Oct 1, 2020

Evaxion Biotech Launches New AI Powered Platform, RAVEN, to Enable Faster Response to Emerging Viral Pandemics

COPENHAGEN, Denmark, Oct. 01, 2020 (GLOBE NEWSWIRE) -- Evaxion Biotech, a clinical-stage biotechnology company specializing in the development of AI-driven immunotherapies and vaccines, announces today that it has received DKK 4.8 million (approx. $800,000) in funding from Innovation Fund Denmark for the development of its new RAVEN platform, an integral part of Evaxion’s Adaptive and Intelligent Vaccine for a Rapid Response against Corona Viruses (AICoV) program.
Evaxers working in laboratory

RAVEN combines elements from Evaxion’s proprietary core artificial intelligence (AI) immunotherapy discovery platforms to select the best targets for vaccine development to respond rapidly to emerging viral diseases. By combining structural design tools and prediction algorithms, RAVEN will be able to produce a potent vaccine design that induces both a T-cell and B-cell response. This unique design is then integrated in Evaxion proprietary DNA delivery and manufacturing technology, allowing a potential turn-around from initial target discovery to first human dose in only 13 weeks.

Lars Wegner, CEO of Evaxion, said: “We now all know the potential impact and cost of a disease that seemingly comes out of nowhere and spreads around the world. This funding from Innovation Fund Denmark will enable Evaxion to develop our RAVEN platform so we can respond faster to future pandemics, quickly identifying novel vaccine candidates that can be rapidly advanced into clinical development, based on our unique manufacturing process.”

Evaxion intends to pursue proof-of-concept in mice for the RAVEN platform in COVID-19 (SARS-CoV-2) while showcasing the platform’s adaptability by applying it to SARS (SARS-CoV-1) as well. If the data from the proof-of-concept study is supportive, Evaxion will consider developing a COVID-19 vaccine. The main aim of the RAVEN platform is to prepare Evaxion to respond rapidly to future emerging viral pandemics.

Innovation Fund Denmark is a Danish state agency that invests in entrepreneurs, researchers and businesses that create value for Denmark and new solutions to society’s challenges.

About Evaxion

Evaxion Biotech A/S is a clinical-stage biotech company developing AI-powered immunotherapies. With our proprietary and scalable AI technology, we decode the human immune system to discover and develop novel immunotherapies for cancer, bacterial diseases, and viral infections. Evaxion has a broad pipeline of novel product candidates, including three personalized cancer immunotherapies. It is located in Hørsholm, Denmark, with 70 employees.

For more information

Evaxion LifeSci Advisors LLC
Glenn S. Vraniak Mary-Ann Chang
Chief Financial Officer Managing Director
gvr@evaxion-biotech.com mchang@lifesciadvisors.com
+1 (513) 476-2669 +44 7483 284 853

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.

Source: Evaxion Biotech