BiondVax Announces First Quarter 2018 Financial Results

NESS ZIONA, Israel, May 29, 2018 - BiondVax Pharmaceuticals Ltd. (Nasdaq: 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 March 31, 2018.First Quarter 2018 Financial SummaryResults are in New Israel Shekels (NIS) and convenience translation to $US is provided using the exchange rate of 3.514 (NIS/$US) as at March 29, 2018

• First quarter operating expenses were NIS 12.6m ($3.6m) compared with NIS 2.97m for the first quarter of 2017;
• First quarter R&D expenses amounted to NIS 11.7m ($3.3m) compared with NIS 1.87m for the first quarter of 2017;

As of March 31, 2018, BiondVax had cash and cash equivalents of NIS 55.7 million ($15.8 million) as compared to NIS 71.3 million as of December 31, 2017. The decrease is attributable to execution of planned ongoing operations related to launch of the pivotal, clinical efficacy, Phase 3 trial of the Company's M-001 Universal Flu Vaccine candidate, and construction of a mid-size commercial manufacturing facility.

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About BiondVaxBiondVax (Nasdaq: BVXV) is an advanced clinical stage biopharmaceutical company developing a universal flu vaccine. The vaccine candidate, called M-001, is designed to provide multi-season protection against current and future, seasonal and pandemic influenza virus strains. BiondVax's proprietary technology utilizes a unique combination of conserved and common influenza virus peptides, activating both arms of the immune system for a cross-protecting and long-lasting effect. In a total of 6 completed Phase 1/2 and Phase 2 human clinical trials, covering 698 participants, the vaccine has been shown to be safe, well-tolerated, and immunogenic. Please visit www.biondvax.com.Contact DetailsJoshua Phillipson | +972 8 930 2529 | j.phillipson@biondvax.comForward Looking StatementsThis 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  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, 2017 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. We undertake no obligation to revise or update any forward-looking statement for any reason. 

BALANCE SHEETS
In thousands, except per share data
*)            Represents an amount lower than NIS 1.
								Conveniencetranslation
		December 31,		March 31,				March 31,
		2017		2017		2018		2018
		Audited		Unaudited				Unaudited
		N I S						U.S. dollars
CURRENT ASSETS:
Cash and cash equivalents		71,382		24,020		55,675			15,844
Marketable securities		-		4,068					-
Short-term deposits		-		6,751		-			-
Other receivables		3,923		4,979		2,975			847
		75,305		39,818		58,650			16,691
LONG‑TERM ASSETS:
Property, plant and equipment		5,510		1,297		12,537			3,568
Other long term assets		880		478		880			250
		6,390		1,775		13,417			3,818
		81,695		41,593		72,067			20,509
CURRENT LIABILITIES:
Trade payables		6,223		752		8,526			2,426
Other payables		660		526		768			219
		6,883		1,278		9,294			2,645
LONG‑TERM LIABILITIES:
Liability in respect of government grants		10,300				11,252			3,202
Warrants		8,177		10,848		9,315			2,651
Severance pay liability, net		83		76		78			22
		18,560		10,924		20,645			5,875
SHAREHOLDERS' EQUITY:
Ordinary shares of NIS 0.0000001 par value:
Authorized: 391,000,000 shares as of March31, 2018, 2017 (unaudited) andDecember 31, 2016; Issued andOutstanding: 261,419,599 , 162,481,153and 261,419,599 shares respectively		*) -		*)   -		*)   -			*) -
Share premium		179,669		129,550		179,747			51,152
Options		-		533		-			-
Other comprehensive income		-		6					-
Accumulated deficit		(123,417)		(100,698)		(137,619)			(39,163)
		56,252		29,391		42,128			11,989
		81,695		41,593		72,067			20,509

STATEMENTS OF COMPREHENSIVE INCOME
In thousands, except per share data
														Convenience
														translation
														Three months
	Year ended			Three months ended										ended
	December 31,			March 31,										March 31,
	2017			2017					2018					2018
	Audited			Unaudited										Unaudited
	NIS													U.S. dollars
Operating expenses:
Research and development, net ofparticipations	18,777			1,874					11,745					3,342
Marketing, general and administrative	4,879			1,094					884					251
Total operating expenses	23,656			2,968					12,629					3,593
Operating loss	(23,656)			(2,968)					(12,629)					(3,593)
Financial income	18			8					-					-
Financial expense	(10,913)			(8,872)					(1,573)					(448)
Net loss	(34,551)			(11,832)					(14,202)					(4,041)
Other comprehensive loss:
Loss from available-for-sale marketable securities	(6)			-					-					-
Total comprehensive loss	(34,557)			(11,832)					(14,202)					(4,041)
Basic and Diluted net loss per share	(0.17)			(0.07)					(0.05)					(0.02)
Weighted average number of sharesoutstanding used to compute basic anddiluted loss per share	201,030,768			162,481,153					261,419,599					261,419,599