Full Press Release Details
BiondVax Announces Fourth Quarter and
Full Year 2017 Financial Results and
NESS ZIONA, Israel, April 30, 2018
-- BiondVax Pharmaceuticals Ltd. (Nasdaq: BVXV), a clinical stage biopharmaceutical company focused on developing and commercializing
M-001, a universal flu vaccine candidate, today announced its fourth quarter and
full year financial results for the year ended December 31, 2017 and provided a business update.
Fourth Quarter 2017 Financial
Results are in New Israel Shekels
(NIS) and convenience translation to $US is provided using the exchange rate of 3.467(NIS/$US) as at December 29, 2017.
Full Year 2017 Financial Summary
As of December 31, 2017, BiondVax had
cash and cash equivalents and short-term investments of NIS 71.38 million ($20.59m) as compared to NIS 27.4 million as of December
2017 Highlights and Recent Corporate
Complete financial results are available
in the Company's annual report on Form 20-F for the year ended December 31, 2017, which was filed with the Securities and
Exchange Commission on April 30, 2018.
BiondVax (Nasdaq: BVXV) is an advanced
clinical stage biopharmaceutical company developing a universal flu vaccine. The vaccine candidate, called M-001, is designed to
provide multi-season protection against current and future, seasonal and pandemic influenza virus strains. BiondVax's proprietary
technology utilizes a unique combination of conserved and common influenza virus peptides, activating both arms of the immune system
for a cross-protecting and long-lasting effect. In a total of 6 completed Phase 1/2 and Phase 2 human clinical trials, covering
698 participants, the vaccine has been shown to be safe, well-tolerated, and immunogenic. Please visit www.biondvax.com.
Joshua Phillipson | +972 8 930
2529 | j.phillipson@biondvax.com
Forward Looking Statements
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 Phase 2 & 3 trials, delays or obstacles
in launching and/or successfully completing our clinical trials, 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. More detailed information about the risks and uncertainties affecting the Company is
contained under the heading "Risk Factors" in our Annual Report on Form 20-F for the year ended December 31, 2017 filed
with the U.S. Securities and Exchange Commission, or SEC, which is available on the SEC's website, www.sec.gov, and
in the Company's periodic filings with the SEC and the Tel-Aviv Stock Exchange.
* Tables to Follow *
| Convenience | ||||||||||||
| translation | ||||||||||||
| December 31, | December 31, | |||||||||||
| 2016 | 2017 | 2017 | ||||||||||
| N I S | U.S. dollars | |||||||||||
| CURRENT ASSETS: | ||||||||||||
| Cash and cash equivalents | 15,705 | 71,382 | 20,589 | |||||||||
| Marketable securities | 2,017 | - | - | |||||||||
| Short-term deposits | 7,602 | - | - | |||||||||
| Other receivables | 815 | 3,923 | 1,131 | |||||||||
| 26,139 | 75,305 | 21,720 | ||||||||||
| LONG-TERM ASSETS: | ||||||||||||
| Marketable securities | 2,050 | - | - | |||||||||
| Property, plant and equipment | 1,443 | 5,510 | 1,589 | |||||||||
| Other long term assets | 478 | 880 | 254 | |||||||||
| 3,971 | 6,390 | 1,843 | ||||||||||
| 30,110 | 81,695 | 23,563 | ||||||||||
| CURRENT LIABILITIES: | ||||||||||||
| Trade payables | 686 | 6,223 | 1,795 | |||||||||
| Other payables | 689 | 660 | 190 | |||||||||
| 1,375 | 6,883 | 1,985 | ||||||||||
| LONG-TERM LIABILITIES: | ||||||||||||
| Liability in respect of government grants | - | 10,300 | 2,971 | |||||||||
| Warrants | 3,043 | 8,177 | 2,358 | |||||||||
| Severance pay liability, net | 76 | 83 | 24 | |||||||||
| 3,119 | 18,560 | 5,353 | ||||||||||
| SHAREHOLDERS' EQUITY :- | ||||||||||||
| Ordinary shares of NIS 0.0000001 par value: | ||||||||||||
| Authorized: 391,000,000 shares as of December 31, 2017; Issued and Outstanding: 261,419,599, 135,097,367, shares as of December 31 2017 and December 31, 2016, respectively | *)- | *)- | *)- | |||||||||
| Share premium | 113,041 | 179,669 | 51,823 | |||||||||
| Options | 1,435 | - | - | |||||||||
| Other comprehensive income | 6 | - | - | |||||||||
| Accumulated deficit | (88,866 | ) | (123,417 | ) | (35,598 | ) | ||||||
| 25,616 | 56,252 | 16,225 | ||||||||||
| 30,110 | 81,695 | 23,563 |
STATEMENTS OF COMPREHENSIVE
In thousands, except per share data
| Convenience translation | ||||||||||||||||
| Year ended December 31, | Year ended December 31, | |||||||||||||||
| 2015 | 2016 | 2017 | 2017 | |||||||||||||
| N I S | U.S. dollars | |||||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development, net of participations | 7,906 | 7,794 | 18,777 | 5,416 | ||||||||||||
| Marketing, general and administrative | 3,397 | 4,106 | 4,879 | 1,407 | ||||||||||||
| Total operating expenses | 11,303 | 11,900 | 23,656 | 6,823 | ||||||||||||
| Operating loss | (11,303 | ) | (11,900 | ) | (23,656 | ) | (6,823 | ) | ||||||||
| Financial income | 1,128 | 3,019 | 18 | 5 | ||||||||||||
| Financial expense | (24 | ) | (303 | ) | (10,913 | ) | (3,148 | ) | ||||||||
| Loss | (10,199 | ) | (9,184 | ) | (34,551 | ) | (9,966 | ) | ||||||||
| Other comprehensive income (loss): | ||||||||||||||||
| Items to be reclassified to profit or loss in subsequent periods: | ||||||||||||||||
| Gain (loss) from available-for-sale marketable securities | (5 | ) | (6 | ) | (6 | ) | (2 | ) | ||||||||
| Total comprehensive loss | (10,204 | ) | (9,190 | ) | (34,557 | ) | (9,968 | ) | ||||||||
| Basic and diluted loss per share | (0.10 | ) | (0.07 | ) | (0.17 | ) | (0.05 | ) | ||||||||
| Weighted average number of shares outstanding used to compute basic and diluted loss per share | 105,522,642 | 135,097,367 | 201,030,768 | 201,030,768 |