Full Press Release Details
Announces First Quarter 2015 Financial Results
Ziona, Israel, June 1, 2015 - BiondVax Pharmaceuticals Ltd. (Nasdaq: BVXV, TASE: BNDX), a
clinical stage biopharmaceutical company focused on developing and commercializing immunomodulation therapies for infectious
diseases, today announced its financial results for the first quarter of 2015 and provided a business update.
Quarter 2015 Financial Summary
are in New Israel Shekels (NIS) and a convenience translation to US$ is provided, using the exchange rate of 3.98 as at March
Dr. Ron Babecoff, CEO of Biondvax Commented:
"We are excited with our new US listing which we believe will bring new interest to our business and increased tradability
in our shares. The influenza virus is a major global problem which humanity is constantly struggling against - one example
is the recent "Avian Flu" outbreak and the massive cull in the Southern United States. Today's solution of specific-strain
vaccines is very inefficient and tends to have a particularly low success rate. The search for a universal flu vaccine is the
"holy grail". Our solution was invented by Weizmann Institute Professor Ruth Arnon, also known for co-development
of Copaxone, and further developed by BiondVax to its current advanced clinical stage. As we move through 2015, and as we continue
to progress on our phase II trials, we are getting ever closer to bringing our solution to market."
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.
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.
| In thousands, except per share data | Convenience translation | |||||||||||||||
| December 31, | March 31, | March 31, | ||||||||||||||
| 2014 | 2014 | 2015 | 2015 | |||||||||||||
| Unaudited | Unaudited | |||||||||||||||
| New Israeli Shekels (NIS) | U.S. dollars | |||||||||||||||
| CURRENT ASSETS: | ||||||||||||||||
| Cash and cash equivalents | 9,612 | 16,018 | 7,397 | 1,859 | ||||||||||||
| Marketable securities | 2,016 | 2,015 | 2,016 | 507 | ||||||||||||
| Other receivables | 1,081 | 323 | 1,005 | 252 | ||||||||||||
| 12,709 | 18,356 | 10,418 | 2,618 | |||||||||||||
| LONG-TERM ASSETS: | ||||||||||||||||
| Marketable securities | 2,049 | 2,047 | 2,049 | 515 | ||||||||||||
| Other long term assets | 1,066 | 288 | 1,423 | 357 | ||||||||||||
| Property, plant and equipment | 2,638 | 3,125 | 2,480 | 623 | ||||||||||||
| 5,753 | 5,460 | 5,952 | 1,495 | |||||||||||||
| 18,462 | 23,816 | 16,370 | 4,113 | |||||||||||||
| CURRENT LIABILITIES: | ||||||||||||||||
| Trade payables | 524 | 454 | 774 | 194 | ||||||||||||
| Other payables | 1,289 | 1,193 | 860 | 216 | ||||||||||||
| 1,813 | 1,647 | 1,634 | 410 | |||||||||||||
| LONG-TERM LIABILITIES: | ||||||||||||||||
| Severance pay liability, net | 62 | 57 | 64 | 16 | ||||||||||||
| SHAREHOLDERS' EQUITY : | ||||||||||||||||
| Ordinary 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 | 83,240 | 83,467 | 20,972 | ||||||||||||
| Options | 2,536 | 2,536 | 2,536 | 637 | ||||||||||||
| Other comprehensive income | 17 | 22 | 16 | 4 | ||||||||||||
| Accumulated deficit | (69,483 | ) | (63,686 | ) | (71,347 | ) | (17,926 | ) | ||||||||
| 16,587 | 22,112 | 14,672 | 3,687 | |||||||||||||
| 18,462 | 23,816 | 16,370 | 4,113 |
OF COMPREHENSIVE INCOME (LOSS)
| In thousands, except per share data | Convenience translation | |||||||||||||||
| Year ended December 31, | Three months ended March 31, | Three months ended March 31, | ||||||||||||||
| 2014 | 2014 | 2015 | 2015 | |||||||||||||
| Unaudited | Unaudited | |||||||||||||||
| N I S | U.S. dollars | |||||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development, net of participations | 5,492 | 1,467 | 1,172 | 294 | ||||||||||||
| Marketing, general and administrative | 2,650 | 553 | 650 | 163 | ||||||||||||
| Total operating expenses | 8,142 | 2,020 | 1,822 | 457 | ||||||||||||
| Operating loss | (8,142 | ) | (2,020 | ) | (1,822 | ) | (457 | ) | ||||||||
| Financial income | 394 | 58 | 5 | 1 | ||||||||||||
| Financial expense | (16 | ) | (5 | ) | (47 | ) | (12 | ) | ||||||||
| Net loss | (7,764 | ) | (1,967 | ) | (1,864 | ) | (468 | ) | ||||||||
| Other comprehensive income (loss): | ||||||||||||||||
| Items to be reclassified to profit or loss in subsequent periods: | ||||||||||||||||
| Gain (loss) from available-for-sale financial assets | (4 | ) | 1 | (1 | ) | - | ||||||||||
| Total comprehensive loss | (7,768 | ) | 1,966 | (1,865 | ) | (468 | ) | |||||||||
| Basic and Diluted net loss per share | (0.14 | ) | (0.04 | ) | (0.03 | ) | (0.01 | ) | ||||||||
| Weighted average number of shares outstanding used to compute basic and diluted loss per share | 54,286,227 | 54,184,367 | 54,297,367 | 54,297,367 |