Full Press Release Details
BiondVax Announces Second Quarter 2021 Financial
Results and Provides Business Update
Jerusalem, Israel - August 26, 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 second quarter financial results for the quarter ended June 30, 2021.
Results are in New Israel Shekels (NIS)
and convenience translation to $US is provided using the exchange rate of 3.26 (NIS/$US), the rate as of the close of business on June
As of June 30, 2021, BiondVax had cash and cash
equivalents of NIS 39.9 million ($12.2 million) as compared to NIS 48.6 million as of March 31, 2021.
Unaudited Q2 financial results will be submitted
to the Securities and Exchange Commission. A summary is included in the tables below.
Chief Executive Officer of BiondVax Mr. Amir
Reichman commented, "Since joining the Company earlier this year, my team and I, with the support of the Board of Directors,
have been identifying and are assessing a number of promising technologies and potential partners with the goal of building a diversified
pipeline of biological products and platforms for therapeutic use through in licensing, co-developing, acquiring or partnering. Our potential
partners include top tier researchers, institutes and/or companies that possess relevant Intellectual Property that may fit with BiondVax's
strategic aspirations, experience and capabilities. We are currently engaged in deep-dive evaluations of some particularly intriguing
opportunities. In collaboration with these potential partners and relevant experts we are assessing these potential avenues from several
perspectives, including scientific merit, complementary synergies with our manufacturing infrastructure and product development expertise,
as well as their potential for commercial market success."
Jerusalem BioPark, 2nd floor Hadassah
Ein Kerem Campus Jerusalem, Israel
Telephone: +972-8-9302529 Fax: +972-8-9302531
Reichman continued, "Last week, I
relocated with my family to Israel from Belgium where I had been serving in a senior leadership role at GSK Vaccines headquarters. I am
pleased to now be working face-to-face with the highly experienced, motivated and talented BiondVax team, and I am increasingly optimistic
with regard to our potential to rebuild BiondVax to become a successful biopharmaceutical company excelling in identifying, developing,
manufacturing and ultimately commercializing biological therapeutics and vaccines."
BiondVax 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 did not meet the trial's primary and secondary efficacy endpoints. The Company is now pursuing the goal of developing a pipeline
of diversified and commercially viable products and platforms.
Company: Joshua E. Phillipson | +972 8
930 2529 | j.phillipson@biondvax.com
Investor Relations: Kenny Green (Israel)
| +1 646 201 9246 | kgreen@edisongroup.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, 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 filed with the Securities and Exchange Commission on May 13, 2021. BiondVax undertakes no
obligation to revise or update any forward-looking statement for any reason.
Jerusalem BioPark, 2nd floor Hadassah
Ein Kerem Campus Jerusalem, Israel
Telephone: +972-8-9302529 Fax: +972-8-9302531
In thousands, except share and per share data
| Convenience Translation | ||||||||||||||||
| December 31, | June 30, | June 30, | ||||||||||||||
| 2020 | 2020 | 2021 | 2021 | |||||||||||||
| Audited | Unaudited | Unaudited | ||||||||||||||
| N I S | U.S. dollars | |||||||||||||||
| CURRENT ASSETS: | ||||||||||||||||
| Cash and cash equivalents | 9,421 | 38,752 | 39,883 | 12,234 | ||||||||||||
| Other receivables | 1,204 | 2,467 | 2,641 | 810 | ||||||||||||
| 10,625 | 41,219 | 42,524 | 13,044 | |||||||||||||
| LONG-TERM ASSETS: | ||||||||||||||||
| Property, plant and equipment | 39,607 | 36,937 | 38,979 | 11,957 | ||||||||||||
| Right-of-use assets | 6,206 | 6,662 | 6,109 | 1,874 | ||||||||||||
| Other long-term assets | 473 | 891 | 437 | 134 | ||||||||||||
| 46,286 | 44,490 | 45,525 | 13,965 | |||||||||||||
| 56,911 | 85,709 | 88,049 | 27,009 | |||||||||||||
| CURRENT LIABILITIES: | ||||||||||||||||
| Trade payables | 1,868 | 4,070 | 2,635 | 808 | ||||||||||||
| Operating lease liabilities | 654 | 676 | 764 | 234 | ||||||||||||
| Loan from others | 60,421 | - | 64,248 | 19,708 | ||||||||||||
| Other payables | 1,246 | 1,609 | 1,739 | 534 | ||||||||||||
| 64,189 | 6,355 | 69,386 | 21,284 | |||||||||||||
| LONG-TERM LIABILITIES: | ||||||||||||||||
| Liability in respect of government grants | - | 12,686 | - | - | ||||||||||||
| Operating lease liabilities | 6,088 | 6,457 | 6,047 | 1,855 | ||||||||||||
| Loan from others | - | 122,041 | - | - | ||||||||||||
| Other payables | 1,135 | - | 1,135 | 348 | ||||||||||||
| Severance pay liability, net | 95 | 92 | 95 | 29 | ||||||||||||
| 7,318 | 141,276 | 7,277 | 2,232 | |||||||||||||
| SHAREHOLDERS' EQUITY: | ||||||||||||||||
| Ordinary shares of no par value: Authorized: 1,800,000,000 shares at June 30, 2021 (unaudited) and 600,000,000 shares at June 30, 2020 (unaudited) and 700,000 shares at December 31, 2020, respectively; Issued and outstanding: 573,285,824 shares at June 30, 2021 (unaudited), 460,822,640 shares at June 30, 2020 (unaudited) and 461,285,824 shares at December 31, 2020 | - | *) | - | *) | - | *) | - | *) | ||||||||
| Share premium | 310,197 | 304,089 | 356,358 | 109,313 | ||||||||||||
| Accumulated deficit | (324,793 | ) | (366,011 | ) | (344,972 | ) | (105,820 | ) | ||||||||
| (14,596 | ) | (61,922 | ) | 11,386 | 3,493 | |||||||||||
| 56,911 | 85,709 | 88,049 | 27,009 |
Jerusalem BioPark, 2nd floor Hadassah
Ein Kerem Campus Jerusalem, Israel
Telephone: +972-8-9302529 Fax: +972-8-9302531
STATEMENTS OF COMPREHENSIVE LOSS
In thousands, except share
| Convenience translation | ||||||||||||||||||||||||
| Year ended December 31, | Three months ended June 30, | Six months ended June 30, | Six months ended June 30, | |||||||||||||||||||||
| 2020 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
| Audited | Unaudited | Unaudited | ||||||||||||||||||||||
| N I S | U.S. dollars | |||||||||||||||||||||||
| (In thousands, except per share data) | ||||||||||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||||
| Research and development, net of participations | 51,463 | 11,948 | 1,900 | 31,016 | 4,653 | 1,427 | ||||||||||||||||||
| Marketing, general and administrative | 16,687 | 4,139 | 7,002 | 5,120 | 11,007 | 3,376 | ||||||||||||||||||
| Other income | (75,484 | ) | - | - | - | - | - | |||||||||||||||||
| Total operating expenses (income) | (7,334 | ) | 16,087 | 8,902 | 36,136 | 15,660 | 4,803 | |||||||||||||||||
| Operating income (loss) | 7,334 | (16,087 | ) | (8,902 | ) | (36,136 | ) | (15,660 | ) | (4,803 | ) | |||||||||||||
| Financial income | 3,843 | (11,291 | ) | (360 | ) | 5,211 | 822 | 252 | ||||||||||||||||
| Financial expense | (15,632 | ) | (14,600 | ) | (2,731 | ) | (14,748 | ) | (5,341 | ) | (1,638 | ) | ||||||||||||
| Net loss and total comprehensive loss | (4,455 | ) | (41,978 | ) | (11,993 | ) | (46,673 | ) | (20,179 | ) | (6,189 | ) | ||||||||||||
| Basic and diluted net loss per share | (0.01 | ) | (0.10 | ) | (0.03 | ) | (0.11 | ) | (0.04 | ) | (0.01 | ) | ||||||||||||
| Weighted average number of shares outstanding used to compute basic and diluted loss per share | 443,260,878 | 433,498,227 | 573,205,607 | 431,485,801 | 552,140,030 | 552,140,030 |
The notes in the Company's quarterly report are an integral part
of the financial statements. The complete financial results are available in the Form 6-K to be filed with the Securities and Exchange
Jerusalem BioPark, 2nd floor Hadassah
Ein Kerem Campus Jerusalem, Israel
Telephone: +972-8-9302529 Fax: +972-8-9302531