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BiondVax Provides Third Quarter 2017 Financial Results and Update

NESS ZIONA, Israel, Nov. 28, 2017 /PRNewswire/ -- BiondVax Pharmaceuticals Ltd. (Nasdaq: BVXV, TASE: BVXV), a clinical stage biopharmaceutical company focused on developing and commercializing M-001, a universal flu vaccine candidate, today announced its financial results for the quarter ended September 30, 2017 and provided a business update.

Dr. Ron Babecoff, BiondVax's CEO, commented, "I am pleased that, once again we are meeting our objectives, increased our financial resources, and are moving towards executing our late stage universal flu vaccine development program."

Third Quarter 2017 Financial Summary

Results are in New Israel Shekels (NIS) and convenience translation to $US is provided using the exchange rate of 3.529 (NIS/$US) as at September 30, 2017.

  • Third quarter operating expenses were NIS 3.21m ($910,000) compared with NIS 3.47m for the third quarter of 2016;
  • Third quarter R&D expenses amounted to NIS 1.17m ($333,000) compared with NIS 2.42m for the third quarter of 2016;

As of September 30, 2017, BiondVax had cash and cash equivalents, short-term investments and marketable securities of NIS 78.09m ($22.13m) as compared to NIS 36.6m as of June 30, 2017.

Recent Corporate Update

The Israel Innovation Authority (IIA) agreed to fund up to 40% of a NIS 2.7 million (approximately US$750,000) budget towards ongoing development of M-001. http://www.biondvax.com/2017/08/biondvax-receives-additional-grant-funding/

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 on NASDAQ: 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, 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, 2016 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 **

BALANCE SHEETS

In thousands, except per share data







Convenience
translation



December 31,


September 30,


September 30,



2016


2016


2017


2017



Audited


Unaudited


Unaudited



N I S


U.S. dollars




CURRENT ASSETS:









Cash and cash equivalents


15,705


15,091


76,892


21,789

Marketable securities


2,017


2,017


-


-

Short-term deposits


7,602


10,510


1,200


340

Other receivables


815


727


3,779


1,071












26,139


28,345


81,871


23,200

LONG‑TERM ASSETS:









Marketable securities


2,050


2,050


-


-

Property, plant and equipment


1,443


1,592


1,308


371

Other long term assets


478


370


515


146












3,971


4,012


1,823


517












30,110


32,357


83,694


23,717

CURRENT LIABILITIES:









Trade payables


686


477


792


225

Other payables


689


466


2,344


665












1,375


943


3,136


890

LONG‑TERM LIABILITIES:









Options


3,043


3,528


11,829


3,352

Severance pay liability, net


76


74


81


23












3,119


3,602


11,910


3,375

SHAREHOLDERS' EQUITY (DEFICIT):









Ordinary shares of NIS 0.0000001 par value:









Authorized: 391,000,000 shares as of September 30, 2017,
2016 (unaudited) and December 31, 2016; Issued and
Outstanding: 261,419,599, 135,097,367 and135,097,367
shares as of September 30, 2017, 2016 and December 31,
2016, respectively


*) -


*) -


*) -


*) -

Share premium


113,041


111,697


179,182


50,774

Options


1,435


2,536


533


151

Other comprehensive income


6


8


-


-

Accumulated deficit


(88,866)


(86,429)


(111,067)


(31,473)












25,616


27,812


68,648


19,452



30,110


32,357


83,694


23,717


*) Represents an amount lower than NIS 1.

STATEMENTS OF COMPREHENSIVE INCOME

In thousands, except per share data



Convenience translation



Year ended

December 31,


Three months ended

September 30,


Nine months ended

September 30,


Nine months ended

September 30,



2016


2016


2017


2016


2017


2017



Audited


Unaudited


Unaudited



N I S


U.S. dollars



(In thousands, except per share data)

Operating expenses:













Research and development, net of participations


7,794


2,421


1,174


5,962


5,070


1,437

Marketing, general and administrative


4,106


1,049


2,036


2,819


3,699


1,048














Total operating expenses


11,900


3,470


3,210


8,781


8,769


2,485














Operating loss


11,900


3,470


3,210


8,781


8,769


2,485














Financial income


75


10


217


59


17


5

Financial expense


(303)


(291)


(45)


(491)


(1,829)


(518)

Financial income (expenses) due to revaluation of options


2,944


1,395


4,341


2,466


(11,620)


(3,293)














Total finance (expense) income, net


2,716


1,114


4,513


2,034


(13,432)


(3,806)














Net income (loss)


(9,184)


(2,356)


1,303


(6,747)


(22,201)


(6,291)














Other comprehensive income (loss):













Items to be reclassified to profit or loss in subsequent periods:













Gain (loss) from available-for-sale financial assets


(6)


1


(2)


(4)


(6)


(2)














Total comprehensive income ( loss )


(9,190)


(2,355)


1,301


(6,751)


(22,207)


(6,293)














Earnings (loss) per share













Basic


(0.07)


(0.02)


0.01


(0.05)


(0.12)


(0.03)

Diluted


(0.07)


(0.02)


(0.01)


(0.05)


(0.12)


(0.03)














Weighted average number of shares used in computing earnings (loss) per share













Basic


135,097,367


135,097,367


191,521,484


135,097,367


180,680,089


180,680,089

Diluted


135,097,367


135,097,367


210,302,584


135,097,367


180,680,089


180,680,089

Contact Details
Joshua Phillipson
+972-8-930-2529
j.phillipson@biondvax.com

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SOURCE BiondVax Pharmaceuticals Ltd.