Vascular Biogenics Ltd. Announces Proposed Public Offering of Ordinary Shares and Pre-Funded Warrants
April 08 2021 - 4:05PM
Vascular Biogenics Ltd. (“VBL Therapeutics” or the “Company”)
(NASDAQ: VBLT), today announced that it intends to offer and sell
ordinary shares and, to certain investors in lieu thereof,
pre-funded warrants to purchase ordinary shares in an underwritten
public offering. As part of this proposed offering, VBL
Therapeutics expects to grant the underwriters a 30-day option to
purchase up to an additional 15% of the aggregate number of
ordinary shares plus the ordinary shares underlying any pre-funded
warrants that are sold in the offering, at the public offering
price less the underwriting discounts and commissions. The offering
is subject to market conditions, and there can be no assurance as
to whether or when the offering may be completed, or as to the
actual size or terms of the offering. All of the securities in the
offering are to be sold by VBL Therapeutics.
VBL Therapeutics intends to use the net proceeds from the
offering for working capital and other general corporate
purposes.
Guggenheim Securities, LLC is acting as bookrunning manager for
the proposed offering. Oppenheimer & Co. Inc. is also acting as
a joint bookrunner.
The securities described may be offered by VBL Therapeutics
pursuant to a shelf registration statement on Form F-3 (No.
333-251821), including a base prospectus, previously filed with and
declared effective by the Securities and Exchange Commission (the
“SEC”). The securities may be offered only by means of a
prospectus. A preliminary prospectus supplement relating to and
describing the terms of the offering and a final prospectus
supplement relating to and describing the terms of the offering
will be filed with the SEC and will be available on the SEC’s
website located at www.sec.gov. Copies of the preliminary
prospectus supplement and the accompanying prospectus relating to
the securities being offered may also be obtained by contacting
Guggenheim Securities, LLC, Attention: Equity Syndicate
Department, 330 Madison Avenue, 8th Floor, New York, New York
10017, by telephone at (212) 518-9544, or by email at
GSEquityProspectusDelivery@guggenheimpartners.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.
About VBL Therapeutics
Vascular 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 Statements
This 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 the completion of the
registered direct offering, the satisfaction of customary closing
conditions related to the registered direct offering and the
intended use of net proceeds from the registered direct offering as
well as 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 market
and other conditions, 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. A further
list and description of these risks, uncertainties and other risks
can be found in our regulatory filings with the SEC, 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,
except as required by law.
INVESTOR CONTACT:
Burns McClellan for VBL
TherapeuticsLee Roth (investors) / Ryo
Imai (media)lroth@burnsmc.com / rimai@burnsmc.com+1-212-213-0006
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