VBL Therapeutics Reports Fourth Quarter and Full Year 2020 Financial Results and Provides Corporate Update
March 25 2021 - 7:00AM
VBL Therapeutics (Nasdaq: VBLT) (the Company) today announced
financial results for the fourth quarter and fiscal year ended
December 31, 2020 and provided a corporate update.
“2020 was year of significant progress for VBL as we reached
several milestones across multiple assets in different stages of
development, including a successful interim analysis and two
subsequent successful DSMC reviews for the OVAL Phase 3
registration enabling study of VB-111 for the treatment of
platinum-resistant ovarian cancer. We look forward to continuing
this momentum in 2021,” said Dror Harats, M.D., Chief Executive
Officer of VBL Therapeutics.
Fourth Quarter and Recent Corporate
HighlightsVB-111
- In December 2020, the Company announced that the first patient
has been enrolled in Europe in the OVAL Phase 3 registration
enabling study of VB-111 for the treatment of platinum-resistant
ovarian cancer.
- In February 2021, a successful pre-planned DSMC review of the
OVAL study found no safety issues with the trial and recommended
its continuation as planned.
- In March 2021, the Company announced the initiation of
randomized, controlled and blinded Phase 2 investigator-sponsored
trial of VB-111 in patients with recurrent glioblastoma.
VB-201
- In January 2021, the Company announced the dosing of the first
patient in a randomized controlled Phase 2 study of the Company’s
proprietary investigational oral immune-modulator molecule, VB-201,
for the treatment of COVID-19.
Corporate
- In October 2020, the Company appointed Marc Kozin Vice Chairman
of its Board of Directors.
- In January 2021, the Company entered into an ordinary share
purchase agreement of up to $20 million with Aspire Capital Fund
LLC.
Financial Results for the Fourth
Quarter and Full
Year
- As of December 31, 2020, the Company had cash, cash
equivalents, short-term bank deposits and restricted bank deposit
totaling $30.8 million and working capital of $24.5 million. The
Company expects that its cash and cash equivalents and short-term
bank deposits will be sufficient to fund operating expenses and
capital expenditure requirements into the fourth quarter of
2022.
- Revenues were $922 thousand for fiscal year 2020, as compared
to $562 thousand for fiscal year 2019.
- R&D expense was $19.7 million for fiscal year 2020, as
compared to $14.7 million for fiscal year 2019. The increase in
R&D expense was mainly due to the development of the VB-601
towards Investigational New Drug enabling studies.
- G&A expenses were $5.3 million for fiscal year 2020,
compared to $5.7 million for fiscal year 2019.
- VBL reported a net loss of $24.2 million, or ($0.55) per share,
for fiscal year 2020, compared to a net loss of $19.4 million, or
($0.54) per share, for fiscal year 2019.
Conference Call: Thursday, March 25 at
8:30 a.m. EDTConference ID: 13717784 From the US: 1 877
407 9208Israel Local: 1 809 406 247 International: 1 201 493 6784
Webcast: https://edge.media-server.com/mmc/p/9cahpyse
The live webcast will be available online and may be accessed
from the “Events and Presentation” page of the Company website. A
replay of the webcast will be available beginning approximately one
hour after the conclusion of the call and will remain available for
at least 30 days thereafter.
About VBL TherapeuticsVascular
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
areas of unmet need in cancer and immune/inflammatory indications.
VBL has developed three platform technologies: a gene-therapy based
technology for targeting newly formed blood vessels with focus on
cancer, an antibody-based technology targeting MOSPD2 for
anti-inflammatory and immuno-oncology applications, and the
Lecinoxoids, a family of small-molecules for immune-related
indications. VBL’s lead oncology product candidate, ofranergene
obadenovec (VB-111), is an investigational, first-in-class,
targeted anti-cancer gene-therapy agent that is being developed to
treat a wide range of solid tumors. VB-111 is currently being
studied in a VBL-sponsored Phase 3 registration enabling study for
treatment in patients with platinum-resistant ovarian cancer.
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 may include, but are
not limited to, statements regarding our programs, including
VB-111, including their clinical development, therapeutic potential
and clinical results. 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, that our financial resources do not last
for as long as anticipated, and that we may not realize the
expected benefits of our intellectual property protection. In
particular, the DSMC recommendation that the OVAL trial proceed is
not assurance that the trial will meet its primary endpoint of
overall survival once completed, or that we will obtain positive
results to support further development of this candidate. A further
list and description of these risks, uncertainties and other risks
can be found in our 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, 2020, 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.
CONTACT:Burns McClellan
for VBL TherapeuticsLee Roth (investors) / Ryo Imai
(media)lroth@burnsmc.com /
rimai@burnsmc.com+1-212-213-0006
Vascular Biogenics (NASDAQ:VBLT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Vascular Biogenics (NASDAQ:VBLT)
Historical Stock Chart
From Apr 2023 to Apr 2024