JERUSALEM, Jan. 29, 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 announced the
pricing of an underwritten public offering of 2,434,783 American
Depositary Shares ("ADSs"), each representing forty ordinary
shares, at a public offering price of $4.95 per ADS, for gross proceeds to the Company
of approximately $12.1 million,
before deducting underwriting discounts and other offering
expenses.
BiondVax intends to use the net proceeds from the offering,
together with its existing cash and cash equivalents, for general
corporate purposes, which may include working capital, research and
development activities, regulatory matters, capital investment or
other related purposes. The Company may also use a portion of any
net proceeds to in-license, invest in or acquire businesses, assets
or technologies that BiondVax believes are complementary to its
business focus, although BiondVax has no current commitments or
agreements in those regards.
The offering is expected to close on or about February 2, 2021, subject to customary closing
conditions. In connection with the offering, the Company has also
granted the underwriters a 30-day option to purchase up to an
additional 15% of the number of ADSs offered to the public at the
public offering price, less underwriting discount, for covering
over-allotments, if any. If the over-allotment option is exercised
in full it would increase the total gross proceeds of the offering
to approximately $13.8 Million.
Aegis Capital Corp. is acting as the sole
book-running manager for the offering.
The ADSs described above are being offered by the Company
pursuant to a "shelf" registration statement on Form F-3
(333-240189) filed with the Securities and Exchange Commission (the
"SEC") and declared effective by the SEC on August 10, 2020. A prospectus supplement and
accompanying base prospectus relating to and describing the terms
of the offering may be obtained, when available, from the SEC's
website located at www.sec.gov or from Aegis Capital Corp.,
Attention: Syndicate Department, 810 7th Avenue, 18th Floor,
New York, NY 10019, by email at
syndicate@aegiscap.com, or by telephone at (212) 813-1010.
Before buying any of the BiondVax ADSs, investors should read
the preliminary prospectus supplement and accompanying prospectus
and other documents incorporated by reference therein, available on
the SEC's website, for more complete information about the Company
and this offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities described herein,
nor shall there be any sale of these securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such jurisdiction.
About BiondVax
BiondVax Pharmaceuticals Ltd. (NASDAQ: BVXV) is a
biopharmaceutical company focused on developing, manufacturing and
ultimately commercializing products for the prevention 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 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, including exploring several alternatives
for development of a pipeline of assets.
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Contact Details
Joshua E.
Phillipson | +972 8 930 2529 |
j.phillipson@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, 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, that BiondVax does not have sufficient cash
to operate its business for the next 12 months, which raises
substantial doubt about its ability to continue as a going concern;
the risk that BiondVax may not be able to secure capital on
attractive terms, if at all; the risk that BiondVax is currently
exploring new business strategies after its M001
universal influenza vaccine candidate failed to meet the
trial's primary and secondary efficacy endpoints; 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; 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; 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 our preliminary prospectus supplement,
which is available on the SEC's website, www.sec.gov. BiondVax
undertakes no obligation to revise or update any forward-looking
statement for any reason.
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SOURCE BiondVax Pharmaceuticals Ltd.