Nes Ziona, Israel, June 1, 2015 – BiondVax Pharmaceuticals Ltd. (Nasdaq: BVXV, TASE: BNDX), a clinical stage biopharmaceutical company focused on developing and commercializing immunomodulation therapies for infectious diseases, today announced its financial results for the first quarter of 2015 and provided a business update.
First Quarter 2015 Financial Summary
Results are in New Israel Shekels (NIS) and a convenience translation to US$ is provided, using the exchange rate of 3.98 as at March 31, 2015
- Total operating expenses were NIS 1.82m ($457,000) compared with NIS 2.02m in the first quarter of last year;
- R&D expenses amounted to NIS 1.17m ($294k) compared with NIS 1.47m 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 11.46m ($2.88m) compared with NIS 13.68m as of December 31, 2014;
- Following a succesful IPO on Nasdaq, the Company’s current cash position amounts to approximately $11 million.
Recent Corporate Update
- On May 15, 2015 Biondvax completed a public offering in the United States, selling 1,910,000 American Depositary Shares (ADS) and warrants, where each ADS represents 40 ordinary shares. In addition, the underwriter has partially exercised their warrants to purchase an additional 128,000 ADSs;
- Biondvax launched an international investor relations program in order to increase awareness amongst US and global investors;
- During the second quarter, Biondvax expects to report the results of its BVX-006 trial;
Dr. Ron Babecoff, CEO of Biondvax Commented: “We are excited with our new US listing which we believe will bring new interest to our business and increased tradability in our shares. The influenza virus is a major global problem which humanity is constantly struggling against – one example is the recent “Avian Flu” outbreak and the massive cull in the Southern United States. Today’s solution of specific-strain vaccines is very inefficient and tends to have a particularly low success rate. The search for a universal flu vaccine is the “holy grail“. Our solution was invented by Weizmann Institute Professor Ruth Arnon, also known for co-development of Copaxone, and further developed by BiondVax to its current advanced clinical stage. As we move through 2015, and as we continue to progress on our phase II trials, we are getting ever closer to bringing our solution to market.”
For the tables please see our financial information page.