NESS ZIONA, Israel, Nov. 28, 2017 /PRNewswire/ -- BiondVax Pharmaceuticals Ltd. (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.

• Third quarter operating expenses were NIS 3.21m ($910,000) compared with NIS 3.47m for the third quarter of 2016;
• Third quarter R&D expenses amounted to NIS 1.17m ($333,000) compared with NIS 2.42m for the third quarter of 2016;

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/

• BiondVax to consolidate trading on NASDAQ by voluntarily delisting from the Tel Aviv Stock Exchange on January 22, 2018. Last day of trading on TASE will be January 18, 2018. Shareholders with questions are invited to refer to our FAQ (in Hebrew) at http://bit.ly/BVXV-TASE.
• In September, BiondVax closed a public offering of ADSs on Nasdaq, with gross proceeds of $10 million. http://www.biondvax.com/2017/09/biondvax-announces-closing-of-10-million-public-offering-of-american-depositary-shares-and-exercise-of-over-allotment-option/
• BiondVax and the U.S. NIH signed a clincal trial agreement (CTA) for an NIH-funded Phase 2 trial with M-001, the company's universal flu vaccine candidate. http://www.biondvax.com/2017/11/biondvax-and-nih-sign-clinical-trial-agreement-for-a-phase-2-trial-in-the-u-s-with-biondvaxs-universal-flu-vaccine/

About BiondVax 
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: BVXVand TASE: BVXV. For more information, please visit 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. These forward-looking statements involve certain risks and uncertainties reflect the 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 drug development involves a lengthy and expensive process with uncertain outcome, the results of the contemplated  Phase 2 & 3 trials, delays or obstacles in launching and/or successfully completing our clinical trials, the impact of the global economic environment on the Company customer target base, the adequacy of available cash resource and the ability to raise capital when needed. More detailed information about the risks and uncertainties affecting the Company is contained under the heading "Risk Factors" in our Annual Report on Form 20-F for the year ended December 31, 2016 filed with the U.S. Securities and Exchange Commission, or SEC, which is available on the SEC's website, www.sec.gov, and in the Company's periodic filings with the SEC and the Tel-Aviv Stock Exchange.

** Tables to Follow **

Contact Details
Joshua Phillipson
+972-8-930-2529
j.phillipson@biondvax.com

SOURCE BiondVax Pharmaceuticals Ltd.