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vaccitech Vaccitech Reports First Quarter 2021 Financial Results and Recent Corporate Developments June 14 , 2021 OXFORD , United Kingdom , June 14 , 2021 ( GLOBE NEWSWIRE ) -- Vaccitech plc ( NASDAQ : VACC ) , a clinical - stage biopharmaceutical company engaged in the discovery and development of novel immunotherapeutics and vaccines for the treatment and prevention of infectious diseases and cancer , today announced financial results for the quarter ended March 31 , 2021 , and provided an overview of the Company's recent corporate developments . " The first quarter of 2021 was transformational for Vaccitech as we closed a Series B financing round and initiated patient dosing in our two lead therapeutic programs , HBV and HPV , " said Bill Enright , CEO of Vaccitech . " We drove on to successfully complete our IPO early in the second quarter and are now capitalized to advance multiple pipeline candidates into Phase 3 trials . " First Quarter and Recent Corporate Developments • Closed an initial public offering of American Depository Shares for total gross proceeds of $ 110.5 million • Initiated patient dosing in HPV001 , a Phase 1/2 clinical trial of VTP - 200 , an immunotherapeutic in development for the treatment of high - risk and persistent HPV infection • Completed a $ 168 million Series B financing . This includes $ 43 million of proceeds from previously issued convertible loan notes that converted into Series B shares • Appointed three independent members to its Board of Directors • Initiated patient dosing in HBV002 , a Phase 1b / 2a clinical trial of VTP - 300 , an immunotherapeutic candidate in development for the treatment of chronic HBV infection Upcoming Milestones • Third quarter of 2021 : VTP - 300 topline safety and immunogenicity results of the Phase 1 trial , HBV001 , in healthy volunteers and patients with chronic HBV infection • Third quarter of 2021 : VTP - 600 dosing initiation in patients with non - small cell lung cancer in combination with a checkpoint inhibitor and chemotherapy • Fourth quarter of 2021 : VTP - 300 interim efficacy review , including surface antigen loss , of HBV002 , the Phase 1 / 2a clinical trial in patients with chronic HBV infection • First quarter of 2022 : VTP - 200 interim efficacy review of HPV100 , the Phase 1 / 2a clinical trial in patients with high - risk and persistent HPV infection First Quarter 2021 Financial Highlights : • Cash position : As of March 31 , 2021 , cash and cash equivalents were $ 155.9 million , compared to $ 43.3 million as of December 31 , 2021. The increase was primarily due to completion of the Series B financing . Subsequent to the end of the first quarter , the Company closed an initial public offering that raised a gross amount of $ 110.5 million . The Company believes its cash and cash equivalents are sufficient to fund operations into 2024 . • Research and development ( R & D ) expenses : Research and development expenses were $ 4.6 million for the first quarter of 2021 compared to $ 4.2 million for the comparable period of the prior year . The increase in R & D expense was primarily due to increased spending on progressing VTP - 300 and VTP - 850 development . • General and administrative expenses : General and administrative expenses were $ 1.8 million for the first quarter of 2021 compared to $ 1.1 million for the comparable period of the prior year . The increase was primarily attributable to higher personnel costs driven by an increase in the Company's headcount between the quarters and higher professional fees . • Other expenses : Other expenses , net were $ 9.3 million for the first quarter of 2021 compared to $ 0.7 million of income for the comparable period of the prior year . The increase in other expenses was primarily attributable to loss on extinguishment of convertible loan notes of $ 13.8 million and interest on loan notes of $ 2.7 million in the period , net of gain in fair value of derivatives of $ 6.0 million . • Net loss : The company generated a net loss of $ 15.3 million , or $ 1.90 per basic and diluted share , for the first quarter of 2021 compared to a net loss of $ 3.8 million , or $ 0.49 per basic and diluted share , for the comparable period of the prior year . About Vaccitech Vaccitech is a clinical - stage biopharmaceutical company engaged in the discovery and development of novel immunotherapeutics and vaccines for