Following the balance sheet date, in February 2021 the Company completed a follow-on offering on Nasdaq, providing total gross proceeds of approximately $13.8 million and net proceeds after fees and discounts of approximately $12.8 million. As of May 12, 2021, the Company had cash and cash equivalents of NIS 46 million (approximately $14 million). As of December 31, 2020, BiondVax had cash and cash equivalents of NIS 9.4 million ($2.9 million) compared to NIS 72.4 million as of December 31, 2019. The complete financial results are available in the Company’s annual report on Form 20-F for the year ended December 31, 2020, to be filed with the Securities and Exchange Commission. A summary is included in the tables below.
Full Year 2020 Financial Summary Total operating expenses for the quarter were NIS 12.3 million ($3.2 million) compared with NIS 45.7 million for the fourth quarter of 2019.
R&D expenses for the quarter amounted to NIS 7.8 million ($2.4 million) compared with NIS 37.6 million for the fourth quarter of 2019.
Total operating expenses for the year were NIS 68.2 million ($21.2 million) offset by other income of NIS 75.8 million ($23.4 million) due to the revaluation of the EIB loan compared with NIS 78.3 million in 2019.
R&D expenses for the year amounted to NIS 51.4 million ($16 million) compared with NIS 68.6 million in 2019. Results are in New Israel Shekels (NIS) and convenience translation to US$ is provided using the exchange rate of 3.215 (NIS/US$), the rate as of the close of business on December 31, 2020.
Management Comment Mr. Amir Reichman, BiondVax’s CEO, commented, “My team and the Board are actively engaged in pursuing opportunities to diversify our pipeline of assets in light of our new mission. BiondVax’s vaccine development, manufacturing, and clinical trial experience, combined with our people’s deep industry experience and our highly advanced GMP vaccine manufacturing facility provide us with an incredible untapped potential that I aim to realize over the coming years. I look forward to leading BiondVax to the next level.” Appointed a new CEO: Mr. Amir Reichman began serving as BiondVax’s CEO on a full-time basis March 2, 2021, taking over from Dr. Ron Babecoff, who has continued to serve BiondVax as a senior advisor to ensure a smooth transition. Most recently, Reichman held senior leadership positions at the GSK Vaccine headquarters in Belgium, including Head of Global Vaccines Engineering Core Technologies and Asset Management, and Senior Director Global GSK Vaccines Supply Chain.
New Mission: As described in his March 23, 2021 CEO Letter to Shareholders, Reichman explained that while previously BiondVax had been a one product company, going forward the Company is implementing a strategy to diversify its pipeline of products towards a new mission: To help build a healthier and happier world by developing, manufacturing and ultimately commercializing products for the prevention and treatment of infectious diseases and related illnesses.
Financing: In February 2021, BiondVax completed a follow-on offering on Nasdaq with total gross proceeds of approximately $13.8 million to strengthen the Company’s balance sheet. These additional funds will be used to support ongoing operating expenses and implementation of the new corporate mission and strategy. BiondVax continues to remain in close contact with its main creditor, the European Investment Bank (EIB), to whom the Company has a €24 million outstanding debt. The EIB is supportive of the Company’s ongoing efforts to reposition itself and to date has not indicated an intent to recall the loan.
Assets: The Company’s highly advanced GMP vaccine manufacturing facility in Jerusalem is being maintained by its highly experienced staff as it seeks to expand its product asset pipeline in the coming quarters.
Following the October 23, 2020 announcement that the Phase 3 trial of M–001, our universal influenza vaccine candidate, did not meet its efficacy endpoints, BiondVax implemented the following actions: Recent Corporate Update
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