Biondvax Pharmaceuticals: New Funds To Support M-001’s Phase Iii Initia
Edison | Jul 17, 2017 06:05AM ET
The €20m loan agreement with the European Investment Bank (EIB) is a game changing event for BiondVax Pharmaceuticals Ltd ADR (NASDAQ:BVXV), we believe. The agreement was signed on 19 June 2017 and over the next three years the company will be able to drawdown all the money presuming the development milestones related to the lead universal flu vaccine candidate M-001 are met. BiondVax now aims to initiate Phase III activities and also invest in a new manufacturing facility securing the supply of M-001 for the remaining development and commercial launch. We have revised our model to reflect the changes and value BiondVax at $111m (NIS398m), up from $77m (NIS278m).
External validation of BiondVax technology
BiondVax now plans to go ahead with the Phase III trial and will likely still seek to land a partnering deal while in Phase III. We view such a strategy favourably, as this could potentially create more value in the form of retaining a higher portion of the value of M-001 when negotiating with the partner. In addition to the fact that the funding provides financial visibility for the medium term, we also take it as an external validation of BiondVax’s technology.
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Biondvax Pharmaceuticals - New Funds To Support M-001’s Phase
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