Subjects: ERN, ACC
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.
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 | [email protected]
Investor Relations: Kenny Green (Israel) | +1 646 201 9246 | [email protected]
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 | ||||||
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: | *) - | *) - | *) - | *) - | ||||
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 | |||||||||
SOURCE BiondVax Pharmaceuticals Ltd.
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