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BiondVax Receives Additional Grant Funding
PR Newswire PR NewswireAugust 14, 2017
Israel Innovation Authority Approves Additional Budget towards M-001 Flu Vaccine Development
NESS ZIONA, Israel, August 14, 2017 /PRNewswire/ --
BiondVax Pharmaceuticals Ltd. (BVXV) (BVXV.TA) announced today that the Israel Innovation Authority (IIA), formerly known as the Office of the Chief Scientist, agreed to fund upto 40% of a NIS 2.7 million (approximately US$ 750,000) budget towards ongoing development of M-001, the Company's Universal Flu Vaccine candidate.
In six previously completed human clinical trials, including the recently completed Phase 2b trial held in Europe[1], BiondVax's M-001 was shown to be safe and immunogenic towards multiple flu strains. Including today's grant approval, since 2006 the IIA has granted over US$ 6 million in funding to BiondVax. The non-dilutive grants will become repayable from royalties generated from future sales of BiondVax's vaccine, once commercially available on the market.
Dr. Tammy Ben-Yedidia, Chief Scientific Officer of BiondVax commented, "The ongoing support of our program by the IIA is proof of their long-term confidence in BiondVax's innovative flu vaccine. This grant, together with other generous recently approved financing to the company[2],[3] brings us closer to launching a Phase 3 clinical trial."
