BiondVax gets IIA funding for flu vaccine candidate

BiondVax Pharmaceuticals (TASE: BNDX), an Israeli company developing a universal flu vaccine, announced today that the Israel Innovation Authority (IIA), formerly known as the Office of the Chief Scientist, agreed to fund up to 40% of a 2.7 million new Israeli shekels (~$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 IIb trial held in Europe, BiondVax’ 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’ vaccine, once commercially available on the market.

BiondVax chief scientific officer Dr Tammy Ben-Yedidia commented: “The ongoing support of our program by the IIA is proof of their long-term confidence in BiondVax' innovative flu vaccine. This grant, together with other generous recently approved financing to the company brings us closer to launching a Phase III clinical trial.”