BiondVax Announces Second Quarter 2015 Financial Results and Update

Aug 24, 2015, 01:30 ET from BiondVax Pharmaceuticals Ltd.

NES ZIONA, Israel, Aug. 24, 2015 /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 financial results for the second quarter of 2015 and provided a business update.

Second Quarter 2015 Financial Summary
Results are in New Israel Shekels (NIS) and a convenience translation to US$ is provided, using the exchange rate of 3.769 as at June 30, 2015

  • Total operating expenses were NIS 3.21m ($852,000) compared with NIS 2.18m in the second quarter of last year;
  • R&D expenses amounted to NIS 2.61m ($693,000) compared with NIS 1.61m in the second quarter of last year;
  • Cash, cash equivalents and short and long-term marketable securities at the end of the quarter were NIS 42.02 m ($11.15m) compared with NIS 13.68m as of December 31, 2014;

Recent Corporate Update

  • In May, BiondVax completed its public offering in the United States and on July 10, BiondVax celebrated this milestone event by ringing the Nasdaq closing bell;
  • BiondVax reported the successful results of its BVX-006 trial for older adults. BiondVax's universal flu vaccine (M-001) was reported to be safe, well tolerated, providing improved flu immunity by enhancing antibody responses to multiple strains when administered as a primer in a 1 mg dose;
  • BiondVax reported that sera samples from elderly participants in the BVX-005 trial in 2012, contained significantly more protective antibodies against the current epidemic flu strain, H3N2, which did not exist back in 2012;
  • The main television news show in Israel showcased BiondVax's impressive results and a subtitled recording is available at http://www.biondvax.com/?p=1300;
  • By the end of the year, BiondVax expects to be starting BVX-007 trials in Europe which will be mostly funded by the European consortium UNISEC;

Dr. Ron Babecoff, CEO of BiondVax Commented: "The second quarter of 2015 was very eventful for BiondVax, culminating in a number of successes. A few weeks following our successful public offering on Nasdaq, we completed and reported successful results for our BVX-006 trial. We showed that our universal flu vaccine enhanced antibody responses to multiple flu strains when administered as a primer, and was safe and well tolerated. More than that, a few weeks later, we showed that participants who received our vaccine in our 2012 trial, presented higher immunogenicity to the 2014-15 flu season strain - a strain which didn't exist back then. Both these successful results are additional important data points, validating our work and further demonstrating the universality of our vaccine and its potential for improving global public health. Our work is particularly poignant as the 2015/2016 flu season approaches."

"In terms of our efforts to broaden our shareholder base, I will be marketing our story to investors on non-deal roadshows, and presenting at a number of investor conferences in New York, Las Vegas and Los Angeles, in the coming quarter. We see a number of near-term catalysts, such as our EU funded study in Europe, and we are all very much looking forward to the coming few months. We believe our upcoming efforts will further support our concept of the universal flu vaccine," concluded Dr. Babecoff.  

About BiondVax
BiondVax is an innovative biopharmaceutical company developing a universal flu vaccine, designed to provide multi-season and multi-strain protection against most human influenza virus strains, including both seasonal and pandemic flu strains.

BiondVax's technology utilizes a unique, proprietary combination of conserved and common peptides from influenza virus proteins to activate both arms of the immune system for a cross-protecting and long-lasting effect.

Contact Details

 

Company Contact  

Investor Relations Contact

Limor Chen, Director of  BD  

GK Investor Relations

limor.c@biondvax.com       

Kenny Green, Partner


+1 646 201 9246


kenny@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 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










In thousands, except per share data

 








Convenience translation



December 31,


June 30,


June 30,



2014


2014


2015


2015





Unaudited


Unaudited



New Israeli Shekels (NIS)


U.S. dollars

CURRENT ASSETS:









Cash and cash equivalents


9,612


14,187


37,955


10,070

Marketable securities


2,016


2,013


2,016


535

Other receivables


1,081


175


763


202












12,709


16,375


40,734


10,808

LONG‑TERM ASSETS:









    Marketable securities


2,049


2,045


2,047


543

Property, plant and equipment


2,638


2,957


2,355


625

    Other long term assets


1,066


288


286


76












5,753


5,290


4,688


1,244












18,462


21,665


45,422


12,051

CURRENT LIABILITIES:









Trade payables


524


373


635


168

Other payables


1,289


1,197


828


219












1,813


1,570


1,463


387

LONG‑TERM LIABILITIES:









Option contract liabilities


-


-


7,958


2,111

Severance pay liability, net


62


57


66


18










SHAREHOLDERS' EQUITY :









   Ord. shares of NIS 0.0000001 par value:







Authorized: 391,000,000     shares as of March 31, 2015, 2014 (unaudited) and December 31, 2014; Issued and Outstanding: 54,297,367, 54,284,367 and 54,297,367 shares respectively


-


-


-


-

Share premium


83,517


83,391


109,934


29,168

Options


2,536


2,536


2,536


673

 Other comprehensive income


17


18


14


4

Accumulated deficit


(69,483)


(65,909)


(76,549)


(20,310)












16,587


20,036


35,935


9,535












18,462


21,665


45,422


12,051

 

 

STATEMENTS OF COMPREHENSIVE INCOME (LOSS)








In thousands, except per share data

 






Convenience translation



Six months

ended

June 30,


Three months

ended

June 30,


Three months

ended

June 30,



2014


2015


2014


2015


2015



Unaudited


Unaudited


Unaudited



N I S


N I S


U.S. dollars












Operating expenses:

Research and development, net of participations


3,075


3,785


1,608


2,613


693

Marketing, general and administrative


1,127


1,250


574


600


159












Operating loss


4,202


5,035


2,182


3,213


852












Financial income


56


8


21


3


1

Financial expense


44


2,039


62


1,992


529












Net loss                                         


4,190


7,066


2,223


5,202


1,380












Other comprehensive income (loss):

Items to be reclassified to profit or loss in subsequent periods:











Gain (loss) from available-for-sale financial assets


3


(3)


4


(2)


(1)












Total comprehensive loss


4,193


7,069


2,227


5,204


1,381












Basic & diluted net loss per share


0.08


0.09


0.04


0.05


0.01












Weighted average number of shares outstanding used to compute basic and diluted loss per share


54,284,367


75,095,145


54,284,367


95,892,923


95,892,923

 

SOURCE BiondVax Pharmaceuticals Ltd.



RELATED LINKS

http://www.biondvax.com