BiondVax Provides Second Quarter 2017 Financial Results and Update

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NESS ZIONA, Israel, Aug. 31, 2017 /PRNewswire/ -- BiondVax Pharmaceuticals Ltd. BVXV 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

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.

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.

** Tables to Follow **


 

 

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





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
















               

Contact Details

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

                                                                                 

View original content:http://www.prnewswire.com/news-releases/biondvax-provides-second-quarter-2017-financial-results-and-update-300512180.html

SOURCE Biondvax Pharmaceuticals Ltd

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