BiondVax Receives Additional Grant Funding

BiondVax Pharmaceuticals announced the Israel Innovation Authority (IIA) 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.

In six previously completed human clinical trials, including the recently completed Phase 2b trial held in Europe, BiondVax's M-001 was shown to be safe and immunogenic towards multiple flu strains. Including today's grant approval, since 2006 the IIA has granted over US$ 6 million in funding to BiondVax. The non-dilutive grants will become repayable from royalties generated from future sales of BiondVax's vaccine, once commercially available on the market.

"The ongoing support of our program by the IIA is proof of their long-term confidence in BiondVax's innovative flu vaccine," Dr. Tammy Ben-Yedidia, Chief Scientific Officer of BiondVax said. "This grant, together with other generous recently approved financing to the company brings us closer to launching a Phase 3 clinical trial."