NESS ZIONA, Israel, August 31, 2017 — BiondVax Pharmaceuticals Ltd. (Nasdaq: BVXV, TASE: 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

** Tables to Follow **

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
Joshua Phillipson
Business Development
+972 8 930 2529
j.phillipson@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, delays or obstacles in launching and/or successfully completing our clinical trials, the impact of the global economic environment on the Company customer target base, the adequacy of available cash resource and the ability to raise capital when needed. More detailed information about the risks and uncertainties affecting the Company is contained under the heading “Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2016 filed with the U.S. Securities and Exchange Commission, or SEC, which is available on the SEC’s website, www.sec.gov, and in the Company’s periodic filings with the SEC and the Tel-Aviv Stock Exchange.

 

 

BALANCE SHEETS

In thousands, except per share data

Convenience
translation

December 31,

June 30,

June 30,

2016

2016

2017

2017

Audited

Unaudited

Unaudited

N I S

U.S. dollars

CURRENT ASSETS:

Cash and cash equivalents

15,705

15,084

31,334

8,963

Marketable securities

2,017

2,017

4,067

1,163

Short-term deposits

7,602

11,503

1,200

343

Other receivables

815

3,188

2,812

804

26,139

31,792

39,413

11,273

LONG‑TERM ASSETS:

Marketable securities

2,050

2,049

Property, plant and equipment

1,443

1,746

1,233

353

Other long term assets

478

490

505

144

3,971

4,285

1,738

497

30,110

36,077

41,151

11,770

CURRENT LIABILITIES:

Trade payables

686

457

1,188

340

Other payables

689

697

664

190

1,375

1,154

1,852

530

LONG‑TERM LIABILITIES:

Options

3,043

4,923

18,231

5,215

Severance pay liability, net

76

72

79

22

3,119

4,995

18,310

5,237

SHAREHOLDERS’ EQUITY (DEFICIT):

Ordinary shares of NIS 0.0000001 par value:

Authorized: 391,000,000 shares as of
June 30, 2017, 2016 (unaudited) and
December 31, 2016; Issued and
Outstanding: 179,595,199, 135,097,367
and 135,097,367 shares respectively

*) –

*) –

*) –

*) –

Share premium

113,041

111,458

132,824

37,993

Options

1,435

2,536

533

152

Other comprehensive income

6

7

2

*) –

Accumulated deficit

(88,866)

(84,073)

(112,370)

(32,142)

25,616

29,928

20,989

6,003

30,110

36,077

41,151

11,770

*) Represents an amount lower than NIS 1.

 

STATEMENTS OF COMPREHENSIVE INCOME

In thousands, except per share data

Convenience

translation

(Note 2)

Year ended

Three months ended

Six months ended

Six months

ended

December 31,

June 30

June 30

June 30

2016

2016

2017

2016

2017

2017

Unaudited

Unaudited

N I S

U.S. dollars

(In thousands, except per share data)

Operating expenses:

Research and development, net of participations

7,794

1,478

2,022

3,541

3,896

1,114

Marketing, general and administrative

4,106

999

569

1,770

1,663

476

Total operating expenses

11,900

2,477

2,591

5,311

5,559

1,590

Operating loss

(11,900)

(2,477)

(2,591)

(5,311)

(5,559)

(1,590)

Financial income

75

252

5

49

13

4

Financial expense

(303)

(6)

(930)

(200)

(1,997)

(571)

Financial income (expenses) due to revaluation of options

2,944

(383)

(8,156)

1,071

(15,961)

(4,566)

Total finance (expense) income, net

2,716

(138)

(9,081)

920

(17,945)

(5,133)

Net loss

(9,184)

(2,615)

(11,672)

(4,39(1

(23,504)

(6,723)

Other comprehensive income (loss):

Items to be reclassified to profit or loss in subsequent periods:

Gain (loss) from available-for-sale financial assets

(6)

(7)

(4)

(5)

(4)

(1)

Total comprehensive loss

(9,190)

(2,622)

(11,676)

(4,396)

(23,508)

(6,724)

Basic and diluted net loss per share (NIS)

(0.07)

(0.02)

(0.07)

(0.03)

(0.14)

(0.04)

Weighted average number of shares
outstanding used to compute basic
and diluted loss per share

135,097,367

135,097,367

175,809,413

135,097,367

169,182,101

169,182,101

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