Chief Scientist grants BiondVax NIS 4.87m

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The grant will be used for the development of BiondVax's universal flu vaccine in Phase III clinical trials.

Universal flu vaccine developer BiondVax Pharmaceuticals Ltd. (TASE:BNDX) has been awarded a NIS 4.87 million grant by the Office of the Chief Scientist (OCS) in the Ministry of Economy. The grant will be used for the continued development of BiondVax's universal influenza vaccine in Phase III clinical trials. The grant is awarded in accordance with the Israeli law to promote industrial R&D.

The funds will also be used for improvements in the manufacturing process and preparation for the vaccine's scale up, activities which will contribute significantly to its commercialization.

BiondVax's CEO Ron Babecoff said, "We are proud for been awarded yet another grant by the OCS. In recent years, the OCS has expressed its repeated trust in our Universal Vaccine program and we enjoyed considerable financial support that led to our clinical successes. This is another step in our journey to approve the first Universal Flu Vaccine."

The OCS has granted BionVax NIS 15.7 million to date.

Published by Globes [online], Israel business news - www.globes-online.com - on September 9, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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