NESS ZIONA, Israel, Nov. 28,
2016 /PRNewswire/ --BiondVax Pharmaceuticals Ltd. (Nasdaq:
BVXV, TASE: BVXV), a clinical stage biopharmaceutical company
focused on developing and commercializing a vaccine against current
and future seasonal and pandemic influenza strains, today announced
its third quarter 2016 financial results for the quarter ended
September 30, 2016 and provided a
business update.
Third Quarter 2016 Financial Summary
Results are in New Israel Shekels (NIS) and convenience
translation to US$ is provided using the exchange rate of 3.758
(NIS/US$) as at September 30,
2016.
- Third quarter operating expenses were NIS 3.47m ($923,000) compared with NIS 2.21m for the third quarter of 2015;
- Third quarter R&D expenses amounted to NIS 2.42 ($644,000)
compared with NIS 1.24m for the third
quarter of 2015;
- Cash, cash equivalents and short and long-term marketable
securities at the end of the quarter were NIS 29.67m ($7.97m)
compared with NIS 37.53m as of
December 31, 2015;
Recent Corporate Update
- The European UNISEC consortium sponsored Phase 2b processed the
final participant in September. Study samples are currently being
analyzed by the consortium and are expected to be finalized and
released in the coming months.
- Preparations for the United States NIH Phase 2 clinical trial
is ongoing and progressing according to plan.
- Professor Shai Ashkenazi, an
experienced clinician-researcher who has guided multiple vaccines
through clinical and regulatory approval phases to market was
appointed to BiondVax's Scientific Advisory Board.
Dr. Ron Babecoff, CEO of
BiondVax commented: "I am pleased that we are working according
to plans both in the US and Europe."
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, the difficulty of predicting U.S. Food and
Drug Administration, European Medicines Association and other
regulatory authority approvals, 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. The risks, uncertainties and assumptions
referred to above are discussed in detail in our reports filed with
the Securities and Exchange Commission, including our Prospectus
which was declared effective on May 11,
2015. BiondVax Pharmaceuticals Ltd. undertakes no obligation
to update or revise any forward-looking statements.
** Tables to Follow **
|
BALANCE
SHEETS
|
|
|
|
|
|
|
|
|
|
Convenience
translation
(Note 2)
|
|
|
December
31,
|
|
September
30,
|
|
September
30,
|
|
|
2015
|
|
2015
|
|
2016
|
|
2016
|
|
|
Audited
|
|
Unaudited
|
|
Unaudited
|
|
|
N I
S
|
|
U.S.
dollars
|
|
|
(In thousands
except share and per share data)
|
|
CURRENT
ASSETS:
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
33,470
|
|
36,294
|
|
15,091
|
|
4,016
|
|
Short term bank
deposit
|
|
-
|
|
578
|
|
10,510
|
|
2,797
|
|
Marketable
securities
|
|
2,016
|
|
2,016
|
|
2,017
|
|
537
|
|
Other
receivables
|
|
1,442
|
|
1,594
|
|
727
|
|
193
|
|
|
|
|
|
|
|
|
|
|
|
36,928
|
|
40,482
|
|
28,345
|
|
7,543
|
|
LONG‑TERM
ASSETS:
|
|
|
|
|
|
|
|
|
|
Marketable securities
|
|
2,048
|
|
2,047
|
|
2,050
|
|
545
|
|
Property, plant and
equipment
|
|
2,044
|
|
2,191
|
|
1,592
|
|
424
|
|
Other long term
assets
|
|
287
|
|
24
|
|
370
|
|
98
|
|
|
|
|
|
|
|
|
|
|
|
4,379
|
|
4,262
|
|
4,012
|
|
1,067
|
|
|
|
|
|
|
|
|
|
|
|
41,307
|
|
44,744
|
|
32,357
|
|
8,610
|
|
CURRENT
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
Trade
payables
|
|
931
|
|
571
|
|
477
|
|
127
|
|
Other
payables
|
|
768
|
|
758
|
|
466
|
|
124
|
|
|
|
|
|
|
|
|
|
|
|
1,699
|
|
1,329
|
|
943
|
|
251
|
|
LONG‑TERM
LIABILITIES:
|
|
|
|
|
|
|
|
|
|
Options
|
|
5,994
|
|
6,863
|
|
3,528
|
|
938
|
|
Severance pay
liability, net
|
|
69
|
|
67
|
|
74
|
|
20
|
|
|
|
|
|
|
|
|
|
|
|
6,063
|
|
6,930
|
|
3,602
|
|
958
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
(DEFICIT):
|
|
|
|
|
|
|
|
|
|
Ordinary shares of NIS
0.0000001 par value:
|
|
|
|
|
|
|
|
|
|
Authorized:
391,000,000 shares as of September
30, 2016, 2015 (unaudited) and December 31,
2015; Issued and Outstanding: 135,097,367,
shares as of September 30, 2016, 2015
(unaudited) and December 31, 2015.
|
|
*) -
|
|
*) -
|
|
*) -
|
|
*) -
|
|
Share
premium
|
|
110,679
|
|
110,352
|
|
111,697
|
|
29,722
|
|
Options
|
|
2,536
|
|
2,536
|
|
2,536
|
|
675
|
|
Other
comprehensive income
|
|
12
|
|
12
|
|
8
|
|
2
|
|
Accumulated
deficit
|
|
(79,682)
|
|
(76,415)
|
|
(86,429)
|
|
(22,998)
|
|
|
|
|
|
|
|
|
|
|
|
33,545
|
|
36,485
|
|
27,812
|
|
7,401
|
|
|
|
|
|
|
|
|
|
|
|
41,307
|
|
44,744
|
|
32,357
|
|
8,610
|
|
*)
Represents an amount lower than NIS 1.
|
|
STATEMENTS OF
COMPREHENSIVE INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convenience
translation
(Note
2)
|
|
|
Year
ended
December
31,
|
|
Three months
ended
September
30,
|
|
Nine months
ended
September
30,
|
|
Nine
months
ended
September
30,
|
|
|
2015
|
|
2015
|
|
2016
|
|
2015
|
|
2016
|
|
2016
|
|
|
Audited
|
|
Unaudited
|
|
Unaudited
|
|
|
N I
S
|
|
U.S.
dollars
|
|
|
(In thousands,
except per share data)
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development, net of participations
|
|
7,906
|
|
1,247
|
|
2,421
|
|
5,032
|
|
5,962
|
|
1,586
|
|
Marketing, general
and administrative
|
|
3,397
|
|
966
|
|
1,049
|
|
2,216
|
|
2,819
|
|
750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
11,303
|
|
2,213
|
|
3,470
|
|
7,248
|
|
8,781
|
|
2,336
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
11,303
|
|
2,213
|
|
3,470
|
|
7,248
|
|
8,781
|
|
2,336
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial
income
|
|
1,118
|
|
1,540
|
|
10
|
|
651
|
|
59
|
|
16
|
|
Financial
expense
|
|
(24)
|
|
(5)
|
|
(291)
|
|
(20)
|
|
(491)
|
|
(131)
|
|
Financial
income (expenses) due to revaluations of options
|
|
10
|
|
812
|
|
1,395
|
|
(315)
|
|
2,466
|
|
656
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total finance income
, net
|
|
1,104
|
|
2,347
|
|
1,114
|
|
316
|
|
2,034
|
|
541
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
(income)
|
|
10,199
|
|
(134)
|
|
2,356
|
|
6,932
|
|
6,747
|
|
1,795
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
loss (income):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items to be
reclassified to profit or loss in
subsequent periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain (loss) from
available-for-sale financial
assets
|
|
(5)
|
|
(2)
|
|
1
|
|
(5)
|
|
(4)
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive
loss (income)
|
|
10,204
|
|
(132)
|
|
2,355
|
|
6,937
|
|
6,751
|
|
1,796
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted net
loss per share (NIS)
|
|
0.10
|
|
(0.00)
|
|
0.02
|
|
0.07
|
|
0.05
|
|
0.01
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares outstanding used to compute basic and diluted loss
per share
|
|
105,522,642
|
|
135,097,367
|
|
135,097,367
|
|
95,519,426
|
|
135,097,367
|
|
135,097,367
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact Details
Joshua Phillipson
Business Development Manager
+972 8 930 2529
j.phillipson@biondvax.com
Kenny Green
Investor Relations
+1 646 201 9246
kenny@biondvax.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/biondvax-announces-third-quarter-2016-financial-results-and-update-300368836.html
SOURCE Biondvax Pharmaceuticals Ltd