GlobeNewswire Inc | May 13, 2021 07:00AM EDT

May 13, 2021

FLORHAM PARK, N.J., May 13, 2021 (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, will discuss its financial results for the quarter ended March 31, 2021 and provide a business update on its conference call today.

Recent Business Highlights:

-- National Cancer Institute to present interim efficacy and safety data of PDS0101 Phase 2 clinical trial in an oral presentation at the American Society of Clinical Oncology (ASCO) 2021 Annual Meeting on June 7, 2021. This trial is evaluating PDS0101 with two clinical stage immunotherapies from EMD Serono, a first in class bifunctional checkpoint inhibitor Bintrafusp Alfa (M7824) and an antibody conjugated cytokine M9241 (NHS-IL12), in patients with all types of advanced HPV-associated cancers, whose cancer has returned or spread after treatment.

-- COVID-19 consortium received a commitment from the Secretary for Research and Scientific Training of The Ministry of Science, Technology and Innovation of Brazil (MCTI) to fund up to approximately US$60 million to support the clinical development and commercialization of a Versamune-based COVID-19 vaccine by Farmacore in Brazil.

We look forward to the presentation of preliminary efficacy and safety data from the National Cancer Institute (NCI)-led Phase 2 combination study of PDS0101 at the ASCO conference in early June. ASCO provides an important opportunity to present the potential of PDS0101 and the Versamune platform in oncology to the research and medical community, commented Dr. Frank Bedu-Addo, President and Chief Executive Officer of PDS Biotech, The presentation of the human clinical efficacy data at ASCO is an important milestone both for PDS0101 and our entire Versamune-based oncology pipeline.

First Quarter 2021 Financial ResultsPDS Biotech reported a net loss of approximately $3.0 million, or $0.14 per basic share and diluted share, for the three months ended March 31, 2021 compared to a net loss of approximately $4.0 million, or $0.39 per basic share and diluted share, for the three months ended March 31, 2020.

Research and development (R&D) expenses decreased 28% to approximately $1.4 million for the three months ended March 31, 2021 from approximately $2.0 million for the three months ended March 31, 2020. The decrease of approximately $0.6 million in 2021 was primarily attributable to a decrease of $0.3 million in professional services and $0.3 million in clinical studies.

General and administrative expenses decreased 21% to approximately $1.6 million for the three months ended March 31, 2021 from approximately $2.1 million for the three months ended March 31, 2020. The decrease of approximately $0.5 million is primarily attributable to a decrease in professional services of approximately $0.7 million which includes legal fees of approximately $0.2 million, offset by an increase of approximately $0.2 million in personnel costs.

Total operating expenses decreased 24% to approximately $3.0 million for the three months ended March 31, 2021 from approximately $4.0 million for the three months ended March 31, 2020.

PDS Biotechs cash balance as of March 31, 2021 was approximately $25.0 million.

Conference Call and WebcastThe conference call is scheduled to begin at 8:00 am ET on Thursday, May 13, 2021. Participants should dial 877-407-3088 (United States) or 201-389-0927 (International) and mention PDS Biotech. Participants can also access the conference call via webcast on the investor relations page of the Companys corporate website (link).

The event will be archived in the investor relations section of 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 13716518.

About PDS Biotech

PDS Biotech is a clinical-stage immunotherapy company developing a growing pipeline of cancer immunotherapies and infectious disease vaccines based on the Companys proprietary Versamune T-cell activating technology platform. Our Versamune-based products overcome the limitations of current immunotherapy by inducing in vivo, large quantities of high-quality, highly potent polyfunctional tumor specific CD4+ helper and CD8+ killer T-cells. PDS Biotech has developed multiple therapies, based on combinations of Versamune and disease-specific antigens, designed to train the immune system to better recognize diseased cells and effectively attack and destroy them. Our immuno-oncology product candidates are initially being studied in combination therapy to potentially enhance efficacy without compounding toxicity across a range of cancer types. The Companys lead investigational cancer immunotherapy product PDS0101 is currently in Phase 2 clinical studies in HPV-associated cancers. To learn more, please visit www.pdsbiotech.com or follow us on Twitter at @PDSBiotech.

Forward Looking StatementsThis 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 PDS0101, PDS0203 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, PDS0203 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 success, timing and cost of the Companys ongoing clinical trials and anticipated clinical trials for the Companys current product candidates, including statements regarding the timing of initiation, pace of enrollment and completion of the trials (including our ability to fully fund our disclosed clinical trials, which assumes no material changes to our currently projected expenses), futility analyses, presentations at conferences and data reported in an abstract, and receipt of interim results, which are not necessarily indicative of the final results of the Companys ongoing clinical trials; the acceptance by the market of the Companys product candidates, if approved; the timing of and the Companys ability to obtain and maintain U.S. Food and Drug Administration or other regulatory authority approval of, or other action with respect to, the Companys product candidates; and other factors, including legislative, regulatory, political and economic developments not 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

Rich CockrellCG CapitalPhone: +1 (404) 736-3838Email: pdsb@cg.capital

PDS BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES

Condensed ConsolidatedBalance Sheets

March 31, 2021 December 31, 2020ASSETS (unaudited) Current assets: Cash and cash equivalents $ 25,037,374 $ 28,839,565 Prepaid expenses and other 2,219,514 1,497,665 Total current assets 27,256,888 30,337,230 Property and equipment, net 3,583 5,443 Operating lease right-to-use asset 501,194 547,706 Total assets $ 27,761,665 $ 30,890,379 LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Current liabilities: Accounts payable $ 950,598 $ 1,415,224 Accrued expenses 1,854,795 1,735,322 Operating lease obligation-short term 123,654 119,904 Total current liabilities 2,929,047 3,270,450 Noncurrent liability: Operating lease obligation-long 458,291 490,353 term Total Liabilities: $ 3,387,338 $ 3,760,803 STOCKHOLDERS' EQUITY Common stock, $0.00033 par value,75,000,000 shares authorized at March31, 2021 and December 31, 2020, 7,346 7,346 22,278,261 shares and 22,261,619 sharesissued and outstanding at March 31, 2021and December 31, 2020, respectivelyAdditional paid-in capital 71,200,684 70,907,315 Accumulated deficit (46,833,703 ) (43,785,085 )Total stockholders' equity 24,374,327 27,129,576 Total liabilities and stockholders' $ 27,761,665 $ 30,890,379 equity

PDS BIOTECHNOLOGY CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

Three Months Ended March 31, 2021 2020Operating expenses: Research and development expenses $ 1,413,057 $ 1,971,679 General and administrative expenses 1,636,216 2,060,148 Total operating expenses 3,049,273 4,031,827 Loss from operations (3,049,273 ) (4,031,827 ) Other income Interest income 655 46,419 Net loss and comprehensive loss $ (3,048,618 ) $ (3,985,408 ) Per share information: Net loss per share, basic $ (0.14 ) $ (0.39 )Net loss per share, diluted $ (0.14 ) $ (0.39 ) Weighted average common shares outstanding, 22,263,838 10,314,761 basicWeighted average common shares outstanding, 22,263,838 10,314,761 diluted