JERUSALEM, Nov. 30, 2021 /PRNewswire/ -- BiondVax Pharmaceuticals Ltd. (Nasdaq: BVXV), which focuses on developing, manufacturing and commercializing innovative products for the prevention and treatment of infectious diseases and other illnesses, today published its third quarter financial results for the quarter ended September 30, 2021 and provided a business update.
Business Update
Amir Reichman, BiondVax's CEO, stated, "The innovative VHH-antibody platform, combined with our agile manufacturing capabilities and planned ongoing collaboration with Max Planck, will enable us to respond quickly to new COVID variants of concern, including Omicron. By preparing now to manufacture batches in-house for preclinical studies, we are streamlining manufacturing for clinical and commercial batches of therapies for known and emerging COVID-19 variants, as well as for the anticipated psoriasis, asthma, macular degeneration, and psoriatic arthritis VHH-antibody therapies. BiondVax is in the process of a transformative turnaround, and we are working with urgency to bring VHH-antibody therapies with compelling commercial potential that address important healthcare needs to the market."
Financial Summary
Results are in New Israel Shekels (NIS) and convenience translation to $US is provided using the exchange rate of 3.229 (NIS/$US), the rate as of the close of business on September 30, 2021.
As of September 30, 2021, BiondVax had cash and cash equivalents of NIS 34.6 million ($10.7 million) as compared to NIS 39.9 million as of June 30, 2021.
Unaudited Q3 financial results will be submitted to the Securities and Exchange Commission. A summary is included in the tables below.
About BiondVax
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. www.biondvax.com.
Contact Details
Company: Joshua E. Phillipson | +972 8 930 2529 | [email protected]
Investor Relations: Kenny Green | +1 212 378 8040 | [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. 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 execution of a definitive agreement with the Max Planck Society and the University Medical Center Göttingen; the therapeutic and commercial potential of VHH antibodies and agreement with EIB regarding the restructuring of the loan from 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 BiondVax will not execute a definitive agreement with the Max Planck Society and the University Medical Center Göttingen; the risk that the therapeutic and commercial potential of VHH antibodies will not be met; the risk that BiondVax and EIB will not reach agreement with respect to the restructuring of the loan from EIB; 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, | September 30, | September 30, | |||||||
2020 | 2020 | 2021 | 2021 | ||||||
Audited | Unaudited | Unaudited | |||||||
N I S | U.S. dollars | ||||||||
CURRENT ASSETS: | |||||||||
Cash and cash equivalents | 9,421 | 24,774 | 34,672 | 10,738 | |||||
Other receivables | 1,204 | 2,930 | 1,426 | 442 | |||||
10,625 | 27,704 | 36,098 | 11,180 | ||||||
LONG?TERM ASSETS: | |||||||||
Property, plant and equipment | 39,607 | 39,889 | 38,607 | 11,956 | |||||
Right-of-use assets | 6,206 | 6,433 | 5,874 | 1,819 | |||||
Other long-term assets | 473 | 891 | 446 | 138 | |||||
46,286 | 47,213 | 44,927 | 13,913 | ||||||
56,911 | 74,917 | 81,025 | 25,093 | ||||||
CURRENT LIABILITIES: | |||||||||
Trade payables | 1,868 | 8,213 | 3,313 | 1,026 | |||||
Operating lease liabilities | 654 | 653 | 777 | 241 | |||||
Loan from others | 60,421 | - | 64,488 | 19,972 | |||||
Other payables | 1,246 | 2,289 | 1,693 | 524 | |||||
64,189 | 11,155 | 70,271 | 21,763 | ||||||
LONG?TERM LIABILITIES: | |||||||||
Operating lease liabilities | 6,088 | 6,268 | 5,905 | 1,829 | |||||
Loan from others | - | 59,242 | - | - | |||||
Other payables | 1,135 | - | 568 | 176 | |||||
Severance pay liability, net | 95 | 93 | 95 | 29 | |||||
7,318 | 65,603 | 6,568 | 2,034 | ||||||
SHAREHOLDERS' EQUITY: | |||||||||
Ordinary shares of no par value: Authorized: 1,800,000,000 | *) - | *) - | *) - | *) - | |||||
Share premium | 310,197 | 308,855 | 358,204 | 110,933 | |||||
Accumulated deficit | (324,793) | (310,696) | (354,018) | (109,637) | |||||
(14,596) | (1,841) | 4,186 | 1,296 | ||||||
56,911 | 74,917 | 81,025 | 25,093 | ||||||
*) Represents less than NIS\USD 1. |
STATEMENTS OF COMPREHENSIVE LOSS | |||||||||||||||||||
In thousands, except share and per share data | |||||||||||||||||||
Convenience translation | |||||||||||||||||||
Year ended December 31, | Three months ended September 30, | Nine months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2020 | 2020 | 2021 | 2020 | 2021 | 2021 | ||||||||||||||
Audited | Unaudited | Unaudited | |||||||||||||||||
N I S | U.S. dollars | ||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||
Research and development, net of participations | 51,463 | 12,579 | 2,024 | 43,595 | 6,677 | 2,068 | |||||||||||||
Marketing, general and administrative | 16,687 | 7,303 | 6,201 | 12,423 | 17,208 | 5,329 | |||||||||||||
Other income | (75,484) | (75,485) | - | (75,485) | - | - | |||||||||||||
Total operating expenses (income) | (7,334) | (55,603) | 8,225 | (19,467) | 23,885 | 7,397 | |||||||||||||
Operating income (loss) | 7,334 | 55,603 | (8,225) | 19,467 | (23,885) | (7,397) | |||||||||||||
Financial income | 3,843 | - | 1,980 | 5,034 | 2,802 | 868 | |||||||||||||
Financial expense | (15,632) | (288) | (2,801) | (14,859) | (8,142) | (2,522) | |||||||||||||
Net Income (loss) | (4,455) | 55,315 | (9,046) | 9,642 | (29,225) | (9,051) | |||||||||||||
Basic net income (loss) per share (NIS) | (0.01) | 0.12 | (0.02) | 0.02 | (0.05) | (0.02) | |||||||||||||
Diluted net income (loss) per share (NIS) | (0.01) | 0.10 | (0.02) | 0.02 | (0.05) | (0.02) | |||||||||||||
Weighted average number of shares outstanding used to compute basic and diluted loss per share | 443,260,878 | 461,046,640 | 573,205,607 | 437,381,202 | 559,239,052 | 559,239,052 | |||||||||||||
Weighted average number of shares outstanding used to compute diluted income (loss) per share | 443,260,878 | 538,495,403 | 573,205,607 | 497,489,765 | 559,239,052 | 559,239,052 | |||||||||||||
The notes in the Company's quarterly report are an integral part of the financial statements. The complete financial results are available in the Form 6-K to be filed with the Securities and Exchange Commission. | |||||||||||||||||||
SOURCE BiondVax Pharmaceuticals Ltd.
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