Biondvax Pharmaceuticals : Provides Third Quarter 2017 Financial Results and Update

NESS ZIONA, Israel, November 28, 2017 - 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

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: BVXV and TASE: BVXV. For more information, please visit www.biondvax.com.

Contact Details
Joshua Phillipson
[phone]
[e-mail]

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 **

BALANCE SHEETS
In thousands, except per share data
								Convenience translation
		December 31,		September 30,				September 30,
		2016		2016		2017		2017
		Audited		Unaudited				Unaudited
		N I S						U.S. dollars
CURRENT ASSETS:
Cash and cash equivalents		15,705		15,091		76,892			21,789
Marketable securities		2,017		2,017		-			-
Short-term deposits		7,602		10,510		1,200			340
Other receivables		815		727		3,779			1,071
		26,139		28,345		81,871			23,200
LONG‑TERM ASSETS:
Marketable securities		2,050		2,050		-			-
Property, plant and equipment		1,443		1,592		1,308			371
Other long term assets		478		370		515			146
		3,971		4,012		1,823			517
		30,110		32,357		83,694			23,717
CURRENT LIABILITIES:
Trade payables		686		477		792			225
Other payables		689		466		2,344			665
		1,375		943		3,136			890
LONG‑TERM LIABILITIES:
Options		3,043		3,528		11,829			3,352
Severance pay liability, net		76		74		81			23
		3,119		3,602		11,910			3,375
SHAREHOLDERS' EQUITY (DEFICIT):
Ordinary shares of NIS 0.0000001 par value:
Authorized: 391,000,000 shares as of September 30, 2017, 2016 (unaudited) and December 31, 2016; Issued and Outstanding: 261,419,599, 135,097,367 and135,097,367 shares as of September 30, 2017, 2016 and December 31, 2016, respectively		*) -		*) -		*) -			*) -
Share premium		113,041		111,697		179,182			50,774
Options		1,435		2,536		533			151
Other comprehensive income		6		8		-			-
Accumulated deficit		(88,866)		(86,429)		(111,067)			(31,473)
		25,616		27,812		68,648			19,452
		30,110		32,357		83,694			23,717
*) Represents an amount lower than NIS 1.

STATEMENTS OF COMPREHENSIVE INCOME
In thousands, except per share data
																		Convenience translation
		Year ended December 31,					Three months ended September 30,					Nine months ended September 30,						Nine months ended September 30,
		2016					2016		2017			2016			2017			2017
		Audited					Unaudited											Unaudited
		N I S																U.S. dollars
		(In thousands, except per share data)
Operating expenses:
Research and development, net of participations			7,794			2,421			1,174				5,962			5,070		1,437
Marketing, general and administrative			4,106			1,049			2,036				2,819			3,699		1,048
Total operating expenses			11,900			3,470			3,210				8,781			8,769		2,485
Operating loss			11,900			3,470			3,210				8,781			8,769		2,485
Financial income			75			10			217				59			17		5
Financial expense			(303)			(291)			(45)				(491)			(1,829)		(518)
Financial income (expenses) due to revaluation of options			2,944			1,395			4,341				2,466			(11,620)		(3,293)
Total finance (expense) income, net			2,716			1,114			4,513				2,034			(13,432)		(3,806)
Net income (loss)			(9,184)			(2,356)			1,303				(6,747)			(22,201)		(6,291)
Other comprehensive income (loss):
Items to be reclassified to profit or loss in subsequent periods:
Gain (loss) from available-for-sale financial assets			(6)			1			(2)				(4)			(6)		(2)
Total comprehensive income ( loss )			(9,190)			(2,355)			1,301				(6,751)			(22,207)		(6,293)
Earnings (loss) per share
Basic			(0.07)			(0.02)			0.01				(0.05)			(0.12)		(0.03)
Diluted			(0.07)			(0.02)			(0.01)				(0.05)			(0.12)		(0.03)
Weighted average number of shares used in computing earnings (loss) per share
Basic			135,097,367			135,097,367			191,521,484				135,097,367			180,680,089		180,680,089
Diluted			135,097,367			135,097,367			210,302,584				135,097,367			180,680,089		180,680,089