BiondVax Pharmaceuticals Ltd. (NASDAQ: BVXV, TASE: BVXV) signed a lease agreement for a commercial facility in Jerusalem to manufacture its universal flu vaccine. BiondVax Pharmaceuticals Ltd. also announced in August that the Israel Innovation Authority (IIA), formerly known as the Office of the Chief Scientist, agreed to fund up to 40% of a NIS 2.7 million (approximately US$ 750,000) budget towards ongoing development of M-001, the Company’s universal flu vaccine candidate.
BiondVax Pharmaceuticals Ltd. is dedicated to the development of a novel universal flu vaccine. BiondVax’s universal flu vaccine is based on research carried out over two decades by Weizmann Institute of Science Professor Ruth Arnon, who heads the company’s Scientific Advisory Board. Professor Arnon is well-known for her part in the development of Copaxone®, a blockbuster drug for the treatment of multiple sclerosis.
Following the European Investment Bank (EIB)’s significant €20 million funding agreement, and as BiondVax progresses towards Phase 3 clinical trials and construction of its commercial mid-size manufacturing facility, the Board of Directors decided that BiondVax will focus its efforts on the international scene. In that regard, it was decided to:
- Consolidate trading of the Company’s securities on the NASDAQ and delist from the TASE
- Identify a new Chairman of the Board with relevant global experience to guide the Company through the anticipated upcoming international Phase 3 trials and global commercialization
Dr. Ron Babecoff, BiondVax’s CEO, commented, “BiondVax is proud to be an Israeli company. Our technology was born in Israel, and we are building our new manufacturing facility in Israel. Nevertheless, a universal flu vaccine is a global product, which demands a global presence. The decision to consolidate trading on NASDAQ and to internationalize our board is an important step towards achieving our goals.”
For more information, see: http://www.biondvax.com/2017/08/biondvax-receives-additional-grant-funding/