Nasdaq Grants BiondVax Extension to Regain Compliance with Listing Rules
August 01 2023 - 4:01PM
via IBN --
BiondVax Pharmaceuticals
Ltd. (Nasdaq: BVXV), a biotechnology company focused
on developing, manufacturing, and commercializing innovative
immunotherapeutic products primarily for the treatment of
infectious and autoimmune diseases, today announced that Nasdaq
reviewed BiondVax’s multi-faceted plan to regain compliance with
Nasdaq’s Listing Rule 5550(b) and provided it an extension until
October 30, 2023, to demonstrate compliance.
As previously disclosed, BiondVax received a
deficiency letter dated May 1, 2023, from Nasdaq notifying the
Company that it is not in compliance with the minimum stockholders’
equity requirement for continued listing on the Nasdaq Capital
Market.
“We are very pleased that Nasdaq has reviewed
our plan and provided us the time to proceed with various
initiatives already underway that alone or together will allow us
to regain compliance with the shareholders’ equity listing
requirement,” said Mr. Amir Reichman, BiondVax’s
CEO. “Among other things we are pursuing a strategic
partnership for our COVID-19 self-administered inhaled
therapeutic/prophylactic product and advancing ahead of schedule
our IL-17 NanoAb inhibitor for the treatment of autoimmune diseases
such as psoriasis. This is expected to enter the clinic in
2024.”
Reichman continued: “In
addition, we decided to leverage our state-of-the-art biologics
pilot manufacturing plant by commencing a new contract
manufacturing and development services business unit
(CDMO). The need for CDMO services by small biotech companies
is high and growing and the current offerings by large,
multi-national CDMO companies are expensive and with limited
available capacity. Our site is a perfect match for a small biotech
in that it is well equipped, staffed with highly trained personnel,
and its business and quality processes are in place. We see quite a
lot of demand for our services and are aggressively pursuing
clients. If successful, this business unit could generate
meaningful income in the relatively short term.”
BiondVax has provided Nasdaq with its business
plan, which includes the pursuit of several non-dilutive grants,
potential capital-raising transactions, and development of the
company’s new CDMO business. Based on BiondVax’s plans, Nasdaq has
provided an extension of time until October 30, 2023, for the
company to demonstrate it has regained compliance. In the event the
Company fails to show compliance upon filing its annual report on
Form 20-F for the year ended December 31, 2023, it may receive
notification from Nasdaq that its securities will be delisted;
should this occur, the Company may appeal Nasdaq’s determination to
a hearings panel.
About BiondVax
BiondVax Pharmaceuticals Ltd. (Nasdaq: BVXV) is
a biotechnology company focused on developing, manufacturing, and
commercializing innovative immunotherapeutic products primarily for
the treatment of infectious and autoimmune diseases. Since its
inception, the company has executed eight clinical trials including
a seven-country, 12,400-participant Phase 3 trial of its vaccine
candidate and has built a state-of-the-art manufacturing facility
for biopharmaceutical products. With highly experienced
pharmaceutical industry leadership, BiondVax is aiming to
develop a pipeline of diversified and commercially viable products
and platforms beginning with an innovative nanosized antibody
(NanoAb) pipeline. www.biondvax.com.
Company Contact Details Joshua E. Phillipson |
+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. All
statements, other than statements of historical facts, included in
this press release regarding strategy, future operations, future
financial position, future revenue, projected expenses, prospects,
plans and objectives of management are forward-looking statements.
These forward-looking statements reflect 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 BiondVax may not be
able to secure additional capital on attractive terms, if at all;
the risk that the therapeutic and commercial potential of NanoAbs
will not be met; the risk of a delay in the preclinical and
clinical trials data for NanoAbs, if any; the risk that our
business strategy may not be successful; the risk that the European
Investment Bank (EIB) may accelerate the loans under its finance
contract with BiondVax; risks relating to the SARS-CoV-2 (COVID-19)
virus; BiondVax's ability to acquire rights to additional product
opportunities; BiondVax's ability to enter into collaborations on
terms acceptable to BiondVax or at all; timing of receipt of
regulatory approval of BiondVax's manufacturing facility in
Jerusalem, if at all or when required; the risk that the
manufacturing facility will not be able to be used for a wide
variety of applications and other vaccine and treatment
technologies; and the risk that drug development involves a lengthy
and expensive process with uncertain outcomes. More detailed
information about the risks and uncertainties affecting the Company
is contained under the heading "Risk Factors" in the Company's
Annual Report on Form 10-K filed with the Securities and Exchange
Commission on April 17, 2023. BiondVax undertakes no obligation to
revise or update any forward-looking statement for any
reason.
Wire Service Contact:
IBN Los Angeles, California www.InvestorBrandNetwork.com
310.299.1717 Office Editor@InvestorBrandNetwork.com
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