BiondVax Pharmaceuticals Raises $1.25m Under Yorkville Advisers Standby Equity Facility
Ness Ziona, Israel - 9 November 2010 - BiondVax Pharmaceuticals Ltd. (TASE: BNDX), an Israeli biopharmaceutical company at the forefront of global efforts towards the development of a Universal Influenza Vaccine, today announced that it has raised $1.25 million under its Standby Equity Distribution Agreement (SEDA) with YA Global Investments L.P. The funds were raised through the issue of 1,454,361 ordinary shares at NIS 3.105 per share.
The SEDA facility with the investment fund managed by Yorkville Advisors was first established in June 2010. Under the facility, BiondVax can raise up to $7 million in new capital over three years, at times and in quantities of its choosing, with an option to further increase the facility to $15m.
Funding under the SEDA will be used to finance the Company's clinical development program, as well as to contribute towards the expansion and upgrading of the production facilities at the Company's premises in Ness Ziona, Israel.
Dr. Ron Babecoff, BiondVax's CEO, said that "We are extremely gratified to have exercised our first draw-down using the Yorkville Standby Equity facility. This is an innovative form of financing in the Israeli market, and these funds will be used to bolster our already strong financial position, further securing our continued growth and development."
For further information, please contact:
Danny Aronovic
Public Relations Consultant
shapira marketingTel: +972 9 899 5813
Mob: +972 50 799 1121
[email protected]
About BiondVax Pharmaceuticals Ltd.
BiondVax Pharmaceuticals ("the Company"), a publicly-traded company (TASE: BNDX) based in Ness Ziona, Israel, is developing a proprietary, innovative Universal Influenza ("flu") Vaccine, the Multimeric-001 vaccine, with the potential to provide multi-season and multi-strain protection against most human influenza virus strains, including both seasonal influenza strains as well as pandemic influenza strains, such as Swine flu and Avian flu.
BiondVax's proprietary technology utilizes a unique, proprietary combination of conserved epitopes from influenza virus proteins to activate the immune system for a cross-protecting and long-lasting effect.
BiondVax recently successfully concluded two Phase I/II trials in which the Multimeric-001 Universal Flu Vaccine was shown to be safe and immunogenic. The Company is now preparing for the first Phase II study, expected to commence in the second half of 2010.
For further information on BiondVax, please visit www.biondvax.com