BiondVax Pharmaceuticals Ltd (ADR) (NASDAQ: BVXV)
BiodVax Pharmaceuticals is having an incredibly strong day in the market today after announcing the receipt of a grant approval. As a result, investor excitement has pushed the stock quite a ways up. Of course, our partners at Trade Ideas were the first to alert us of the movement. At the moment (10:20), BVXV is trading at $6.34 per share after a gain of $0.67 per share or 11.82% thus far today.
BVXV Receives Grant Approval
As mentioned above, BiondVax Pharmaceuticals is having an overwhelmingly strong day in the market today after announcing a grant approval. The grant represents 20% of a NIS 20 million budget that is expected to be used for the construction of a factory for the production of Phase 3 and commercial batches of the BVXV flu vaccine candidate M-001. As is always the case, the grant is subject to certain terms and conditions.
BVXV plans on building a mid-sized factory in Jerusalem that will have the capacity to produce tens of millions of doses of the vaccine. Through various clinical studies, the company has shown that the vaccine is effective against multiple flu strains and has a strong safety profile. In a statement, Dr. Ron Babecoff, CEO at BiondVax, had the following to offer…
“This significant milestone signifies the evolution of BiondVax from a biotech start-up to a pharmaceutical company positioned for significant growth and contributions to society. I would like to thank the Ministry of Economy and Industry for helping translate BiondVax’s vision to reality.”
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on BVXV. In particular, we’ll be watching as the story unfolds with regard to the new facility and Phase 3 studies that are coming this way. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
What Do You Think?
Where do you think BVXV is headed moving forward? Join the discussion in the comments below or on StockTwits!
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