BiondVax Pharmaceuticals Ltd., developer of the universal flu vaccine candidate M-001, today announced that its Board of Directors has decided to voluntarily delist from the Tel Aviv Stock Exchange (TASE), while maintaining a continued listing on NASDAQ.
Following the European Investment Bank (EIB)’s significant €20 million funding agreement, and as BiondVax progresses towards Phase 3 clinical trials and construction of its commercial mid-size manufacturing facility, the Board of Directors decided that BiondVax will focus its efforts on the international scene.
In that regard, it was decided to delist from the TASE while maintaining a continued listing on NASDAQ, and identify a new Chairman of the Board with relevant global experience to guide the Company through the anticipated upcoming international Phase 3 trials and global commercialization.
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The delisting process from trading on the TASE will take place by the end of 2017. During the interim period, BiondVax’s shares will continue to be traded on the TASE. All shareholders will retain their pro-rated holdings, as trading will migrate to the NASDAQ.
Dr. Ron Babecoff, BiondVax’s CEO, commented, “BiondVax is proud to be an Israeli company. Our technology was born in Israel, and we are building our new manufacturing facility in Israel. Nevertheless, a universal flu vaccine is a global product, which demands a global presence. The decision to consolidate trading on NASDAQ and to internationalize our board is an important step towards achieving our goals.”
The Company has formed a committee to identify a new Chair of the Board who will play an important role in enhancing its international profile. Professor Avner Rotman will continue to serve as Chairman until a suitable replacement is identified.