PR Newswire | Jun 23, 2021 06:01AM EDT

Update

06/23 05:00 CDT

BiondVax Announces First Quarter 2021 Financial Results and Provides Business Update JERUSALEM, June 23, 2021

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 SummaryResults 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 | j.phillipson@biondvax.com

Investor Relations:Kenny Green (Israel) | +1 646 201 9246 | kgreen@edisongroup.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, 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 "RiskFactors" 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 March 31, March 31, 31,

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 - 12,991 - -grants

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:700,000,000 shares at March 31,2021(unaudited) and 600,000,000 atMarch 31,2020 (unaudited) and December 31,2020; *) - *) - *) - *) -Issued and outstanding:573,285,824 shares atMarch 31, 2021 (unaudited)410,213,977shares at March 31, 2020(unaudited), and461,285,824 shares at December 31,2020

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

Three Year ended Three months ended months

December March 31, ended 31, March 31,

2020 2020 2021 2021

Audited Unaudited Unaudited

NIS U.S. dollars

Operating expenses:

Research and development, 51,463 19,068 2,750 825net of participations

Marketing, general and 16,687 981 4,005 1,201administrative

Other income (75,484) - - -

Total operating expenses (7,334) 20,049 6,755 2,026(income)

-

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 totalcomprehensive (4,455) (3,695) (8,186) (2,456)loss

(0.01) (0.01) (0.02) (0.005)Basic and Diluted net lossper share

Weighted average number ofshares outstanding used to 443,260,878 408,596,752 530,840,391 530,840,391compute basic and dilutedloss per share

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SOURCE BiondVax Pharmaceuticals Ltd.