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BiondVax Announces Third Quarter 2016 Financial Results and Update

Montag, 28.11.2016 14:10 von

PR Newswire

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