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Thursday, August 31, 2017 8:15:41 AM
NESS ZIONA, Israel, Aug. 31, 2017 /PRNewswire/ -- BiondVax Pharmaceuticals Ltd. (BVXV) (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 June 30, 2017 and provided a business update.
Dr. Ron Babecoff, BiondVax's CEO, commented, "This quarter's significant achievements including the €20 million EIB funding and positive Phase 2b clinical trial results enable us continue towards launching our Phase 3 program and constructing our mid-size manufacturing facility towards commercialization."
Second Quarter 2017 Financial Summary
Results are in New Israel Shekels (NIS) and convenience translation to $US is provided using the exchange rate of 3.496 (NIS/$US) as at June 30, 2017.
Second quarter operating expenses were NIS 2.59m ($742,000) compared with NIS 2.47m for the second quarter of 2016;
Second quarter R&D expenses amounted to NIS 2.02m ($579,000) compared with NIS 1.48m for the second quarter of 2016;
As of June 30, 2017, BiondVax had cash and cash equivalents, short-term investments and marketable securities of NIS 36.6m ($10.5m) as compared to NIS 34.8m as of March 31, 2017. In the first half of 2017, the Company issued to investors approximately 6.7 million ordinary shares which is equivalent to 167 thousand NASDAQ listed ADSs, raising approximately $1.23 million.
Recent Corporate Update
BiondVax reported statistically significant positive results from the European Phase 2b clinical trial of M-001. Both endpoints, safety and influenza-specific cellular immune responses were achieved. Details: http://www.biondvax.com/2017/07/biondvax-reports-positive-phase-2b-clinical-trial-results-for-its-universal-flu-vaccine/.
BiondVax signed a significant €20 million (approximately $US 22 million) non-dilutive funding agreement with the European Investment Bank (EIB). Details: http://www.biondvax.com/2017/06/european-investment-bank-eib-supports-late-stage-development-and-production-of-biondvaxs-universal-flu-vaccine-candidate-under-horizon-2020-initiative/.
Planning for construction of a mid-sized facility, planned to have capacity to annually produce tens of millions of doses of M-001 either in single-dose syringe or in bulk, is ongoing. A lease agreement was recently signed. Details: http://www.biondvax.com/2017/07/biondvax-signs-lease-agreement-for-mid-size-commercial-facility-to-manufacture-universal-flu-vaccine/.
The Israel Innovation Authority (IIA), formerly known as the Office of the Chief Scientist, agreed to fund up to 40% of a NIS 2.7 million (approximately US$ 750,000) budget towards ongoing development of M-001. Details: http://www.biondvax.com/2017/08/biondvax-receives-additional-grant-funding/.
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