019, an increase of 12%. The increase was primarily attributable to an increase of $0.1 million in technical operations (manufacturing) and $0.3 million in clinical studies, offset by a decrease of $0.1 million in professional fees and $0.1 million in regulatory expenses.

For the third quarter of 2020, general and administrative expenses were approximately $1.8 million compared with approximately $3.0 million during the third quarter of 2019, a decrease of 40%. The decrease was primarily attributable to a decrease of $0.2 million in salary and benefits, $0.1 million in facilities and office expense, $0.3 million in insurance expense, $0.6 million in professional fees, and $0.1 million in legal fees offset by an increase of $0.1 million in licenses, taxes and fees.

Total operating expenses for the third quarter of 2020 were approximately $3.9 million, compared to total operating expenses of approximately $5.8 million during the same period of 2019, a decrease of 33%.

As of September 30, 2020, the Companys cash balance was approximately $33.5 million.

Conference Call and Webcast

The conference call is scheduled to begin at 8:00 am ET on Thursday, November 12, 2020. Participants should dial 877-407-3088 (United States) or 201-389-0927 (International) and mention PDS Biotechnology. A live webcast of the conference call will also be available on the investor relations page of the Company's corporate website atwww.pdsbiotech.com.

After the live webcast, the event will be archived on PDS Biotechs website for 6 months. In addition, a telephonic replay of the call will be available for 6 months. The replay can be accessed by dialing 877-660-6853 (United States) or 201-612-7415 (International) with confirmation code 13712632.

About PDS Biotechnology

PDS Biotech is a clinical-stage immunotherapy company with a growing pipeline of cancer immunotherapies and infectious disease vaccines based on the Companys proprietary VersamuneT-cell activating technology platform. Versamuneeffectively delivers disease-specific antigens forin vivouptake and processing, while also activating the critical type 1 interferon immunological pathway, resulting in production of potent disease-specific killer T-cells as well as neutralizing antibodies. PDS Biotech has engineered multiple therapies, based on combinations of Versamuneand disease-specific antigens, designed to train the immune system to better recognize disease cells and effectively attack and destroy them. To learn more, please visitwww.pdsbiotech.comor follow us on Twitter at @PDSBiotech.

Forward Looking Statements

This communication contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning PDS Biotechnology Corporation (the Company) and other matters. These statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current beliefs of the Companys management, as well as assumptions made by, and information currently available to, management. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as may, will, should, would, expect, anticipate, plan, likely,believe,estimate,project,intend, forecast, guidance, outlook and other similar expressions among others. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: the Companys ability to protect its intellectual property rights; the Companys anticipated capital requirements, including the Companys anticipated cash runway and the Companys current expectations regarding its plans for future equity financings; the Companys dependence on additional financing to fund its operations and complete the development and commercialization of its product candidates, and the risks that raising such additional capital may restrict the Companys operations or require the Company to relinquish rights to the Companys technologies or product candidates; the Companys limited operating history in the Companys current line of business, which makes it difficult to evaluate the Companys prospects, the Companys business plan or the likelihood of the Companys successful implementation of such business plan; the timing for the Company or its partners to initiate the planned clinical trials for its lead asset PDS0101 and other Versamune based products; the future success of such trials; the successful implementation of the Companys research and development programs and collaborations, including any collaboration studies concerning PDS0101 and other Versamune based products and the Companys interpretation of the results and findings of such programs and collaborations and whether such results are sufficient to support the future success of the Companys product candidates; the acceptance by the market of the Companys product candidates, if approved;the timing of and the Companys ability to obtain and maintainU.S. Food and Drug Administrationor other regulatory authority approval of, or other action with respect to, the Companys product candidates;and other factors, including legislative, regulatory, political and economic developmentsnot within the Companys control, including unforeseen circumstances or other disruptions to normal business operations arising from or related to COVID-19. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors included in the Companys annual and periodic reports filed with the SEC. The forward-looking statements are made only as of the date of this press release and, except as required by applicable law, the Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Media & Investor Relations Contact:

Deanne RandolphPDS BiotechnologyPhone: +1 (908) 517-3613Email: drandolph@pdsbiotech.com

Jacob GoldbergerCG CapitalPhone: +1 (404) 736-3841Email: jacob@cg.capital

PDS BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES

Condensed ConsolidatedBalance Sheets

September 30, December 31, 2020 2019ASSETS (unaudited) Current assets: Cash and cash equivalents $ 33,468,935 $ 12,161,739 Prepaid expenses and other 373,395 2,308,462 Total current assets 33,842,330 14,470,201 Property and equipment, net 9,345 21,051 Operating lease right-to-use asset 593,580 ? Total assets $ 34,445,255 $ 14,491,252 LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Current liabilities: Accounts payable $ 1,559,591 $ 1,197,720 Accrued expenses 1,222,773 1,097,640 Restructuring reserve ? 498,185 Operating lease obligation - short term 116,240 ? Total current liabilities 2,898,604 2,793,545 Noncurrent liability: Operating lease obligation - long term 521,692 ? STOCKHOLDERS' EQUITY Common stock, $0.00033 par value, 75,000,000shares authorized at September 30, 2020 andDecember 31, 2019, 22,261,619 shares and 7,346 1,742 5,281,237 shares issued and outstanding atSeptember 30, 2020 and December 31, 2019,respectivelyAdditional paid-in capital 70,775,892 40,633,670 Accumulated deficit (39,758,279 ) (28,937,705 )Total stockholders' equity 31,024,959 11,697,707 Total liabilities and stockholders' equity $ 34,445,255 $ 14,491,252

PDS BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

Three Months Ended September Nine Months Ended September 30, 30, 2020 2019 2020 2019 Operating expenses:Research anddevelopment $ 2,060,815 $ 1,834,371 $ 5,446,718 $ 4,751,308 expensesGeneral andadministrative 1,846,214 3,068,581 5,428,098 9,358,429 expensesLeasetermination ? 944,445 ? 944,445 costs Totaloperating 3,907,029 5,847,397 10,874,816 15,054,182 expenses Loss from (3,907,029 ) (5,847,397 ) (10,874,816 ) (15,054,182 )operations Other income (expense):Gain onbargain ? ? ? 11,939,331 purchase uponmergerInterest 1,207 95,787 54,242 294,694 incomeInterest ? ? ? (606 )expense Net loss andcomprehensive (3,905,822 ) (5,751,610 ) (10,820,574 ) (2,820,763 )lossPer share information:Net loss pershare, basic $ (0.23 ) $ (1.10 ) $ (0.73 ) $ (0.60 )and diluted Weightedaverage commonshares $ 17,169,257 $ 5,246,829 $ 14,892,764 $ 4,729,153 outstanding,basic anddiluted