BiondVax Pharmaceuticals Ltd. (NASDAQ:BVXV) saw its shares prosper Thursday.
BiondVax reported successful closing of a $9.8-million follow-on underwritten offering of American Depositary Shares (ADS) including exercise of the over-allotment.
The Jerusalem-based company announced the closing of an underwritten public offering of 4,144,068 ADS’ at a public offering price of $2.36 per ADS for gross proceeds to the Company of approximately $9.8 million in the aggregate, inclusive of the successful execution of the full over-allotment, before deducting underwriting discounts and other offering expenses. Each ADS represents 40 ordinary shares of BiondVax.
CEO Amir Reichman commented,"This successful offering is an important event for BiondVax as it provides us with increased capital to fund our recently announced nanosized antibody (NanoAb) program being conducted in collaboration with the world-renowned Max Planck Institute.
"Development of an innovative COVID-19 NanoAb therapy that exhibits significant potential competitive advantages over existing therapies has already begun, and next month we expect to sign a broader collaboration for the development of additional NanoAbs addressing diseases with large unmet medical needs and attractive commercial opportunities."
BiondVax intends to use the net proceeds from this offering for the advancement of its recently announced nanosized antibody (NanoAb) development program as well as for general corporate purposes, including, but not limited to, working capital, research and development activities, regulatory matters, capital investment or other related purposes.
BVXV shares took on 11 cents, or 4.7%, to $2.43.
