PR Newswire
NESS ZIONA, Israel, May 31, 2016
NESS ZIONA, Israel, May 31, 2016 /PRNewswire/ -- BiondVax Pharmaceuticals Ltd. (Nasdaq: BVXV, TASE: BVXV), a clinical stage biopharmaceutical company focused on developing and commercializing immunomodulation therapies for infectious diseases today announced its first quarter 2016 financial results ended March 31, 2016 and provided a business update. The Company's leading product, M-001, is a universal flu vaccine.
First Quarter 2016 Financial Summary
Results are in New Israel Shekels (NIS) and convenience translation to US$ is provided using the exchange rate of 3.766 as at March 31, 2016.
Recent Corporate Update
Dr. Ron Babecoff, CEO of BiondVax commented: "In the first quarter we continued to make solid progress in our universal flu vaccine development program. I am pleased with our progress, and we remain on target to achieve our goals."
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 impact of the global economic environment on the Company customer target base, the adequacy of available cash resources and the ability to raise capital when needed. The risks, uncertainties and assumptions referred to above are discussed in detail in our reports and other documents filed with the Securities and Exchange Commission, including our annual report for the year ended December 31, 2015 on Form 20-F filed with the Securities and Exchange Commission on April 27, 2016. BiondVax Pharmaceuticals Ltd. undertakes no obligation to update or revise any forward-looking statements.
** Tables to Follow **
BALANCE SHEETS | |||||||||
| |||||||||
In thousands, except per share data | | | | | | | | Convenience translation (**) | |
| | December 31, | | March 31, | | March 31, | |||
| | 2015 | | 2015 | | 2016 | | 2016 | |
| | Audited | | Unaudited | | Unaudited | |||
| | N I S | | U.S. dollars | |||||
| | | |||||||
CURRENT ASSETS: | | | | | | | | | |
Cash and cash equivalents | | 33,470 | | 7,397 | | 29,817 | | 7,917 | |
Marketable securities | | 2,016 | | 2,016 | | 2,016 | | 535 | |
Other receivables | | 1,442 | | 1,005 | | 2,282 | | 606 | |
| | | | | | | | | |
| | 36,928 | | 10,418 | | 34,115 | | 9,058 | |
LONG‑TERM ASSETS: | | | | | | | | | |
Marketable securities | | 2,048 | | 2,049 | | 2,049 | | 544 | |
Property, plant and equipment | | 2,044 | | 2,480 | | 1,903 | | 505 | |
Other long term assets | | 287 | | 1,423 | | 290 | | 77 | |
| | | | | | | | | |
| | 4,379 | | 5,952 | | 4,242 | | 1,126 | |
| | | | | | | | | |
| | 41,307 | | 16,370 | | 38,357 | | 10,184 | |
CURRENT LIABILITIES: | | | | | | | | | |
Trade payables | | 931 | | 774 | | 836 | | 222 | |
Other payables | | 768 | | 860 | | 735 | | 195 | |
| | | | | | | | | |
| | 1,699 | | 1,634 | | 1,571 | | 417 | |
LONG‑TERM LIABILITIES: | | | | | | | | | |
Options | | 5,994 | | - | | 4,540 | | 1,205 | |
Severance pay liability, net | | 69 | | 64 | | 71 | | 19 | |
| | | | | | | | | |
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