JERUSALEM, Jan. 16, 2020 /PRNewswire/ -- BiondVax
Pharmaceuticals Ltd. (Nasdaq: BVXV), a Phase 3 clinical stage
biopharmaceutical company focused on developing and commercializing
M-001, a universal flu vaccine candidate, announced that effective
January 16, 2020, the Company will
permit holders of all outstanding warrants of the Company
("Warrants") issued to investors in connection with its initial
public offering on Nasdaq (the "Warrant holders") to exercise their
warrants on a cashless exercise basis. Warrant holders will
continue to be able to exercise their Warrants on a cash basis as
well. No other terms of the Warrants are being
amended.
The cashless exercise right being offered to Warrant holders
allows them to capture the value between the current price of
BiondVax's American Depositary Shares ("ADSs") and the exercise
price of the warrants without the need to provide cash on exercise.
At the same time, it results in fewer ADSs being issued to
them.
Cashless exercise would enable Warrant holders to exercise their
Warrants without paying cash but rather paying the exercise price
from the value of the ADSs of BiondVax that would otherwise be
issued to the Warrant holder were the Warrants exercised on a cash
basis. The Warrant holders exercising on a cashless basis
would receive a number of ADSs equal in value to the market value
of one ADS at the time of exercise (calculated according to a
formula in the amendment to warrant agreement) less the exercise
price of the warrants multiplied by the number of Warrants being
exercised. This description of the manner for determining the
number of shares issuable to a Warrant holder that exercises on a
cashless basis is qualified in its entirety by the amendment to the
warrant agreement to be submitted to the Securities and Exchange
Commission today on Form 6-K.
About BiondVax
BiondVax (NASDAQ: BVXV) is a Phase 3 clinical stage
biopharmaceutical company developing a universal flu vaccine. The
vaccine candidate, called M-001, is designed to provide
multi-strain and multi-season protection against current and
future, seasonal and pandemic influenza. BiondVax's proprietary
technology utilizes a unique combination of conserved and common
influenza virus peptides intended to stimulate 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 clinical trials,
covering 698 participants, the vaccine has been shown to be safe,
well-tolerated, and immunogenic. The ongoing pivotal Phase 3
clinical trial aims to assess safety and effectiveness of M-001 in
reducing flu illness and severity. 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 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 prosecution and outcome of the ongoing Phase 2 and
Phase 3 trials and any subsequent trials; timing of publication by
NIAID of the results of the NIH/NIAID conducted Phase 2
clinical trial in the USA;
timing of receipt of regulatory approval of the new manufacturing
facility; ability to demonstrate the efficacy and safety of the
vaccine; the timing of clinical trials and marketing approvals; the
risk that drug development involves a lengthy and expensive process
with uncertain outcome; the ability of the Company to maintain,
preserve and defend its intellectual property and patents granted;
whether our vaccine candidate will successfully advance
through the clinical trial process on a timely basis, or at all,
and receive approval from the United States Food and Drug
Administration or equivalent foreign regulatory agencies; the
adequacy of available cash resources 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, 2018 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. We undertake no obligation to revise or
update any forward-looking statement for any reason.
Contact Details
Joshua E.
Phillipson
+972 89-30-25-29
j.phillipson@biondvax.com
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SOURCE BiondVax Pharmaceuticals Ltd.