Joint Placement Agent on SAB Biotherapeutics' Private Placement

Oppenheimer & Co. Inc. acted as Joint Placement Agent on SAB Biotherapeutics’ $175.0MM Private Placement

SAB Biotherapeutics, Inc. (Nasdaq: SABS) a clinical-stage biopharmaceutical company with a novel immunotherapy platform that is developing human anti-thymocyte immunoglobulin (hIgG) for delaying progression of autoimmune type 1 diabetes (T1D) in newly diagnosed autoimmune T1D patients, today announced that it has entered into a securities purchase agreement (the “Agreement”) with certain accredited and institutional investors to raise $175.0 million upfront in gross proceeds in an oversubscribed private placement financing.

SAB Biotherapeutics, Inc. intends to use the net proceeds from the private placement to fully fund the Phase 2b SAFEGUARD study of SAB-142 in Stage 3 autoimmune T1D, and for working capital and general corporate purposes. The proceeds from the private placement combined with the Company’s current cash and cash equivalents are expected to extend its cash runway into the middle of 2028. Pursuant to the terms of the Agreement, SAB BIO will issue an aggregate of up to 1,000,000 shares of the Company’s Series B nonvoting convertible preferred stock, which are convertible into up to an aggregate of 100,000,000 shares of the Company’s common stock at a conversion price of $1.75 per share. In addition, the Company will issue warrants to purchase up to an aggregate of 1,500,000 shares of the Company’s Series B preferred stock, for up to an additional $284.0 million in gross proceeds if exercised in full.