Ness Ziona, Israel, May 31, 2016 – 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.”

About BiondVax
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.

Contact Details

BiondVax
Joshua Phillipson
Business Development Manager
+972 8 930 2529
j.phillipson@biondvax.com

Investor Relations
Kenny Green, Partner
GK Investor Relations
+1 646 201 9246
kenny@biondvax.com

Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Litigation Reform Act of 1995. Words such as “expect,” “believe,” “intend,” “plan,” “continue,” “may,” “will,” “anticipate,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve certain risks and uncertainties reflect the management’s current views with respect to certain current and future events and are subject to various risks, uncertainties and assumptions that could cause the results to differ materially from those expected by the management of BiondVax Pharmaceuticals Ltd. risks and uncertainties include, but are not limited to, the risk that drug development involves a lengthy and expensive process with uncertain outcome, the results of the contemplated Phase 2 & 3 trials, the impact of the global economic environment on the Company customer target base, the adequacy of available cash resources and the ability to raise capital when needed. The risks, uncertainties and assumptions referred to above are discussed in detail in our reports and other documents filed with the Securities and Exchange Commission, including our annual report for the year ended December 31, 2015 on Form 20-F filed with the Securities and Exchange Commission on April 27, 2016. BiondVax Pharmaceuticals Ltd. undertakes no obligation to update or revise any forward-looking statements.

** Tables to Follow **


In
thousands, except per share data

 

 

 

 

 

 

 

Convenience translation (**)

 

 

December 31,

 

March 31,

 

March 31,

 

 

2015

 

2015

 

2016

 

2016

 

 

Audited

 

Unaudited

 

Unaudited

 

 

N I S

 

U.S. dollars

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

33,470

 

7,397

 

29,817

 

7,917

Marketable securities

 

2,016

 

2,016

 

2,016

 

535

Other receivables

 

1,442

 

1,005

 

2,282

 

606

 

 

 

 

 

 

 

 

 

 

 

36,928

 

10,418

 

34,115

 

9,058

LONG_TERM ASSETS:

 

 

 

 

 

 

 

 

    Marketable securities

 

2,048

 

2,049

 

2,049

 

544

Property, plant and equipment

 

2,044

 

2,480

 

1,903

 

505

Other long term assets

 

287

 

1,423

 

290

 

77

 

 

 

 

 

 

 

 

 

 

 

4,379

 

5,952

 

4,242

 

1,126

 

 

 

 

 

 

 

 

 

 

 

41,307

 

16,370

 

38,357

 

10,184

CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

Trade payables

 

931

 

774

 

836

 

222

Other payables

 

768

 

860

 

735

 

195

 

 

 

 

 

 

 

 

 

 

 

1,699

 

1,634

 

1,571

 

417

LONG_TERM LIABILITIES:

 

 

 

 

 

 

 

 

Options

 

5,994

 

 

4,540

 

1,205

Severance pay liability, net

 

69

 

64

 

71

 

19

 

 

 

 

 

 

 

 

 

 

 

6,063

 

64

 

4,611

 

1,224

 

 

 

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY (DEFICIT):

 

 

 

 

 

 

 

 

Ordinary
shares of NIS 0.0000001 par value:

 Authorized: 391,000,000 shares as of
March 31, 2016, 2015 (unaudited) and December 31, 2015; Issued and
Outstanding: 135,097,367,   54,297,367 and 135,097,367 shares
respectively

 

*)  

 

*)  

 

*)  

 

*)  

Share premium

 

110,679

 

83,467

 

111,083

 

29,496

Options

 

2,536

 

2,536

 

2,536

 

673

 Other comprehensive income

 

12

 

16

 

14

 

4

Accumulated deficit

 

(79,682)

 

(71,347)

 

(81,458)

 

(21,630)

 

 

 

 

 

 

 

 

 

 

 

33,545

 

14,672

 

32,175

 

8,543

 

 

 

 

 

 

 

 

 

 

 

41,307

 

16,370

 

38,357

 

 

10,184