DYAX (MM)

VBL Therapeutics (Nasdaq:VBLT), a clinical-stage biotechnology company committed to the discovery, development and commercialization of first-in-class treatments for cancer and immune-inflammatory disease, today announced the nomination of industry veterans Ron Cohen, M.D., and Philip Serlin, C.P.A. to stand for election to the Board of Directors at VBL's extraordinary general meeting of shareholders, scheduled for February 11, 2015. Both individuals currently are leaders of biotechnology companies publicly traded in the US: Dr. Cohen serves as the President and Chief Executive Officer of Acorda Therapeutics, Inc. (Nasdaq:ACOR) and Mr. Serlin is Chief Financial and Operating Officer of BioLineRx Ltd. (Nasdaq:BLRX).

"I am pleased to welcome both Ron and Phil to the proposed slate of directors, which represents a vote of confidence in VBL and our strong and innovative therapeutic pipeline," said Dror Harats, M.D., Chief Executive Officer of VBL Therapeutics. "The depth of industry experience represented by these nominees will be invaluable as we continue to advance our clinical development pipeline. Their wide range of expertise, which includes research and development, commercial operations and financial accounting for publicly traded U.S. and Israeli companies, will be critical to VBL and we look forward to their contributions to the Company's continued success."

Bennett Shapiro, M.D., Chairman of the Board of Directors at VBL, said, "We are enthusiastic about working with Ron and Phil to develop VBL further during this important year as we expect key data in both our cancer and inflammation programs."

In addition to his position at Acorda, Dr. Cohen is a member of the Executive Committee and Vice Chair of the Health Section of the Biotechnology Industry Organization (BIO), and serves on the Board of Directors of Dyax Corp (Nasdaq:DYAX). He previously served as the Director and Chairman of the New York Biotechnology Association, and also serves as a member of the Columbia-Presbyterian Health Sciences Advisory Council. Dr. Cohen received his M.D. from Columbia University's College of Physician & Surgeons, and his B.A. in psychology, with honors, from Princeton. He completed his residency in Internal Medicine at the University of Virginia Medical Center and is Board Certified in Internal Medicine.

Prior to joining BioLineRx in 2009, Mr. Serlin was the Chief Financial Officer and Chief Operating Officer of Kayote Networks Ltd., and before that, he served as the Chief Financial Officer of Tescom Software Systems Testing Ltd. Mr. Serlin has also held senior positions at Chiaro Networks Ltd. and at Deloitte, where he headed the SEC and U.S. Accounting Department at the National Office in Tel Aviv, as well as at the SEC headquarters in Washington, D.C. He currently serves as a Director of Kitov Pharmaceuticals (TASE:KTOV). Mr. Serlin is a C.P.A. and holds a master's degree in Economics and Public Policy from The George Washington University and a B.Sc. in accounting from Yeshiva University.

About VBL:

Vascular Biogenics Ltd., operating as VBL Therapeutics, is a clinical-stage biopharmaceutical company committed to the discovery, development and commercialization of first-in-class treatments for cancer and immune-inflammatory diseases. VBL Therapeutics' clinical pipeline is based on two distinct, proprietary platform technologies—an oncology program and an anti-inflammatory program—that leverage the body's natural physiologic and genetic regulatory elements. The Company's lead oncology product candidate, VB-111, is a gene-based biologic that is initially being developed for recurrent glioblastoma, or rGBM, an aggressive form of brain cancer. VB-111 has received orphan drug designation in both the United States and Europe and was granted Fast Track designation by the FDA for prolongation of survival in patients with glioblastoma that has recurred following treatment with standard chemotherapy and radiation. VBL Therapeutics expects to begin the pivotal Phase 3 trial for VB-111 in rGBM in the first half of 2015, under a special protocol assessment agreement granted by the FDA. VBL Therapeutics' lead product candidate from its anti-inflammatory program, VB-201, is an oral small molecule currently being evaluated in Phase 2 clinical trials for psoriasis and for ulcerative colitis, with top-line results expected in the first quarter of 2015.

Forward Looking Statements:

This press release contains forward-looking statements. These forward-looking statements are not promises or guarantees and involve substantial risks and uncertainties. Among the factors that could cause actual results to differ materially from those described or projected herein include uncertainties associated generally with research and development, clinical trials and related regulatory reviews and approvals, and the risk that historical clinical trial results may not be predictive of future trial results. A further list and description of these risks, uncertainties and other risks can be found in the Company's regulatory filings with the U.S. Securities and Exchange Commission. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. VBL Therapeutics undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.

CONTACT: Hannah Deresiewicz
         Stern Investor Relations, Inc.
         212-362-1200, hannahd@sternir.com