BiondVax Announces First Quarter 2021 Financial Results and Provides Business Update

JERUSALEM, June 23, 2021 /PRNewswire/ -- 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 first quarter financial results for the quarter ended March 31, 2021. A summary is included in the tables below.

BiondVax Pharmaceuticals Logo

First Quarter 2021 Financial Summary
Results are in New Israel Shekels (NIS) and convenience translation to $US is provided using the exchange rate of 3.334 (NIS/$US), the rate as of the close of business on March 31, 2020.

  • Total operating expenses were NIS 6.7 million ($2.0 million) compared with NIS 20.0 million for the first quarter of 2020
  • Out of the operating expenses, first quarter R&D expenses amounted to NIS 2.75 million ($0.83 million) compared with NIS 19.0 million for the first quarter of 2020

The decrease in total operating expenses, including the R&D expenses, compared to the first quarter of 2020 was primarily attributable to expenses related to a Phase 3 clinical trial and related operations at our manufacturing facility. As previously reported, the trial concluded in Q4 2020. As of March 31, 2021, BiondVax had cash and cash equivalents of NIS 48.6 million ($14.6 million) as compared to NIS 9.4 million as of December 31, 2020. The increase was primarily attributable to a follow-on offering on Nasdaq conducted by the Company in February 2021, providing net proceeds of approximately $12.8 million after fees and underwriter discounts. As previously reported, as of May 12, 2021, the Company had cash and cash equivalents of NIS 46 million (approximately $14 million).

Q1 Business Highlights

  • New CEO appointed: Mr. Amir Reichman, a GSK veteran, began serving as BiondVax's CEO
  • BiondVax's new mission announced: To develop, manufacture and ultimately commercialize products for the prevention and treatment of infectious diseases and related illnesses
  • Reviewing opportunities: Continuing to analyze potential opportunities towards the creation of a diversified pipeline of products and platforms
  • Successful financing: Follow-on offering on Nasdaq providing net proceeds of approximately $12.8 million after fees and underwriter discounts
  • Investor Relations: Engaged Edison Group to support our upcoming global investor relations outreach activities

About BiondVax

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 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.

Contact Details

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.

BALANCE SHEETS

In thousands, except share and per share data

               

Convenience

               

Translation

 

December 31,

   

March 31,

 

March
31,

 

2020

   

2020

 

2021

 

2021

 

Audited

   

Unaudited

 

Unaudited

 

N I S

 

U.S. dollars

CURRENT ASSETS:

               

Cash and cash equivalents

9,421

   

42,505

 

48,577

 

14,570

Other receivables

1,204

   

1,540

 

481

 

144

                 
 

10,625

   

44,045

 

49,058

 

14,714

LONG–TERM ASSETS:

               

Property, plant and equipment

39,607

   

35,989

 

39,252

 

11,773

Right-of-use assets

6,206

   

6,899

 

5,978

 

1,793

Other long-term assets

473

   

899

 

436

 

131

                 
 

46,286

   

43,787

 

45,666

 

13,697

                 
 

56,911

   

87,832

 

94,724

 

28,411

                 

CURRENT LIABILITIES:

               

Trade payables

1,868

   

3,278

 

2,085

 

625

Operating lease liabilities

654

   

684

 

641

 

192

Loan from others

60,421

   

-

 

62,346

 

18,700

Other payables

1,246

   

807

 

1,640

 

492

                 
 

64,189

   

4,769

 

66,712

 

20,009

LONG–TERM LIABILITIES:

               

Liability in respect of government grants

-

   

12,991

 

-

 

-

Operating lease liabilities

6,088

   

6,641

 

5,978

 

1,793

Loan from others

-

   

117,784

 

-

 

-

Warrants

-

   

6,861

 

-

 

-

Other payables

1,135

   

-

 

1,135

 

340

Severance pay liability, net

95

   

90

 

95

 

29

                 
 

7,318

   

144,367

 

7,208

 

2,162

SHAREHOLDERS' EQUITY:

               

Ordinary shares of no par value: Authorized:
700,000,000 shares at March 31, 2021
(unaudited) and 600,000,000 at March 31,
2020 (unaudited) and December 31, 2020;
Issued and outstanding: 573,285,824 shares at
March 31, 2021 (unaudited) 410,213,977
shares at March 31, 2020 (unaudited), and
461,285,824 shares at December 31, 2020

*) -

   

*) -

 

*) -

 

*) -

Share premium

310,197

   

262,729

 

353,783

 

106,114

Accumulated deficit

(324,793)

   

(324,033)

 

(332,979)

 

(99,874)

                 
 

(14,596)

   

(61,304)

 

20,804

 

6,240

                 
 

56,911

   

87,832

 

94,724

 

28,411

*) Represents less than 1 NIS\USD

STATEMENTS OF COMPREHENSIVE LOSS

In thousands, except share and per share data

             

Convenience

translation

  Year ended

December 31,

 

Three months ended

March 31,

 

Three months

ended

March 31,

 

2020

 

2020

 

2021

 

2021

 

Audited

 

Unaudited

 

Unaudited

 

NIS

 

U.S. dollars

Operating expenses:

             

Research and development, net of participations

51,463

 

19,068

 

2,750

 

825

Marketing, general and administrative

16,687

 

981

 

4,005

 

1,201

Other income

(75,484)

 

-

 

-

 

-

               

Total operating expenses (income)

(7,334)

 

20,049

 

6,755

 

2,026

             

-

Operating income (loss)

7,334

 

(20,049)

 

(6,755)

 

(2,026)

               

Financial income

3,843

 

16,502

 

1,182

 

354

Financial expense

(15,632)

 

(148)

 

(2,613)

 

(784)

               

Net loss and total comprehensive loss

(4,455)

 

(3,695)

 

(8,186)

 

(2,456)

Basic and Diluted net loss per share

(0.01)

 

(0.01)

 

(0.02)

 

(0.005)

               

Weighted average number of shares outstanding used to compute basic and diluted loss per share

443,260,878

 

408,596,752

 

530,840,391

 

530,840,391

                           

Cision View original content:http://www.prnewswire.com/news-releases/biondvax-announces-first-quarter-2021-financial-results-and-provides-business-update-301318119.html

SOURCE BiondVax Pharmaceuticals Ltd.


Company Codes: Frankfurt:2F5, NASDAQ-SMALL:BVXV

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