BiondVax Announces First Quarter 2016 Financial Results and Update

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.

• First quarter operating expenses were NIS 2.83 million ($753,000) compared with NIS 1.82 million ($483,000) in the first quarter of last year;
• First quarter R&D expenses, net of participations, amounted to NIS 2.06 million ($548,000) compared with NIS 1.17 million ($311,000) in the first quarter of last year;
• Cash, cash equivalents and short and long-term marketable securities at the end of the quarter were NIS 33.88 million ($8.99m) compared with NIS 37.53 million ($9.96m) as of December 31, 2015;   

Recent Corporate Update

• On March 28, 2016 BiondVax announced that its phase 2b clinical trial in Europe completed enrollment of 224 participants. The trial is being conducted in collaboration with the EU-sponsored UNISEC consortium. Results are expected towards the end of the year or early 2017;
• On February 18, 2016 the National Authority for Technological Innovation (NATI), formerly known as the Office of the Chief Scientist, agreed to partly fund an additional project towards the ongoing development of the Company's Universal Flu Vaccine;
• On January 27, 2016 BiondVax broadened its global IP portfolio with a new US patent grant. The patent, entitled "Multimeric Multi-Epitope Polypeptides in Improved Seasonal and Pandemic Influenza Vaccines" completed examination and is allowed for issuance as a patent. This builds on the three patent approvals received in Korea, United States and Israel at the end of 2015;
• Zacks Investment launched equity research coverage on BiondVax.

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 onNASDAQ: 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 **

*) Represents an amount lower than NIS 1.

**) The financial statements as of March 31, 2016 and for the three months then ended have been translated into dollars using the representative exchange rate as of that date ($ 1 = NIS 3.766). The translation was made solely for the convenience of the reader.

Contact Details
BiondVax
Joshua Phillipson
Business Development Manager
+972-8-930-2529
[email protected]

Investor Relations
Kenny Green, Partner
GK Investor Relations
+1-646-201-9246
[email protected]

SOURCE BiondVax Pharmaceuticals Ltd.

Related Links

http://www.biondvax.com