Vascular Biogenics Ltd. Closes Public Offering of Ordinary Shares and Pre-Funded Warrants
April 14 2021 - 6:00AM
Vascular Biogenics Ltd. (“VBL Therapeutics” or the “Company”)
(NASDAQ: VBLT), today announced the closing of its underwritten
public offering of 6,901,790 ordinary shares, and, to
certain investors in lieu thereof, pre-funded warrants to purchase
8,050,000 ordinary shares in an underwritten public offering, at a
price to the public of $1.90 per ordinary share and $1.89 per
pre-funded warrant. The pre-funded warrants allow investors that
have restrictions on their ability to own Company stock above a
designated ownership threshold (such as 4.99% or 19.99%) to invest
additional capital. In practice, the pre-funded warrants are
the equivalent to ordinary shares without voting rights. All of the
securities in the offering were sold by VBL Therapeutics.
The gross proceeds to the Company from the public offering,
before deducting underwriting discounts and commissions and
offering expenses payable by VBL Therapeutics, were approximately
$28.3 million. VBL Therapeutics intends to use the net proceeds
from the offering for working capital and other general corporate
purposes.
Guggenheim Securities, LLC acted as bookrunning manager for the
offering. Oppenheimer & Co. Inc. also acted as a joint
bookrunner. Roth Capital Partners and JonesTrading Institutional
Services LLC acted as co-managers.
The securities described were 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”). A preliminary prospectus supplement and a final prospectus
supplement relating to and describing the terms of the offering has
been filed with the SEC. The final prospectus supplement is
available on the SEC’s website located at www.sec.gov. Copies of
the final 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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