BiondVax Announces First Quarter 2016 Financial Results and Update
NESS ZIONA, Israel, May 31, 2016 /PRNewswire/ -- BiondVax Pharmaceuticals Ltd. (Nasdaq: BVXV, TASE: BVXV), a clinical stage biopharmaceutical company focused on developing and commercializing immunomodulation therapies for infectious diseases today announced its first quarter 2016 financial results ended March 31, 2016 and provided a business update. The Company's leading product, M-001, is a universal flu vaccine.
First Quarter 2016 Financial Summary
Results are in New Israel Shekels (NIS) and convenience translation to US$ is provided using the exchange rate of 3.766 as at March 31, 2016.
First quarter operating expenses were NIS 2.83 million ($753,000) compared with NIS 1.82 million ($483,000) in the first quarter of last year;
First quarter R&D expenses, net of participations, amounted to NIS 2.06 million ($548,000) compared with NIS 1.17 million ($311,000) in the first quarter of last year;
Cash, cash equivalents and short and long-term marketable securities at the end of the quarter were NIS 33.88 million ($8.99m) compared with NIS 37.53 million ($9.96m) as of December 31, 2015;
Recent Corporate Update
On March 28, 2016 BiondVax announced that its phase 2b clinical trial in Europe completed enrollment of 224 participants. The trial is being conducted in collaboration with the EU-sponsored UNISEC consortium. Results are expected towards the end of the year or early 2017;
On February 18, 2016 the National Authority for Technological Innovation (NATI), formerly known as the Office of the Chief Scientist, agreed to partly fund an additional project towards the ongoing development of the Company's Universal Flu Vaccine;
On January 27, 2016 BiondVax broadened its global IP portfolio with a new US patent grant. The patent, entitled "Multimeric Multi-Epitope Polypeptides in Improved Seasonal and Pandemic Influenza Vaccines" completed examination and is allowed for issuance as a patent. This builds on the three patent approvals received in Korea, United States and Israel at the end of 2015;
Zacks Investment launched equity research coverage on BiondVax.
Dr. Ron Babecoff, CEO of BiondVax commented: "In the first quarter we continued to make solid progress in our universal flu vaccine development program. I am pleased with our progress, and we remain on target to achieve our goals."
