NESS ZIONA, Israel, July 18,
2017 /PRNewswire/ --
BiondVax Pharmaceuticals Ltd. (NASDAQ: BVXV, TASE: BVXV),
developer of the Universal Flu Vaccine candidate M-001, today
signed an agreement to lease approximately 1800m2 in the
Jerusalem BioPark (JBP), located in the Ein Kerem Hadassah campus,
next to Hadassah University Hospitals and Hebrew University's Medical School. The mid-sized
facility is planned to have capacity to annually produce tens of
millions of doses of M-001 either in single-dose syringe or in
bulk. M-001 is designed to provide protection against current and
future seasonal and pandemic flu strains.
Dr. Shimon Hassin,
BiondVax's COO, commented, "BiondVax's previous manufacturing
accomplishments include achieving GMP certification, twice passing
European QP audits, and an ongoing collaboration with a US-based
CMO for upscaling for Phase 3 clinical batches. We expect our new
facility will optimize production timelines and significantly
reduce production costs. This new planned mid-size commercial
manufacturing facility will mark the culmination of BiondVax's
transformation into a fully integrated pharmaceutical company
operating under international GMP standards."
Planning and design of the facility by a leading engineering
company has begun, and while construction will begin soon, the
agreement calls for BiondVax to begin lease payments in
October 2018. The length of the lease
is 10 years with an option for an additional 5 years at BiondVax's
discretion. As well, the agreement provides BiondVax with a 6-month
advanced notice annual penalty-free exit clause. Costs of building
and operating the facility are partially supported by a previously
announced grant from Israel's
Ministry of Economy and Industry[1] and a €20 million
agreement with the European Investment Bank
(EIB)[2].
About BiondVax Pharmaceuticals Ltd
BiondVax is a clinical phase biopharmaceutical company
developing a universal flu vaccine. The vaccine is designed to
provide multi-season protection against most seasonal and pandemic
human influenza virus strains. BiondVax's proprietary technology
utilizes a unique combination of conserved and common peptides from
influenza virus proteins, activating both arms of the immune system
for a cross-protecting and long-lasting effect. BiondVax is traded
on NASDAQ: BVXV and TASE: BVXV. Please visit
http://www.biondvax.com.
BiondVax 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. 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 building and timing of the commencement of
manufacturing operations at the planned facility, the risk that
drug development involves a lengthy and expensive process with
uncertain outcome, the results of the Phase 2 & 3 trials,
delays or obstacles in launching and/or successfully completing
our clinical trials, our ability to procure the funds and permits
and other governmental authorization for a commercial size
manufacturing plant, our ability to satisfy rigorous regulatory
requirements, 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, 2016 filed
with the U.S. Securities and Exchange Commission, or SEC, which is
available on the SEC's
website, http://www.sec.gov, and in the
Company's periodic filings with the SEC and the
Tel-Aviv Stock Exchange.
For further information, please contact:
BiondVax
Joshua Phillipson
Business Development Manager
+972-8-930-2529 x5105
j.phillipson@biondvax.com
References
1.
http://www.biondvax.com/2017/03/biondvax-approved-for-grant-from-israels-ministry-of-economy-and-industry-to-build-facility-for-commercial-scale-production-of-its-universal-flu-vaccine/
2.
http://www.biondvax.com/2017/06/european-investment-bank-eib-supports-late-stage-development-and-production-of-biondvaxs-universal-flu-vaccine-candidate-under-horizon-2020-initiative/
SOURCE BiondVax Pharmaceuticals Ltd.