BiondVax Pharmaceuticals Ltd (NASDAQ: BVXV) is a biopharma company that focuses on the manufacturing, development, and commercialization of products for both the treatment and prevention of infectious diseases. The company recently reported its Q1 F21 financial results. The company’s operating costs came to $2 million, lower than what they recorded in Q1 F20. In addition, the Q1 F21 operating expenses included $0.83 Research and Development expenses, which was also lower than what was used in the first quarter of the previous year.
The decrease in operating costs, including the Research and Development costs, can be mainly attributed to the costs associated with the Phase II clinical trial study and related operations at the company’s manufacturing facility. BiondVax had $14.6 million cash and cash equivalents in Q1 F21, increasing from what they recorded in Q4 F21. This increase can be attributed to a NASDAQ follow-on offering done by BiondVax in Feb 2021. The company provided net proceeds of roughly $12.9 million after underwriter discounts and fees.
Key business highlights
The company appointed a new chief executive officer, Mr. Amir Reichman, who’s a GSK veteran. The company also announced a new mission statement alongside this appointment. The company’s new mission is to commercialize, manufacture and develop products that help treat and prevent infectious diseases and other related medical conditions. It also went on to review all the opportunities it had at hand. BiondVax will continue to analyze all the opportunities associated with developing diversified pipelines of platforms and products.
The company had also been developing a novel influenza vaccine, known as M-001, which was meant to offer multi-season and multi-strain protection against both future and current pandemic and seasonal influenza. The company runs multiple clinical trials to try and test the vaccine’s immunogenicity. It found that the vaccine was effective at stimulating immune responses to a wide array of influenza strains.