BiondVax Provides Third Quarter 2017 Financial Results And Update -

BiondVax Provides Third Quarter 2017 Financial Results And Update

Nov 28, 2017Jeremy ParkinsonFinance0

NESS ZIONA, Israel, Nov. 28, 2017 /PRNewswire/ — BiondVax Pharmaceuticals Ltd. (Nasdaq: BVXV, TASE: BVXV), a clinical-stage biopharmaceutical company focused on developing and commercializing M-001, a universal flu vaccine candidate, today announced its financial results for the quarter ended September 30, 2017, and provided a business update.

Dr. Ron Babecoff, BiondVax’s CEO, commented, “I am pleased that, once again we are meeting our objectives, increased our financial resources, and are moving towards executing our late-stage universal flu vaccine development program.”

Third Quarter 2017 Financial Summary

Results are in New Israel Shekels (NIS) and convenience translation to $US is provided using the exchange rate of 3.529 (NIS/$US) as at September 30, 2017.

Third quarter operating expenses were NIS 3.21m ($910,000) compared with NIS 3.47m for the third quarter of 2016;

Third quarter R&D expenses amounted to NIS 1.17m ($333,000) compared with NIS 2.42m for the third quarter of 2016;

As of September 30, 2017, BiondVax had cash and cash equivalents, short-term investments and marketable securities of NIS 78.09m ($22.13m) as compared to NIS 36.6m as of June 30, 2017.

Recent Corporate Update

The Israel Innovation Authority (IIA) agreed to fund up to 40% of a NIS 2.7 million (approximately US$750,000) budget towards ongoing development of M-001. http://www.biondvax.com/2017/08/biondvax-receives-additional-grant-funding/

BiondVax to consolidate trading on NASDAQ by voluntarily delisting from the Tel Aviv Stock Exchange on January 22, 2018. Last day of trading on TASE will be January 18, 2018. Shareholders with questions are invited to refer to our FAQ (in Hebrew) at http://bit.ly/BVXV-TASE.

In September, BiondVax closed a public offering of ADSs on Nasdaq, with gross proceeds of $10 million. http://www.biondvax.com/2017/09/biondvax-announces-closing-of-10-million-public-offering-of-american-depositary-shares-and-exercise-of-over-allotment-option/

BiondVax and the U.S. NIH signed a clincal trial agreement (CTA) for an NIH-funded Phase 2 trial with M-001, the company’s universal flu vaccine candidate. http://www.biondvax.com/2017/11/biondvax-and-nih-sign-clinical-trial-agreement-for-a-phase-2-trial-in-the-u-s-with-biondvaxs-universal-flu-vaccine/