Ocean Biomedical, Inc. (NASDAQ: OCEA), a biopharma company working to accelerate the development and commercialization of scientifically compelling assets from research universities and medical centers, announced today that its Scientific Co-founder, Jack A. Elias, MD, co-authored new findings in the peer-reviewed journal Immunity that detail the mechanisms behind the role of chitinase 3-like-1 (CHI3L1) in the growth of triple negative breast cancer. The groundbreaking discoveries by a team led by Dr. William Muller at McGill University and in collaboration with Dr. Elias demonstrates that CHI3L1 stimulates neutrophil elaboration of NETs which block T cells from contacting and killing the breast cancer tumor. Additionally, the study provides further evidence of the potential impact of Ocean’s anti-Chi3L1 antibody in reversing this process and suppressing breast cancer tumor growth.

This groundbreaking paper deepens the understanding of how CHI3L1 inhibits the body’s natural ability to fight breast cancer tumors. It reveals for the first time another complex pathway by which CHI3L1 inhibits the immune response to cancer, this time by inducing neutrophil recruitment and NETosis, which blocks T cell infiltration. The paper also provides yet another preclinical demonstration of the effectiveness of Ocean’s Anti-CHI3L1 antibody in reducing the tumor growth by targeting CHI3L1 and reversing the T cell blockade. This tumor control pathway, the paper asserts, is likely at work in a range of cancers beyond breast cancer, and “targeting CHI3L1 may promote anti-tumor immunity in various tumor types.”

“This complex work by our colleagues at McGill has provided one of the most exciting discoveries of my lifetime and adds another layer of understanding about the ways in which CHI3L1 functions as a ‘master regulator’ that is not only at work in many cancers, but working in multiple pathways within individual cancers,” commented Dr. Jack A. Elias, Ocean’s Scientific Co-founder.

Several publications this year have reinforced the potential of Ocean’s Anti-CHI3L1 immunotherapy in treating aggressive cancers. In April, an independent study published in Cancer Research demonstrated the role of CHI3L1 in modulating Glioma stem cells and the effectiveness of Ocean’s candidate in suppressing severe glioblastoma tumor growth.

In October, results published in bioRxiv by Elias and colleagues at Yale revealed the role of CHI3L1 in the growth of EGFR-mutant non small cell lung cancer (NSCLC), and the importance of CHI3L1 in the pathogenesis of therapeutic resistance in NSCLC. These studies also demonstrated that the anti-CHI3L1 antibody effectively restored therapeutic responsiveness to tyrosine kinase inhibitors (TKI) in drug resistant NSCLC with the combination of Ocean’s antibody and a TKI, stopping human tumor progression by stimulating tumor suppressor genes and inducing tumor cell death. Although these findings were defined in NSCLC, they have potential effectiveness in other EGFR-mutation driven cancers including Glioblastoma and Colon cancer.

“We are excited to see the potential for Ocean’s cancer immunotherapy candidate demonstrated by a range of studies in some of the most aggressive cancers,” said Dr. Chirinjeev Kathuria, Ocean’s Executive Chairman and Founder.

“We are pleased to see additional research about the potential impact of cancer candidate as we continue to move towards filing an IND,” said Elizabeth Ng, CEO of Ocean Biomedical.

Prior research has established that elevated Chi3L1 levels are associated with many cancers, including glioblastoma, and may be targeted therapeutically. Recent studies from Ocean Biomedical have demonstrated that CHI3L1 is a critical regulator of a number of key cancer-causing pathways, highlighting its ability to inhibit tumor cell death (apoptosis), its inhibition of the expression of the tumor suppressors P53, PTEN, retinoblastoma 1, and Keap1 and its stimulation of the B-RAF protooncogene. Most recently Dr. Elias’s research team has discovered that CHI3L1 is a “master regulator” of ICPI, including key elements of the PD-1 and CTLA4 pathways. In accord with the importance of these pathways, Ocean has also generated antibodies: 1.) a monoclonal antibody against CHI3L1, 2.) bispecific antibodies that simultaneously target CHI3L1 and PD-1, and 3.) a new bispecific antibody that simultaneously targets CHI3L1 and CTLA4. The impressive ability of these bispecific antibodies to control primary and metastatic lung cancer in murine experimental modeling systems have been discussed in detail in an earlier article in the Journal of Clinical Investigation, and this expanded approach in Frontiers in Immunology.

About Ocean Biomedical

Ocean Biomedical, Inc. is a Providence, Rhode Island-based biopharma company with an innovative business model that accelerates the development and commercialization of scientifically compelling assets from research universities and medical centers. Ocean Biomedical deploys the funding and expertise to move new therapeutic candidates efficiently from the laboratory to the clinic, to the world. Ocean Biomedical is currently developing five promising discoveries that have the potential to achieve life-changing outcomes in lung cancer, brain cancer, pulmonary fibrosis, and the prevention and treatment of malaria. The Ocean Biomedical team is working on solving some of the world’s toughest problems, for the people who need it most.

To learn more, visit www.oceanbiomedical.com

Forward-Looking Statements

The information included herein and in any oral statements made in connection herewith include “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target,” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics and expectations. These statements are based on various assumptions, whether or not identified herein, and on the current expectations of the Company’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions.

The announced discoveries were based solely on laboratory and animal studies. Ocean Biomedical has not conducted any studies that show similar efficacy or safety in humans. There can be no assurances that this treatment will prove safe or effective in humans, and that any clinical benefits of this treatment is subject to clinical trials and ultimate approval of its use in patients by the FDA. Such approval, if granted, could be years away.

Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of the Company that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include (i) the outcome of any legal proceedings that may be instituted against the Company; (ii) changes in the markets in which the Company competes, including with respect to its competitive landscape, technology evolution, or regulatory changes; (iii) changes in domestic and global general economic conditions; (iv) risk that the Company may not be able to execute its growth strategies; (v) risks related to the ongoing COVID-19 pandemic and response, including supply chain disruptions; (vi) risk that the Company may not be able to develop and maintain effective internal controls; (vii) the risk that the Company may fail to keep pace with rapid technological developments to provide new and innovative products and services or make substantial investments in unsuccessful new products and services; (viii) the ability to develop, license or acquire new therapeutics; (ix) the risk that the Company will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; (x) the risk that the Company experiences difficulties in managing its growth and expanding operations; (xi) the risk of product liability or regulatory lawsuits or proceedings relating to the Company’s business; (xii) the risk of cyber security or foreign exchange losses; (xiii) the risk that the Company is unable to secure or protect its intellectual property.

The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties that are described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, and which are described in the “Risk Factors” section of the Company’s definitive proxy statement filed by the Company on January 12, 2023, and other documents to be filed by the Company from time to time with the SEC and which are and will be available at www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this filing. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Ocean Biomedical Media Relationsconnect@oceanbiomedical.com

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