Nes Ziona, Israel, August 23, 2015 – 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 financial results for the second quarter of 2015 and provided a business update.
Second Quarter 2015 Financial Summary
Results are in New Israel Shekels (NIS) and a convenience translation to US$ is provided, using the exchange rate of 3.769 as at June 30, 2015
- Total operating expenses were NIS 3.21m ($852,000) compared with NIS 2.18m in the second quarter of last year;
- R&D expenses amounted to NIS 2.61m ($693,000) compared with NIS 1.61m in the second quarter of last year;
- Cash, cash equivalents and short and long-term marketable securities at the end of the quarter were NIS 42.02 m ($11.15m) compared with NIS 13.68m as of December 31, 2014;
Recent Corporate Update
- In May, Biondvax completed its public offering in the United States and on July 10, BiondVax celebrated this milestone event by ringing the Nasdaq closing bell;
- BiondVax reported the succesful results of its BVX-006 trial for older adults. BiondVax’s universal flu vaccine (M-001) was reported to be safe, well tolerated, providing improved flu immunity by enhancing antibody responses to multiple strains when administered as a primer in a 1 mg dose;
- BiondVax reported that sera samples from elderly participants in the BVX-005 trial in 2012, contained significantly more protective antibodies against the current epidemic flu strain, H3N2, which did not exist back in 2012;
- The main television news show in Israel showcased BiondVax’s impressive results and a subtitled recording is available at http://www.biondvax.com/?p=1300;
- By the end of the year, BiondVax expects to be starting BVX-007 trials in Europe which will be mostly funded by the European consortium UNISEC;
Dr. Ron Babecoff, CEO of BiondVax Commented: “The second quarter of 2015 was very eventful for BiondVax, culminating in a number of successes. A few weeks following our successful public offering on Nasdaq, we completed and reported successful results for our BVX-006 trial. We showed that our universal flu vaccine enhanced antibody responses to multiple flu strains when administered as a primer, and was safe and well tolerated. More than that, a few weeks later, we showed that participants who received our vaccine in our 2012 trial, presented higher immunogenicity to the 2014-15 flu season strain – a strain which didn’t exist back then. Both these successful results are additional important data points, validating our work and further demonstrating the universality of our vaccine and its potential for improving global public health. Our work is particularly poignant as the 2015/2016 flu season approaches.”
“In terms of our efforts to broaden our shareholder base, I will be marketing our story to investors on non-deal roadshows, and presenting at a number of investor conferences in New York, Las Vegas and Los Angeles, in the coming quarter. We see a number of near-term catalysts, such as our EU funded study in Europe, and we are all very much looking forward to the coming few months. We believe our upcoming efforts will further support our concept of the universal flu vaccine,” concluded Dr. Babecoff.
Please see our financial information page for the detailed results tables.