BiondVax Pharmaceuticals Ltd. (BVXV) shares entered green after the announcement of the successful closing of the $9.8M offering on Wednesday. Previously, the stock was trading in the red, hence, the news caused it to rebound and recover most of its losses of the day.
During the regular session, the stock saw a fall of 6.83% at its closing value of $2.32 on an average volume. Following the news, the stock recovered most of its losses, reaching up to $2.47 with a 6.47% increase after hours.
BiondVax Pharmaceuticals Ltd. has a market capitalization of $35.69 million. Currently, the company has 14.33 million shares outstanding in the market.
BVXV’s Offering and its Close
The company had announced the underwritten public offering on December 27, along with its pricing. The expected closing date of the offering was December 29, and as per Wednesday’s announcement, it did close on the date.
BVXV had offered 4,144,068 American Depository Shares (ADSs) at $2.36 per ADS price. Each of the ADS in the offering represented 40 ordinary shares of the company. Moreover, the gross proceeds from the offering were $9.8 million including the successful execution of over-allotment. Further, this amount does not include underwriting discounts and other expenses.
According to the CEO of BVXV, Amir Reichman, the net proceeds will provide the company with capital for funding the NanoAb program. The company had recently announced a nanosized antibody program under collaboration with Max Planck Institute, for Covid-19.
In addition, the company will also use some of the net proceeds for general corporate purposes.
Recent Developments
On December 27, the company announced the approval of all proposed resolutions at the Annual General Meeting of Shareholders. The meeting was held on December 27, 2021. Moreover, Mr. Jay Green was elected to the company’s board of directors, as Mr. Isaac Devash retired.
Mr. Green has vast experience in the field including the recent six-year term with GlaxoSmithKline Plc as Senior Vice President Finance and CFO.
BVXV’s Financial Data
On November 30, the company declared its financial results for the third quarter of 2021.
In the third quarter of 2021, the R&D and G&A expenses were NIS 2.0 million (US$0.6 million) and NIS 6.2 million (US$1.9 million). This compares to NIS 12.6 million and NIS 7.3 million respectively, in the Q3 of 2020.
Moreover, BVXV ended the third quarter of 2021, with cash and cash equivalents of NIS 34.6 million (US$10.7 million).
