BiondVax Announces Fourth Quarter and Full Year 2021 Financial Results and Provides Business Update
JERUSALEM, March 28, 2022 /PRNewswire/ -- BiondVax Pharmaceuticals Ltd. (NASDAQ: BVXV), a biopharmaceutical company focused on developing, manufacturing and commercializing innovative products for the prevention and treatment of infectious diseases and other illnesses, today published its fourth quarter and full year financial results for the year ended December 31, 2021 and provided a business update. At the same time, the Company filed its Annual Report on Form 20-F with the Securities and Exchange Commission.
Amir Reichman, BiondVax's CEO, stated, "I am very happy with our recent strategic developments which launch a new era for BiondVax. These achievements are very much in line with our strategy to build a broad product pipeline which strongly leverages BiondVax's research and clinical development expertise and in-house manufacturing capabilities. We are excited to work with our collaborators at Max Planck and UMG, both considered world class scientific institutions, as we progress the entire NanoAb opportunity."
Mr. Reichman continued, "Our initial goal is to demonstrate proof of concept of inhaled NanoAb therapy in animals in 2022 and conduct human clinical trials in 2023. In parallel, we will begin to generate NanoAbs for the additional indications covered by the new research collaboration agreement, creating a robust pipeline for the Company with multiple opportunities for strategic partnering."
Full Year 2021 Financial Summary
As BiondVax is based in Israel, results are recorded in New Israel Shekels (NIS) and a convenience translation to $US is provided using the exchange rate of 3.11 (NIS/$US), the rate as of the close of business on December 31, 2021.
Fourth Quarter 2021 Financial Summary
As of December 31, 2021, BiondVax had cash and cash equivalents of NIS 54 million ($17.4 million) as compared to NIS 9.4 million as of December 31, 2020. The increase in cash was primarily due to secondary offerings of shares in February and December 2021, which resulted in gross proceeds of $13.8 million and $9.8 million, respectively.
The complete audited financial results are available in the Company's Annual Report on Form 20-F for the year ended December 31, 2021, filed with the Securities and Exchange Commission. A summary is included in the tables below.
BiondVax Pharmaceuticals Ltd. (NASDAQ: BVXV) is a biopharmaceutical company focused on developing, manufacturing and commercializing innovative products for the prevention and treatment of infectious diseases and other illnesses. Since its inception, the company has executed eight clinical trials including a seven-country, 12,400 participant Phase 3 trial of its vaccine candidate and has built a state-of-the-art manufacturing facility for biopharmaceutical products. With highly experienced pharmaceutical industry leadership, BiondVax is aiming to develop a pipeline of diversified and commercially viable products and platforms beginning with an innovative nanosized antibody (NanoAb) pipeline. 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. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations, future financial position, future revenue, projected expenses, prospects, plans and objectives of management are forward-looking statements. Examples of such statements include, but are not limited to, statements regarding the timing of future clinical trials, the therapeutic and commercial potential of NanoAbs and execution of a definitive amendment agreement with EIB. 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 the therapeutic and commercial potential of NanoAbs will not be met; the risk of a delay in the preclinical and clinical data for NanoAbs, if any; the risk that BiondVax and EIB will not reach agreement with respect to the restructuring of the loan from European Investment Bank; 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; 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 March 25, 2022. BiondVax undertakes no obligation to revise or update any forward-looking statement for any reason.
The notes in the Company's quarterly and annual reports are an integral part of the financial statements. The complete financial results are available in the Form 20-F filed with the Securities and Exchange Commission.
SOURCE BiondVax Pharmaceuticals Ltd.
Company Codes: NASDAQ-SMALL:BVXV