BiondVax Announces First Quarter 2018 Financial Results
BiondVax Announces First Quarter 2018 Financial Results
NESS ZIONA, Israel, May 29, 2018 /PRNewswire/ -- 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 financial results for the quarter ended March 31, 2018.
https://mma.prnewswire.com/media/615570/BiondVax_Pharmaceuticals_Logo.jpg
First Quarter 2018 Financial Summary
Results are in New Israel Shekels (NIS) and convenience translation to $US is provided using the exchange rate of 3.514 (NIS/$US) as at March 29, 2018
-- First quarter operating expenses were NIS 12.6m ($3.6m) compared with
NIS 2.97m for the first quarter of 2017;
-- First quarter R&D expenses amounted to NIS 11.7m ($3.3m) compared with
NIS 1.87m for the first quarter of 2017;
As of March 31, 2018, BiondVax had cash and cash equivalents of NIS 55.7 million ($15.8 million) as compared to NIS 71.3 million as of December 31, 2017. The decrease is attributable to execution of planned ongoing operations related to launch of the pivotal, clinical efficacy, Phase 3 trial of the Company's M-001 Universal Flu Vaccine candidate, and construction of a mid-size commercial manufacturing facility.
About BiondVax
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.
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 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.We undertake no obligation to revise or update any forward-looking statement for any reason.
** Tables to Follow **
BALANCE SHEETS
--------------
In thousands, except per share data
*) Represents an amount lower than NIS 1.
Convenience
translation
-----------
December 31, March 31, March 31,
---------
2017 2017 2018 2018
---- ---- ---- ----
Audited Unaudited Unaudited
------- --------- ---------
N I S U.S. dollars
----- ------------
CURRENT ASSETS:
Cash and cash equivalents 71,382 24,020 55,675 15,844
Marketable securities - 4,068 -
Short-term deposits - 6,751 - -
Other receivables 3,923 4,979 2,975 847
----- ----- ----- ---
75,305 39,818 58,650 16,691
------ ------ ------ ------
LONG?TERM ASSETS:
Property, plant and equipment 5,510 1,297 12,537 3,568
Other long term assets 880 478 880 250
--- --- --- ---
6,390 1,775 13,417 3,818
----- ----- ------ -----
81,695 41,593 72,067 20,509
====== ====== ====== ======
CURRENT LIABILITIES:
Trade payables 6,223 752 8,526 2,426
Other payables 660 526 768 219
--- --- --- ---
6,883 1,278 9,294 2,645
----- ----- ----- -----
LONG?TERM LIABILITIES:
Liability in respect of government
grants 10,300 11,252 3,202
Warrants 8,177 10,848 9,315 2,651
Severance pay liability, net 83 76 78 22
--- --- --- ---
18,560 10,924 20,645 5,875
------ ------ ------ -----
SHAREHOLDERS' EQUITY:
Ordinary shares of NIS 0.0000001 par
value:
Authorized: 391,000,000 shares as of
March *) - *) - *) - *) -
31, 2018, 2017 (unaudited) and
December 31, 2016; Issued and
Outstanding: 261,419,599 , 162,481,153
and 261,419,599 shares respectively
Share premium 179,669 129,550 179,747 51,152
Options - 533 - -
Other comprehensive income - 6 -
Accumulated deficit (123,417) (100,698) (137,619) (39,163)
56,252 29,391 42,128 11,989
------ ------ ------ ------
81,695 41,593 72,067 20,509
====== ====== ====== ======
STATEMENTS OF COMPREHENSIVE INCOME
----------------------------------
In thousands, except per share data
Convenience
translation
Three months
Year ended Three months ended ended
December 31, March 31, March 31,
2017 2017 2018 2018
---- ---- ---- ----
Audited Unaudited Unaudited
------- --------- ---------
NIS U.S. dollars
--- ------------
Operating expenses:
Research and development, net of 18,777 1,874 11,745 3,342
participations
Marketing, general and administrative 4,879 1,094 884 251
----- ----- --- ---
Total operating expenses 23,656 2,968 12,629 3,593
------ ----- ------ -----
Operating loss (23,656) (2,968) (12,629) (3,593)
------- ------ ------- ------
Financial income 18 8 - -
Financial expense (10,913) (8,872) (1,573) (448)
Net loss (34,551) (11,832) (14,202) (4,041)
======= ======= ======= ======
Other comprehensive loss:
Loss from available-for-sale marketable securities (6) - - -
--- --- --- ---
Total comprehensive loss (34,557) (11,832) (14,202) (4,041)
======= ======= ======= ======
Basic and Diluted net loss per share (0.17) (0.07) (0.05) (0.02)
===== ===== ===== =====
Weighted average number of shares 201,030,768 162,481,153 261,419,599 261,419,599
outstanding used to compute basic and
diluted loss per share
Contact Details
Joshua Phillipson
+972 8 930 2529
j.phillipson@biondvax.com
View original content:http://www.prnewswire.com/news-releases/biondvax-announces-first-quarter-2018-financial-results-300655630.html
SOURCE BiondVax Pharmaceuticals Ltd.
