Israeli biotech company BiondVax Pharmaceuticals, which went public in 2015, has undergone significant changes, including a shift in focus and the appointment of a new CEO in 2021. As part of its transformation, the company is rebranding with a new name.
BiondVax is now Scinai Immunotherapeutics. While its roots were initially in the pursuit of a universal flu vaccine, the company has shifted its focus in R&D. Now, its endeavors include early-stage development of an inhaled COVID-19 therapy, a strategic autoimmune partnership with Max Planck Innovation and the establishment of a new CDMO business. That unit has also been renamed under the banner Scinai Bioservices and will be a strong core of the company.
The new corporate name is the biotech’s “latest step to better reflect its fresh start and new direction,” according to a press release.
But it may prove a tough rebirth for the company. It has recently come to light that it does not comply with Nasdaq listing rules, as the stock exchange issued a deficiency letter stating that it fails to meet the minimum stockholders’ equity requirements to maintain its listing.
Scinai Bioservices has until October to sort this out, with part of the plan to get there being to leverage that new CDMO as well as going through with a “cost-savings plan,” as set out in its recent financial results.
“We are incredibly optimistic about Scinai’s growth potential and ability to deliver value to our stakeholders,” said CEO Amir Reichman in a statement.
“The biotech sector has been through an extremely challenging time in the past 18-24 months, with low stock prices and scarce capital. We have nevertheless made tremendous progress executing our turnaround program with limited resources and believe we are at the cusp of building a significant and successful company.
“We have a sharp commercial focus and a pipeline with blockbuster potential, steeped in science, strong leadership and an expertly designed technological base.”
This follows on from a spate of recent biotech name changes and one falling into the category of a reset coming after missteps and failures in the hope of a marketing refresh for the company itself.