Providence Therapeutics Announces New mRNA Rabies Vaccine Program and Achievement of Preclinical Proof-of-Concept Milestone

Novel rabies vaccine candidate developed with Providence's mRNA platform further validates the technology
Providence continues to expand its mRNA platform to target infectious diseases and oncology

CALGARY, Alberta, December 15, 2022 - Providence Therapeutics Holdings Inc. ("Providence"), a clinical-stage biotechnology company pioneering mRNA vaccines for infectious diseases and oncology, today announced that its new mRNA vaccine program for rabies post-exposure prophylaxis has achieved a preclinical proof-of-concept milestone. The candidate was developed in partnership with Everest Medicines (“Everest”) utilizing Providence’s clinically validated mRNA technology platform.

“We are pleased to demonstrate that Providence’s mRNA technology supports development of additional products that fight a number of infectious diseases,” said Brad Sorenson, MBA, chief executive officer of Providence Therapeutics. “We look forward to continuing to advance our rabies mRNA vaccine program with Everest as a critical part of a growing pipeline of mRNA vaccine candidates for infectious diseases with unmet needs around the world.”

In a head-to-head immunogenicity comparison study with a commercial inactivated rabies vaccine, mice dosed with Providence’s pre-clinical rabies vaccine candidate produced higher levels of serum neutralizing antibodies than those of mice dosed with the comparator vaccine. Providence’s candidate also induced a significantly higher degree of T-cell-mediated immune response than the comparator vaccine. These positive results support the clinical development of the rabies vaccine.

Providence and Everest hold 50/50 global rights to develop and commercialize the rabies vaccine. Achieving this preclinical proof-of-concept milestone triggers the execution of a 3,492,365-share transfer of Everest’s publicly traded shares to Providence.

About Rabies

Rabies is a zoonotic, viral disease. While it remains a serious threat to public health, the disease is vaccine-preventable with proper treatment. Every year, more than 29 million people worldwide receive a post-bite rabies vaccination¹, which – if received soon after exposure – can effectively prevent the onset of symptoms. Once clinical symptoms appear, however, the disease is virtually 100% fatal. Notably, over 95% of human deaths from rabies occur in the Asia and Africa regions, predominantly affecting vulnerable populations who live in remote rural locations.

About Providence Therapeutics

Providence is a clinical-stage biotechnology company pioneering mRNA therapeutics and vaccines with focus on infectious diseases and oncology. Initially founded as a cancer vaccines company in 2015, in response to a worldwide need for a COVID-19 vaccine, Providence expanded its focus beyond oncology therapies to develop an mRNA vaccine for COVID-19. Providence works with multiple industry collaborators, universities, nongovernmental agencies and multiple arms of the Government of Canada to discover and develop vaccines and treatments for infectious diseases and cancer. This has resulted in the development of an mRNA vaccine platform that includes a proprietary design algorithm and proprietary, scalable manufacturing processes. For more information, please visit providencetherapeutics.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of applicable securities laws including regarding Providence's development plans, the initiation of phase 3 booster study, and the final analysis of the PRO-CL-002 Phase 2 study. In some cases, forward-looking statements can be identified by terminology such as "will," "may," "should," "could", "expects," "intends," "plans," "aims," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. The forward-looking statements in this press release are neither promises nor guarantees, and you should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, many of which are beyond Providence's control, and which could cause actual results to differ materially from those expressed or implied by these forward-looking statements. These risks, uncertainties, and other factors include, among others: that here are a limited number of commercial products utilizing mRNA technology approved for use; the fact that mRNA technology in use by Providence is still being developed and implemented; the fact that the long term safety and efficacy of PTX-COVID19-B has not yet been established; inability to recruit patients for the conduct of the phase 3 booster study; the observation of adverse safety issues; issues regarding the manufacture and supply of PTX-COVID19-B; our capacity to meet supply and demand for our products; market acceptance of PTX-COVID19-B; the continuation of our collaborations and other significant agreements with our existing commercial partners and third-party suppliers and our ability to establish and maintain additional collaboration agreements; our expectations regarding our financial performance, including revenues, expenses, gross margins, profitability, liquidity, capital expenditures and income taxes; our estimates regarding our capital requirements; our ability to meet anticipated timelines for the development of our products; and unforeseen regulatory delays. Except as required by law, Providence disclaims any intention or responsibility for updating or revising any forward-looking statements contained in this press release in the event of new information, future developments or otherwise. These forward-looking statements are based on Providence's current expectations and speak only as of the date hereof.

Investor Contact:

Noy Wong
Providence Therapeutics

403-265-3765

Media Contact:

Veronica Eames
LifeSci Communications, LLC

646-970-4682

¹World Health Organization. (November 2022). Rabies. World Health Organization. Retrieved from https://www.who.int/news-room/fact-sheets/detail/rabies

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