VBL Therapeutics Awarded $2.9 Million Non-Dilutive Grant by the Israel Innovation Authority
February 20 2019 - 8:00AM
VBL Therapeutics (Nasdaq: VBLT) (the “Company”) today announced
that it has been awarded a non-dilutive grant of over 10 million
New Israeli Shekels (approximately $2.9 million) by the Israel
Innovation Authority (IIA) for 2019. The funds will support
the continued development of the Company’s lead product candidate,
VB-111, a first-in-class targeted anti-cancer gene-therapy agent.
The Company is currently evaluating VB-111 in a potential
registration study (OVAL) for the treatment of platinum-resistant
ovarian cancer, with further plans to study VB-111 in additional
solid tumor indications.
"We are appreciative of the continued substantial support by the
IIA of our VB-111 program, which is a vote of confidence in our
lead product candidate and its clinical and market potential,” said
Prof. Dror Harats, Chief Executive Officer of VBL Therapeutics.
“This $2.9 million grant, combined with the more than $53 million
in cash on our balance sheet at September 30, 2018, will support
our continued development of VB-111 and our other pipeline
candidates, including our MOSPD2 programs in oncology and
inflammation, through late 2021.”
About the Israel Innovation AuthorityThe Israel
Innovation Authority is an independent and impartial public entity
that operates for the benefit of the Israeli innovation ecosystem
and the country’s economy. For more information, refer to
http://www.matimop.org.il.
About VBLVascular Biogenics Ltd., operating as
VBL Therapeutics, is a clinical stage biopharmaceutical company
focused on the discovery, development and commercialization of
first-in-class treatments for cancer. The Company’s lead oncology
product candidate, ofranergene obadenovec (VB-111), is a
first-in-class, targeted anti-cancer gene-therapy agent that is
positioned to treat a wide range of solid tumors. It is
conveniently administered as an IV infusion once every two months.
It has been observed to be well-tolerated in greater than 300
cancer patients and demonstrated efficacy signals in an “all
comers” Phase 1 trial as well as in three tumor-specific Phase 2
studies. Ofranergene obadenovec is currently being studied in a
potential registration trial for platinum-resistant ovarian
cancer.
About VBL's VB-600 PlatformVBL is conducting
two parallel drug development programs that are exploring the
potential of MOSPD2, a protein that VBL has identified as a key
regulator of cell motility, as a therapeutic target for
inflammatory diseases and cancer. Our VB-600 platform comprises
classical anti-MOSPD2 monoclonal antibodies for inflammatory
indications, as well as bi-specific antibody candidates for
oncology.
Forward Looking StatementsThis press release
contains forward-looking statements. All statements other than
statements of historical fact are forward-looking statements, which
are often indicated by terms such as “anticipate,” “believe,”
“could,” “estimate,” “expect,” “goal,” “intend,” “look forward to,”
“may,” “plan,” “potential,” “predict,” “project,” “should,” “will,”
“would” and similar expressions. These forward-looking statements
include, but are not limited to, statements regarding our programs,
including VB-111, including their clinical development, such as the
timing thereof, therapeutic potential and clinical results, and the
scope and protection of our intellectual property rights. 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, the risk that historical
clinical trial results may not be predictive of future trial
results, and that we may not realize the expected benefits of our
intellectual property protection. 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, including in our annual report on Form 20-F for the
year ended December 31, 2017, and subsequent filings with the SEC.
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.
INVESTOR CONTACT:Michael RiceLifeSci Advisors,
LLC(646) 597-6979
Vascular Biogenics (NASDAQ:VBLT)
Historical Stock Chart
From Aug 2024 to Sep 2024
Vascular Biogenics (NASDAQ:VBLT)
Historical Stock Chart
From Sep 2023 to Sep 2024