BiondVax Announces Third Quarter 2016 Financial Results and Update
NESS ZIONA, Israel, Nov. 28, 2016 /PRNewswire/ --BiondVax Pharmaceuticals Ltd. (Nasdaq: BVXV, TASE: BVXV), a clinical stage biopharmaceutical company focused on developing and commercializing a vaccine against current and future seasonal and pandemic influenza strains, today announced its third quarter 2016 financial results for the quarter ended September 30, 2016 and provided a business update.
Third Quarter 2016 Financial Summary
Results are in New Israel Shekels (NIS) and convenience translation to US$ is provided using the exchange rate of 3.758 (NIS/US$) as at September 30, 2016.
Third quarter operating expenses were NIS 3.47m ($923,000) compared with NIS 2.21m for the third quarter of 2015;
Third quarter R&D expenses amounted to NIS 2.42 ($644,000) compared with NIS 1.24m for the third quarter of 2015;
Cash, cash equivalents and short and long-term marketable securities at the end of the quarter were NIS 29.67m ($7.97m) compared with NIS 37.53m as of December 31, 2015;
Recent Corporate Update
The European UNISEC consortium sponsored Phase 2b processed the final participant in September. Study samples are currently being analyzed by the consortium and are expected to be finalized and released in the coming months.
Preparations for the United States NIH Phase 2 clinical trial is ongoing and progressing according to plan.
Professor Shai Ashkenazi, an experienced clinician-researcher who has guided multiple vaccines through clinical and regulatory approval phases to market was appointed to BiondVax's Scientific Advisory Board.
Dr. Ron Babecoff, CEO of BiondVax commented: "I am pleased that we are working according to plans both in the US and Europe."
About BiondVax
BiondVax is a biopharmaceutical company developing a universal flu vaccine. The vaccine is designed to provide multi-season protection against most seasonal and pandemic human influenza virus strains. BiondVax's proprietary technology utilizes a unique combination of conserved and common peptides from influenza virus proteins, activating both arms of the immune system for a cross-protecting and long-lasting effect. BiondVax is traded on NASDAQ: BVXV and TASE: BVXV. For more information, please visit www.biondvax.com.
