COPENHAGEN, Denmark, May 28, 2024 (GLOBE NEWSWIRE) -- Evaxion Biotech A/S (NASDAQ:EVAX) ("Evaxion" or the "Company"), a clinical-stage TechBio company specializing in developing AI-Immunology™ powered vaccines, provides business update and announces first quarter 2024 financial results. Business Highlights Since Last Quarterly UpdateSince the 2023 full year financial results were released, the Company has continued to make progress on its three-pronged business model focusing on Targets, Pipeline, and Responders with a multi-partner approach. Key highlights include: Recent publications in peer-reviewed journals, including Journal of Cellular Immunology, Journal for ImmunoTherapy of Cancer, and Frontiers in Immunology Presentations at key scientific conferences, including World Vaccine Congress and Immuno 2024 Conclusion of final EVX-B1 antigen MTA study with potential partner. Discussions around path forward ongoing Announcement of upcoming EVX-01 Phase 2 data presentation at the annual ASCO meeting Christian Kanstrup, Chief Executive Officer at Evaxion, commented: "Only a couple of months has passed since we released our 2023 full year financial results on March 27, and I am incredibly pleased with the progress we have seen in our strategy execution. The strong external interest in our AI-Immunology™ platform and our capabilities in vaccine discovery, design, and development, particularly following our R&D Day in March this year, is truly rewarding. I am confident that our multi-partner approach will allow for strong value generation. We look forward to further advancing ongoing discussions around our AI-Immunology™ platform and pipeline assets and anticipate several important events ahead that will drive value generation." Anticipated 2024 Milestones    Milestones Target EVX-B1 Conclusion of final MTA study with potential partner Q1 2024 ✓ AI-Immunology™ Launch of EDEN™ model version 5.0 Mid 2024 EVX-B2-mRNA EVX-B2-mRNA preclinical Proof-of-Concept obtained Q3 2024 EVX-01 Phase 2 one-year readout Q3 2024 EVX-B3 Conclusion of target discovery and validation work in collaboration with MSD (tradename of Merck & Co., Inc., Rahway, NJ, USA) H2 2024 Precision ERV cancer vaccines Preclinical Proof-of-Concept obtained H2 2024 Funding Ambition for full year 2024 is to generate business development income equal to 2024 cash burn (excluding financing activities) of $14 million*   *No assurances can be made that we will generate such business development income   On May 7, 2024, the Company received a Nasdaq equity deficiency letter. This deficiency is partly a consequence of the IFRS accounting treatment of the Company's investor warrants requiring treating these as a derivative liability, hence reducing shareholder's equity. The derivative liability treatment is the result of the Company's investor warrant's exercise price being in USD while ...