BiondVax is exploring two options - either a conventional offering or listing American Depositary Receipts.
Universal flu vaccine developer BiondVax Pharmaceuticals Ltd. (TASE:BNDX) is mulling a Wall Street IPO, sources inform "Globes." The company has a market cap of NIS 42 million on the Tel Aviv Stock Exchange (TASE).
BiondVax is exploring two options either a conventional offering or listing American Depositary Receipts (ADR) for trading. The company will be required to file a prospectus with the US Securities and Exchange Commission (SEC) and the bookrunner is likely to be Aegis. The company value is likely to be close to its present market cap in Tel Aviv. After trading on the market for a while the company may try for a higher value.
Biondvax's universal flu vaccine has already undergone a successful Phase II trial (efficacy study) and has received approval for a Phase II clinical trial in Israel, which will take place in 2015.
The company lost NIS 4.1 million in the first half of 2014 and has no revenue, and cash reserves of NIS 14.1 million. Biondvax was founded by its CEO Ron Babecoff.
Published by Globes [online], Israel business news - www.globes-online.com - on November 23, 2014
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