Full Press Release Details
Announces Fourth Quarter and Full Year 2020 Financial Results
Provides Business Update
Israel - May 13, 2021 - BiondVax Pharmaceuticals Ltd. (Nasdaq: BVXV), a biopharmaceutical company focused on developing,
manufacturing and ultimately commercializing products for the prevention and treatment of infectious diseases and related illnesses,
today published its fourth quarter and full year financial results for the year ended December 31, 2020 and provided a business update.
Quarter 2020 Financial Summary
are in New Israel Shekels (NIS) and convenience translation to US$ is provided using the exchange rate of 3.215 (NIS/US$), the rate as
of the close of business on December 31, 2020.
Year 2020 Financial Summary
of December 31, 2020, BiondVax had cash and cash equivalents of NIS 9.4 million ($2.9 million) compared to NIS 72.4 million as of
December 31, 2019. Following the balance sheet date, in February 2021, the Company completed a follow-on offering on Nasdaq, providing
total gross proceeds of approximately $13.8 million and net proceeds after fees and discounts of approximately $12.8 million. As of May
12, 2021, the Company had cash and cash equivalents of NIS 46 million (approximately $14 million).
complete financial results are available in the Company's annual report on Form 20-F for the year ended December 31, 2020, to be
filed with the Securities and Exchange Commission. A summary is included in the tables below.
BioPark, 2nd floor Hadassah Ein Kerem Campus Jerusalem, Israel
Telephone: +972-8-9302529 Fax: +972-8-9302531
the October 23, 2020 announcement that the Phase 3 trial of M-001, our universal influenza vaccine candidate, did not meet its efficacy
endpoints, BiondVax implemented the following actions:
Amir Reichman, BiondVax's CEO, commented, "My team and the Board are actively engaged in pursuing opportunities to diversify
our pipeline of assets in light of our new mission. BiondVax's vaccine development, manufacturing, and clinical trial experience,
combined with our people's deep industry experience and our highly advanced GMP vaccine manufacturing facility, provide us with
an incredible untapped potential that I aim to realize over the coming years. I look forward to leading BiondVax to the next level."
continued, "I would like to extend my personal appreciation and gratitude to our shareholders for their support and belief
in our new mission, vision and strategy. Together with our employees, management, board and others, I believe we have the capability
to successfully grow BiondVax even stronger financially while creating a diversified portfolio of assets to both improve our offering
to future customers while reducing specific, single product risks."
BioPark, 2nd floor Hadassah Ein Kerem Campus Jerusalem, Israel
Telephone: +972-8-9302529 Fax: +972-8-9302531
Pharmaceuticals Ltd. (NASDAQ: BVXV) is a biopharmaceutical company focused on developing, manufacturing and ultimately commercializing
products for the prevention and treatment of infectious diseases and related illnesses. The Company had been developing M-001, a novel
influenza vaccine candidate that was designed to provide multi-strain and multi-season protection against current and future seasonal
and pandemic influenza. In seven Phase 1/2 and Phase 2 clinical trials designed to test for immunogenicity, the Company was able to demonstrate
M-001 was effective in stimulating an immune response to a broad range of influenza virus strains. In October 2020, the Company completed
a Phase 3 clinical trial of M-001 which failed to meet the trial's primary and secondary efficacy endpoints. The Company is now
pursuing opportunities in the infectious disease space towards development of a pipeline of diversified products and platforms.
Joshua E. Phillipson | +972 8 930 2529 | j.phillipson@biondvax.com
Relations: Kenny Green (Israel) | +1 646 201 9246 | kgreen@edisongroup.com
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, including statements regarding future business strategies
that BiondVax may explore. These forward-looking statements reflect 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
BiondVax may not be able to secure additional capital on attractive terms, if at all; the risk that the European Investment Bank may
accelerate the loans under its finance contract with BiondVax; the risk that BiondVax may not execute a strategic alternative to M-001
or implement a strategy that will diversify BiondVax's risk, and, if executed, may not be successful; risks relating to the COVID-19
(coronavirus) pandemic; BiondVax's ability to acquire rights to additional product opportunities; BiondVax's ability to enter
into collaborations on terms acceptable to BiondVax or at all; timing of receipt of regulatory approval of BiondVax's manufacturing
facility in Jerusalem, if at all or when required; the risk that the manufacturing facility will not be able to be used for a wide variety
of applications and other vaccine and treatment technologies, and the risk that drug development involves a lengthy and expensive process
with uncertain outcomes. More detailed information about the risks and uncertainties affecting the Company is contained under the heading
"Risk Factors" in the Company's Annual Report on Form 20-F to be filed with the Securities and Exchange Commission on March
13, 2021. BiondVax undertakes no obligation to revise or update any forward-looking statement for any reason.
BioPark, 2nd floor Hadassah Ein Kerem Campus Jerusalem, Israel
Telephone: +972-8-9302529 Fax: +972-8-9302531
thousands, except share and per share data
| Convenience | ||||||||||||
| Translation | ||||||||||||
| December 31, | December 31, | |||||||||||
| 2019 | 2020 | 2020 | ||||||||||
| N I S | U.S. dollars | |||||||||||
| CURRENT ASSETS: | ||||||||||||
| Cash and cash equivalents | 72,467 | 9,421 | 2,930 | |||||||||
| Other receivables | 656 | 1,204 | 375 | |||||||||
| 73,123 | 10,625 | 3,305 | ||||||||||
| LONG-TERM ASSETS: | ||||||||||||
| Property, plant and equipment | 34,981 | 39,607 | 12,319 | |||||||||
| Right-of-use assets | 7,136 | 6,206 | 1,930 | |||||||||
| Other long-term assets | 510 | 473 | 147 | |||||||||
| 42,627 | 46,286 | 14,396 | ||||||||||
| 115,750 | 56,911 | 17,701 | ||||||||||
| CURRENT LIABILITIES: | ||||||||||||
| Trade payables | 17,062 | 1,868 | 581 | |||||||||
| Current maturities of lease liabilities | 694 | 654 | 203 | |||||||||
| Loan from others | - | 60,421 | 18,793 | |||||||||
| Other payables | 1,203 | 1,246 | 388 | |||||||||
| 18,959 | 64,189 | 19,965 | ||||||||||
| LONG-TERM LIABILITIES: | ||||||||||||
| Liability in respect of Government grants | 14,812 | - | - | |||||||||
| Lease Liabilities | 6,809 | 6,088 | 1,894 | |||||||||
| Loan from others | 123,780 | - | - | |||||||||
| Warrants | 16,354 | - | - | |||||||||
| Other payables | - | 1,135 | 353 | |||||||||
| Severance pay liability, net | 89 | 95 | 29 | |||||||||
| 161,844 | 7,318 | 2,276 | ||||||||||
| SHAREHOLDERS' EQUITY: | ||||||||||||
| Ordinary shares of no par value: Authorized: 600,000,000 shares at December 31, 2020 and 2019; Issued and outstanding: 461,285,824 and 402,351,657, shares as of December 31, 2020 and 2019, respectively | *)- | *)- | *)- | |||||||||
| Share premium | 255,285 | 310,197 | 96,484 | |||||||||
| Accumulated deficit | (320,338 | ) | (324,793 | ) | (101,024 | ) | ||||||
| (65,053 | ) | (14,596 | ) | (4,540 | ) | |||||||
| 115,750 | 56,911 | 17,701 |
BioPark, 2nd floor Hadassah Ein Kerem Campus Jerusalem, Israel
Telephone: +972-8-9302529 Fax: +972-8-9302531
OF COMPREHENSIVE LOSS
thousands, except share and per share data
| Convenience translation | ||||||||||||||||
| Year ended December 31, | Year ended December 31, | |||||||||||||||
| 2018 | 2019 | 2020 | 2020 | |||||||||||||
| N I S | U.S. dollars | |||||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development, net of participations | 71,913 | 68,645 | 51,463 | 16,007 | ||||||||||||
| Marketing, general and administrative | 5,154 | 9,706 | 16,687 | 5,190 | ||||||||||||
| Other income | - | - | (75,484 | ) | (23,479 | ) | ||||||||||
| Total operating expenses (income) | 77,067 | 78,351 | (7,334 | ) | (2,282 | ) | ||||||||||
| Operating income (loss) | (77,067 | ) | (78,351 | ) | 7,334 | 2,282 | ||||||||||
| Financial income | 2,936 | 4 | 3,843 | 1,195 | ||||||||||||
| Financial expense | (13,596 | ) | (30,847 | ) | (15,632 | ) | (4,863 | ) | ||||||||
| Loss | (87,727 | ) | (109,194 | ) | (4,455 | ) | (1,386 | ) | ||||||||
| Total comprehensive loss | (87,727 | ) | (109,194 | ) | (4,455 | ) | (1,386 | ) | ||||||||
| Basic and diluted loss per share | (0.34 | ) | (0.33 | ) | (0.01 | ) | (0.003 | ) | ||||||||
| Weighted average number of shares outstanding used to compute basic and diluted loss per share | 261,419,599 | 326,651,721 | 443,260,878 | 443,260,878 |
notes in the Company's annual report on Form 20-F are an integral part of the financial statements. The complete financial results
are available in the 20-F to be filed with the Securities and Exchange Commission.
BioPark, 2nd floor Hadassah Ein Kerem Campus Jerusalem, Israel
Telephone: +972-8-9302529 Fax: +972-8-9302531