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BiondVax Pharmaceuticals

Phase III for universal flu vaccine starts in 2018

Update | Pharmaceuticals & healthcare | 15 Jan 2018

Over 2017 BiondVax crystallised its late-stage development plans for lead asset M-001, a potentially universal influenza vaccine. Following its discussions with the regulatory authorities and gaining access to new capital (European Investment Bank and share issues), the company confirmed on 27 December 2017 that it will initiate a pivotal Phase III trial on its own for a universal flu vaccine indication (likely to start in Q318). We have revised our assumptions substantially and increased our valuation to $200m (NIS689m) or $32.4/ADS (NIS2.80/share) from $165m previously.

BiondVax Pharmaceuticals

Phase IIb with universal flu vaccine readout close

Update | Pharmaceuticals & healthcare | 15 May 2017

BiondVax's FY16 business update reiterated that the company and its partners are on track to deliver full results from the ongoing Phase IIb trial with multimeric vaccine candidate M-001 by end Q217. According to plans, the US National Institutes of Health (NIH) will initiate the last Phase II study with M-001 in 2017, which will pave the way for partnering and the Phase III programme. Currently BiondVax is a leader in the development of a universal influenza vaccine. Our valuation is increased to NIS278m ($77m); on a per share basis it is down slightly to NIS1.7/share ($18.2/ADR) after the recent fund-raising.

BiondVax Pharmaceuticals

Most advanced universal influenza vaccine

Initiation | Pharmaceuticals & healthcare | 08 Dec 2016

Biondvax with its epitope-based multimeric vaccine candidate M-001 is among the leaders in the development of the universal influenza vaccine worldwide. In previous clinical trials M-001 was shown to be consistently safe, immuno-genic and demonstrated synergy with conventional flu vaccines. The readout from the ongoing European Phase II study is imminent, while the initiation of the last Phase IIb study funded by the US National Institutes of Health (NIH), with results likely in H217/H118, will pave the way for partnering and the Phase III programme. We initiate coverage with a valuation of NIS269m ($71m).

Cytos Biotechnology

A*STAR is born

Update | Pharmaceuticals & healthcare | 28 May 2013

Cytos and partner A*STAR have advanced their novel influenza vaccine into a Phase I trial. Progression of a third VLP-based programme into the clinic provides further validation for Cytos' technology and triggers a small uplift in our valuation to CHF96m. The investment case still hinges on CYT003 for allergic asthma, where Phase IIb results are expected in H114. Positive data should mean that existing debt will be converted or repaid, and provide Cytos with sufficient time to out-license CYT003.