VBI Vaccines Responds to Unfounded Allegations in Globes Article
September 16 2018 - 1:00AM
VBI Vaccines Inc. (NASDAQ: VBIV) (“VBI”, the “Company”) is the
subject of an article published in Globes, Israel business news, on
September 12, 2018, written by Gali Weinreb (the “Article”)
alleging that VBI failed to meet its responsibilities of disclosure
regarding a court case in Israel. Those allegations are not
only false, but a gross mischaracterization of the facts. VBI holds
itself to the highest standards of integrity and has been
fully-compliant with disclosure requirements and regulations.
While there are numerous factual inaccuracies and misleading
assumptions in the article, VBI believes it is appropriate and
necessary to draw attention to a few specific allegations about the
Company’s disclosure of the referenced agreement and associated
court cases:
- The agreement referenced in the Article, which is between
SciVac Ltd., a wholly-owned subsidiary of VBI, and Mr. Nir Izhaki,
is a marketing and distribution agreement for the territories of
China, Taiwan, and UN Agencies, with an appendix to include Hong
Kong when a business opportunity to purchase Sci-B-Vac is presented
by Mr. Izhaki to SciVac Ltd.
- In company filings, VBI discloses existing marketing and
distribution agreements with an all-encompassing statement
regarding the use of a network of distributors. Details
regarding specific marketing and distribution agreements are only
disclosed if, and when, they are deemed to be material
agreements.
- Hong Kong is the only included region where Sci-B-Vac is
approved, though substantial revenue has not been generated in this
territory. Approvals in the other jurisdictions are likely
several years away, and payments under Mr. Izhaki’s agreement are
directly tied to actual sales in those territories, which may never
occur in a material amount.
- Mr. Izhaki’s court claims are also immaterial relative to VBI’s
current consolidated assets.
- Given the above, the agreement with Mr. Izhaki and his court
claims are not material to the Company in any manner and VBI,
accordingly, had no duty to specifically disclose either the
agreement or Mr. Izhaki’s claims in its public filings.
- SciVac was not approached ahead of the publication of the
Article, and, had the company been contacted, would have provided
information and details that would have invalidated these
allegations and corrected further misrepresentation.
VBI is currently evaluating what options are available to the
Company and its stockholders to remedy the damage inflicted by this
inaccurate and misleading article.
About VBI Vaccines Inc.
VBI Vaccines Inc. (“VBI”) is a commercial-stage
biopharmaceutical company developing a next generation of vaccines
to address unmet needs in infectious disease and immuno-oncology.
VBI’s first marketed product is Sci-B-Vac®, a hepatitis B (HBV)
vaccine that mimics all three viral surface antigens of the
hepatitis B virus; Sci-B-Vac® is approved for use in Israel and 10
other countries. VBI’s eVLP Platform technology enables the
development of enveloped virus-like particle (eVLP) vaccines that
closely mimic the target virus to elicit a potent immune response.
VBI is advancing a pipeline of eVLP vaccines, with lead programs in
cytomegalovirus (CMV) and glioblastoma (GBM). VBI is headquartered
in Cambridge, MA with research operations in Ottawa, Canada and
research and manufacturing facilities in Rehovot, Israel.
- Website Home: http://www.vbivaccines.com/
- News and Insights: http://www.vbivaccines.com/wire/
- Investors: http://www.vbivaccines.com/investors/
Cautionary Statement on Forward-looking
Information
Certain statements in this press release that are
forward-looking and not statements of historical fact are
forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and are forward-looking information within the meaning of Canadian
securities laws (collectively, “forward-looking statements”). The
company cautions that such statements involve risks and
uncertainties that may materially affect the company's results of
operations. Such forward-looking statements are based on the
beliefs of management as well as assumptions made by and
information currently available to management. Actual results could
differ materially from those contemplated by the forward-looking
statements as a result of certain factors, including but not
limited to the ability to establish that potential products are
efficacious or safe in preclinical or clinical trials; the ability
to establish or maintain collaborations on the development of
therapeutic candidates; the ability to obtain appropriate or
necessary governmental approvals to market potential products; the
ability to obtain future funding for developmental products and
working capital and to obtain such funding on commercially
reasonable terms; the company's ability to manufacture product
candidates on a commercial scale or in collaborations with third
parties; changes in the size and nature of competitors; the ability
to retain key executives and scientists; and the ability to secure
and enforce legal rights related to the company's products. A
discussion of these and other factors, including risks and
uncertainties with respect to the company, is set forth in the
Company's filings with the Securities and Exchange Commission and
the Canadian securities authorities, including its Annual Report on
Form 10-K filed with the Securities and Exchange Commission on
February 26, 2018, and filed with the Canadian security authorities
at sedar.com on February 26, 2018, as may be supplemented or
amended by the Company's Quarterly Reports on Form 10-Q. Given
these risks, uncertainties and factors, you are cautioned not to
place undue reliance on such forward-looking statements, which are
qualified in their entirety by this cautionary statement. All such
forward-looking statements made herein are based on our current
expectations and we undertake no duty or obligation to update or
revise any forward-looking statements for any reason, except as
required by law.
VBI Contact
Nicole Anderson, Communications ExecutivePhone: (617) 830-3031
x124Email: info@vbivaccines.com
VBI Investor Contact
Nell BeattieChief Business OfficerEmail: IR@vbivaccines.com
VBI Media Contact
Burns McClellan, Inc. Robert Flamm, Ph.D. Phone: (212)
213-0006Email: rflamm@burnsmc.com
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