JERUSALEM, Israel – October 22, 2018 — BiondVax Pharmaceuticals Ltd. (NASDAQ: BVXV), developer of M‑001, a clinical phase 3 Universal Influenza Vaccine candidate, announced today the receipt of an €8 million disbursement from the European Investment Bank (EIB). These funds are the third and final tranche of the previously announced €20 million co-financing agreement signed in June 2017. The first two tranches totaling €12 million were received by BiondVax earlier this year.
Dr. Ron Babecoff, BiondVax’s CEO, stated, “I am grateful to the EIB for their ongoing support, which has helped BiondVax launch our pivotal, clinical efficacy Phase 3 trial, and construct our new mid-size commercial manufacturing facility for M-001, our universal flu vaccine candidate.”
The EIB-BiondVax non-dilutive co-financing agreement, signed in June 2017, is structured as a zero-percent fixed interest loan, with a variable remuneration based on royalties of net sales of M-001 following commercialization. Funds were advanced in three tranches, whose disbursement was dependent on achievement of certain specified milestones. The tranches are repayable five years after each drawdown. BiondVax retains the option to repay the loan and repurchase the royalties at any time.
