Israel’s National Authority for Technological Innovation to fund 40% of additional $0.9M budget towards Universal Flu Vaccine
NESS ZIONA, ISRAEL, February 18, 2016 –
BiondVax Pharmaceuticals Ltd. (NASDAQ: BVXV, TASE: BVXV) announced today that the National Authority for Technological Innovation (NATI), formerly known as the Office of the Chief Scientist, agreed to fund up to 40% of a NIS 3.6 million (US$920,000) project towards ongoing development of the Company’s Universal Flu Vaccine.
Currently undergoing late Phase 2 clinical trials, BiondVax’s vaccine has shown significantly increased effectiveness against multiple seasonal and pandemic flu strains when compared to today’s existing flu vaccines. With today’s grant approval, NATI has, since 2006, granted $5.5M to BiondVax. The non-dilutive grants are repayable from royalties generated from future sales of BiondVax’s vaccine, once available on the market.
Ron Babecoff, CEO of BiondVax commented, “The continued support of our program by NATI represents a strong and ongoing vote of confidence in BiondVax and what we are aiming to achieve. They were impressed with the positive results from our five completed clinical trials to-date, and strongly support our current and planned activities.”
About BiondVax Pharmaceuticals Ltd.
BiondVax is a biopharmaceutical company developing a universal flu vaccine. The vaccine is designed to provide multi-season protection against most seasonal and pandemic human influenza virus strains. BiondVax’s proprietary technology utilizes a unique combination of conserved and common peptides from influenza virus proteins, activating both arms of the immune system for a cross-protecting and long-lasting effect. BiondVax is traded on NASDAQ: BVXV and TASE: BVXV. For more information, please visit www.biondvax.com.