Dual-Listed BiondVax To Voluntarily Delist From Tel Aviv Stock Exchange
Published: Aug 31, 2017
NESS ZIONA, Israel, August 31, 2017 /PRNewswire/ --
BiondVax Pharmaceuticals Ltd. (Nasdaq: BVXV, TASE: BVXV), developer of the universal flu vaccine candidate M-001, today announced that its Board of Directors has decided to voluntarily delist from the Tel Aviv Stock Exchange (TASE), while maintaining a continued listing on NASDAQ.
Following the European Investment Bank (EIB)'s significant €20 million funding agreement, and as BiondVax progresses towards Phase 3 clinical trials and construction of its commercial mid-size manufacturing facility, the Board of Directors decided that BiondVax will focus its efforts on the international scene. In that regard, it was decided to (1) consolidate trading of the Company's securities on the NASDAQ and delist from the TASE; and (2) identify a new Chairman of the Board with relevant global experience to guide the Company through the anticipated upcoming international Phase 3 trials and global commercialization.
The delisting process of BiondVax's shares from trading on the TASE will take place by the end of 2017. An announcement regarding the delisting procedure and timeline will follow. During the interim period, BiondVax's shares will continue to be traded on the TASE. All shareholders will retain their pro-rated holdings, as trading will migrate to the NASDAQ.
Dr. Ron Babecoff, BiondVax's CEO, commented, "BiondVax is proud to be an Israeli company. Our technology was born in Israel, and we are building our new manufacturing facility in Israel. Nevertheless, a universal flu vaccine is a global product, which demands a global presence. The decision to consolidate trading on NASDAQ and to internationalize our board is an important step towards achieving our goals."
The Company has formed a committee to identify a new Chair of the Board who will play an important role in enhancing its international profile. Professor Avner Rotman will continue to serve as Chairman until a suitable replacement is identified. BiondVax and its Board of Directors thank Professor Rotman for his years of guidance and contributions to the Company, and wish him continued success in all his endeavors.
"I wish to personally thank Avner for his friendship and mentorship over the many years we have worked together," added Babecoff.
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 http://www.biondvax.com.