BiondVax Pharmaceuticals Ltd. (Nasdaq: BVXV) today published its first quarter financial results for the quarter ended March 31, 2022 and provided a business update.
Business Update
- Development of the NanoAb program is proceeding according to plan: o Demonstrated successful technology transfer from the Max Planck Institute for Multidisciplinary Sciences (MPG) to BiondVax's manufacturing facility in Jerusalem. Testing showed that BiondVax was able to successfully manufacture its first exclusively licensed NanoAb for the treatment of COVID–19 and demonstrated strong neutralization of live COVID–19 virus in–vitro at levels similar to those demonstrated by NanoAbs originally produced at MPG. o The NanoAbs produced at BiondVax's facility demonstrated similarly strong COVID–19 in–vitro neutralization capacity after being sprayed through a medical device inhaler that is expected to be used in the first in-human clinical trials planned for 2023. o A new NanoAb targeting Omicron that was generated at MPG was recently shown to successfully neutralize the Omicron variant of COVID–19 in–vitro. This NanoAb is expected to be manufactured and used in BiondVax's first in–human clinical trials.
- Our team of 26 full–time employees includes 12 new employees who joined BiondVax in 2022 to support all aspects of BiondVax's NanoAb program, including quality assurance, quality control, R&D, manufacturing, preclinical and clinical trials.
- In April and May, BiondVax hosted two investor webinars and presented in person at the Biomed Israel and HC Wainwright Global Investment conferences.
First Quarter 2022 Financial Summary
Results are in New Israel Shekels (NIS) and convenience translation to $US is provided using the exchange rate of 3.176 (NIS/$US), the rate as of the close of business on March 31, 2022.
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- Total operating expenses for the three months ended March 31, 2022 were NIS 8.3 million ($2.6 million) compared to NIS 6.8 million for the three months ended March 31, 2021.
- R&D expenses for the three months ended March 31, 2022 were NIS 3.65 million ($1.1 million) compared to NIS 2.8 million for the three months ended March 31, 2021. This increase was primarily due to activity related to the new NanoAb program.
- Marketing, general and administrative expenses for the three months ended March 31, 2022 were NIS 4.6 million ($1.5 million) compared to NIS 4.0 million for the three months ended March 31, 2021.
As of March 31, 2022, BiondVax had cash and cash equivalents of NIS 48.9 million ($15.4 million) as compared to NIS 54.0 million as of December 31, 2021.
Unaudited first quarter financial results will be submitted to the Securities and Exchange Commission. A summary is included in the tables below.