The €20m loan agreement with the European Investment Bank (EIB) is a game changing event for BiondVax, we believe. The agreement was signed on 19 June 2017 and over the next three years the company will be able to drawdown all the money presuming the development milestones related to the lead universal flu vaccine candidate M-001 are met. BiondVax now aims to initiate Phase III activities and also invest in a new manufacturing facility securing the supply of M-001 for the remaining development and commercial launch. We have revised our model to reflect the changes and value BiondVax at $111m (NIS398m), up from $77m (NIS278m).

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