Vascular Biogenics Ltd. Prices Public Offering of Ordinary Shares and Pre-Funded Warrants
April 09 2021 - 8:58AM
Vascular Biogenics Ltd. (“VBL Therapeutics” or the “Company”)
(NASDAQ: VBLT), today announced the pricing of an underwritten
public offering of 5,150,265 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. In addition, VBL Therapeutics has granted the
underwriters a 30-day option to purchase additional ordinary shares
up to 15% of the aggregate number of ordinary shares plus the
ordinary shares underlying pre-funded warrants that are sold in the
offering, at the public offering price less the underwriting
discounts and commissions. The offering is expected to close on
April 13, 2021, subject to the satisfaction of customary closing
conditions. All of the securities in the offering are to be 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, are expected to
be approximately $25.0 million. 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 offering. Oppenheimer & Co. Inc. is also acting
as a joint bookrunner. Roth Capital Partners and JonesTrading
Institutional Services LLC are acting 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”). The securities may be offered only by means
of a prospectus. A preliminary prospectus supplement relating to
and describing the terms of the offering has been filed with the
SEC 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 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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