BiondVax Provides Third Quarter 2017 Financial Results and Update
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NESS ZIONA, Israel, Nov. 28, 2017 /PRNewswire/ -- BiondVax Pharmaceuticals (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.
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 Forward Looking Statements ** Tables to Follow **
BALANCE SHEETS
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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
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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
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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
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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)
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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
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In thousands, except per share data
Convenience
translation
------------
Year ended Three months ended Nine months ended Nine months
ended
December 31, September 30, September 30, 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
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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)
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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)
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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
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Diluted 135,097,367 135,097,367 210,302,584 135,097,367 180,680,089 180,680,089
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Contact Details
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Company Codes: NASDAQ-SMALL:BVXV, OTC-PINK:BVAXF, TelAviv:BVXV |