BiondVax Announces First Quarter 2018 Financial Results

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BiondVax Announces First Quarter 2018 Financial Results

PR Newswire

NESS ZIONA, Israel, May 29, 2018 /PRNewswire/ -- BiondVax Pharmaceuticals Ltd. 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 March 31, 2018.

First Quarter 2018 Financial Summary

Results are in New Israel Shekels (NIS) and convenience translation to $US is provided using the exchange rate of 3.514 (NIS/$US) as at March 29, 2018

  • First quarter operating expenses were NIS 12.6m ($3.6m) compared with NIS 2.97m for the first quarter of 2017;
  • First quarter R&D expenses amounted to NIS 11.7m ($3.3m) compared with NIS 1.87m for the first quarter of 2017;

As of March 31, 2018, BiondVax had cash and cash equivalents of NIS 55.7 million ($15.8 million) as compared to NIS 71.3 million as of December 31, 2017. The decrease is attributable to execution of planned ongoing operations related to launch of the pivotal, clinical efficacy, Phase 3 trial of the Company's M-001 Universal Flu Vaccine candidate, and construction of a mid-size commercial manufacturing facility.

About BiondVax

BiondVax BVXV is an advanced clinical stage biopharmaceutical company developing a universal flu vaccine. The vaccine candidate, called M-001, is designed to provide multi-season protection against current and future, seasonal and pandemic influenza virus strains. BiondVax's proprietary technology utilizes a unique combination of conserved and common influenza virus peptides, activating both arms of the immune system for a cross-protecting and long-lasting effect. In a total of 6 completed Phase 1/2 and Phase 2 human clinical trials, covering 698 participants, the vaccine has been shown to be safe, well-tolerated, and immunogenic. 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  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, 2017 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.We undertake no obligation to revise or update any forward-looking statement for any reason.

** Tables to Follow **

 

 

BALANCE SHEETS

In thousands, except per share data


*)            Represents an amount lower than NIS 1.










Convenience
translation



December 31,


March 31,


March 31,



2017


2017


2018


2018



Audited


Unaudited


Unaudited



N I S


U.S. dollars




CURRENT ASSETS:









Cash and cash equivalents


71,382


24,020


55,675


15,844

Marketable securities


-


4,068




-

Short-term deposits


-


6,751


-


-

Other receivables


3,923


4,979


2,975


847












75,305


39,818


58,650


16,691

LONG‑TERM ASSETS:









Property, plant and equipment


5,510


1,297


12,537


3,568

Other long term assets


880


478


880


250












6,390


1,775


13,417


3,818












81,695


41,593


72,067


20,509

CURRENT LIABILITIES:









Trade payables


6,223


752


8,526


2,426

Other payables


660


526


768


219












6,883


1,278


9,294


2,645

LONG‑TERM LIABILITIES:









Liability in respect of government grants


10,300




11,252


3,202

 Warrants


8,177


10,848


9,315


2,651

 Severance pay liability, net


83


76


78


22












18,560


10,924


20,645


5,875










SHAREHOLDERS' EQUITY:









Ordinary shares of NIS 0.0000001 par value:









 Authorized: 391,000,000 shares as of March 
     31, 2018, 2017 (unaudited) and 
     December 31, 2016; Issued and 
     Outstanding: 261,419,599 , 162,481,153 
     and 261,419,599 shares respectively


*) -


*)   -


*)   -


*) -

Share premium


179,669


129,550


179,747


51,152

Options


-


533


-


-

 Other comprehensive income


-


6




-

Accumulated deficit


(123,417)


(100,698)


(137,619)


(39,163)












56,252


29,391


42,128


11,989












81,695


41,593


72,067


20,509

 

 

STATEMENTS OF COMPREHENSIVE INCOME


In thousands, except per share data


















Convenience







translation


















Three months



Year ended


Three months ended


ended



December 31,


March 31,


March 31, 



2017


2017


2018


2018



Audited


Unaudited


Unaudited



NIS


U.S. dollars











Operating expenses:









Research and development, net of 
     participations

18,777


1,874


11,745


3,342


Marketing, general and administrative

4,879


1,094


884


251











Total operating expenses

23,656


2,968


12,629


3,593











Operating loss

(23,656)


(2,968)


(12,629)


(3,593)


Financial income

18


8


-


-


Financial expense

(10,913)


(8,872)


(1,573)


(448)











Net loss                                          

(34,551)


(11,832)


(14,202)


(4,041)











Other comprehensive loss:


















Loss from available-for-sale marketable securities

(6)


-


-


-











Total comprehensive loss

(34,557)


(11,832)


(14,202)


(4,041)




















Basic and Diluted net loss per share

(0.17)


(0.07)


(0.05)


(0.02)











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

201,030,768


162,481,153


261,419,599


261,419,599




















                  

Contact Details
Joshua Phillipson
+972 8 930 2529
j.phillipson@biondvax.com

 

View original content:http://www.prnewswire.com/news-releases/biondvax-announces-first-quarter-2018-financial-results-300655630.html

SOURCE BiondVax Pharmaceuticals Ltd.

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