BiondVax Pharmaceuticals Ltd. (BVXV) stock plunged 10.27% in the after-market trading session at the price of $2.62 after it signed definitive agreements with the University Medical Center Göttingen and the Max Planck Institute of Biophysical Chemistry.
BVXV is a biopharmaceutical firm that develops, manufactures, and commercializes novel products to prevent and treat infectious diseases and other conditions.
BVXV Signed Definitive Agreements
On 22nd December 2021, BVXV announced entering into definitive agreements with the University Medical Center Göttingen and the Max Planck Institute of Biophysical Chemistry, Germany. The strategic partnership aims to develop and commercialize innovative COVID-19 nanosized antibodies (NanoAbs). These contracts are part of broader cooperation anticipated to be signed by January 2022. The agreement will support the development and commercialization of NanoAbs to treat several disease indications with large market sizes.
Chief executive officer of BVXV, Mr. Amir Reichman, remarked that Omicron’s rapid emergence made the need of improved COVID-19 vaccines clear. The COVID-19 NanoAb product candidates have the potential to provide a superior medicinal platform. Overall, the innovative NanoAb platform is an incredible opportunity for the company. This platform is a suitable fit for their expertise in biological drug development and their manufacturing spot in Jerusalem.
Mr. Amir thanked Professors Dobbelstein and Görlich for their enthusiasm and contribution to this project. He thanked Max Planck Innovation’s technology transfer team for their services in making this innovative partnership possible. BVXV is in the process of a transformative turnaround. He is confident that NanoAb will provide exciting commercial potential and address crucial healthcare needs.
BVXV Third Quarter 2021 Financial Results
On 30th November 2021, BVXV published its financial results for the quarter ended 30th September 2021 and delivered business updates. BiondVax had cash and cash equivalents of NIS 34.6 million on 30th September 2021. Cash and cash equivalents totaled NIS 39.9 million on 30th June 2021. For the Q3 ended 30th September 2021, research and development expenses dropped to NIS 2.0 million. R&D expenses totaled NIS 12.6 million for the same third quarter of 2020.