Vaxil Announces Audited Annual Results and Provides Business Update
April 28 2020 - 9:10AM
VAXIL BIO LTD. (“Vaxil” or the “Company”) (TSX VENTURE: VXL), an
innovative immunotherapy biotech company specializing in cancer and
infectious diseases, is pleased to announce that the Company’s
annual financial statements and management discussion and analysis
for the year ended December 31, 2019 are now available to download
on the Company's website at www.vaxil-bio.com/ and on Sedar at
www.sedar.com.
The following is a summary of the activities of
the Company in 2019 and through to the date of this release:
Financial Highlights
- The Company ended the year with cash on hand of $83 thousand.
However, the Company now has approximately $1.3 million in
cash, following the completion of a bridge financing in
March 2020 and the exercise of an aggregate of 13,880,000 warrants
with an exercise price of $0.10 issued in January 2018.
COVID-19
- In February 2020, the Company shifted much of its resources to
identifying and developing a potential vaccine for COVID-19
(“Vaccine Candidate”). The Vaccine Candidate is based on
unique and patent-protected signal peptide technology and was
discovered utilizing Vaxil’s proprietary VaxHit™ bioinformatics
platform. The Vaccine Candidate’s design is based on knowledge
gained from in vivo experiments including testing Vaxil’s
tuberculosis signal peptide vaccine candidate. The current work may
also lead to other infectious disease applications.
- In March 2020, the Company applied for two US patents in
connection with COVID-19. These are intended to provide broad
patent protection for novel vaccines, pharmaceutical compositions
and methods of treating and preventing an infectious disease as
well as methods for producing a peptide vaccine against
coronaviruses.
- During April 2020, we started conducting pre-clinical
experiments in our laboratory in Israel. The results of work to
date indicate that our Vaccine Candidate shows proliferation in
T-cells. As is common in such early preclinical trials/research
programs, these experiments were performed on healthy donor blood
cells to validate the immune response in a screening protocol. The
experiments have not been independently verified; however, this
will take place as we advance our research program.
- We are in discussions with medical and academic institutions in
order to advance our program.
In addition to our work COVID-19, Vaxil
maintains other programs as follows:
- our signal peptide platform comprises ImMucin™ which completed
a phase 1/2a clinical trial and can be deployed as an adjunct
therapy or combination therapy to synergistically improve the
standard of care for solid tumors with high risk of metastasis.
Preclinical studies are planned to support future clinical
trials.
- Vaxil’s platform has potential as a treatment for various
infectious diseases. Over the past year, Vaxil advanced the signal
peptide platform in infectious disease, focusing on tuberculosis
with MTBuVax™. Preclinical studies confirmed the efficacy of
Vaxil’s signal peptides in reducing bacterial load in the lungs in
a murine protection model. Further studies will evaluate
tuberculosis SPs as a boost to standard of care, in order to (1)
increase treatment efficacy, (2) prolong the protective immunity
effect and/or (3) expand the treated population. Vaxil has
collaborations with world-renowned tuberculosis researchers at a
top research university.
- Vaxil’s VaxHit™ has identified additional peptide candidates
pertinent to a variety of cancers that can be developed as either
SPs or mAbs. VaxHit™ will continue to be employed to identify other
candidates for oncological and infectious disease indications.
“Vaxil has been quite active during the last 16
months. In 2019, our focus was primarily in oncology and TB, but
that quickly shifted in early 2020 to COVID-19, based on Vaxil’s
prior knowledge and expertise,” said Gadi Levin, Vaxil’s Chief
Financial Officer, and continued, “The cash injection from the
exercise of warrants has provided the Company with funds to advance
our COVID-19 research while we seek additional sources of
financing.”
The Company is not making any express or implied
claims that it has developed a vaccine to treat COVID-19 (or
SARS-CoV-2) at this time.
ABOUT VAXIL
Vaxil is an Israeli immunotherapy biotech
company focused on its novel approach to targeting prominent cancer
markers and infectious diseases. Its lead product ImMucin™
successfully completed a Phase 1/2 clinical trial in multiple
myeloma and received orphan drug status from the FDA and EMA. The
company aims to continue to develop ImMucin™ and a
tuberculosis vaccine / treatment that has demonstrated promising
preliminary results with further preclinical evaluation planned.
Additional indications and mAb candidates are under evaluation as
immuno-oncology and infectious disease treatments alone and in
combination with other treatments.
Vaxil exploits the unique properties of signal
peptide domains on crucial proteins to develop targeted therapies
against cancer targets and infectious disease pathogens. These
signal peptide domains are identified by VaxHit™, Vaxil’s
proprietary bioinformatic approach. These SPs induce a robust T-
and B-cell response across wide and varied HLA subtypes, while
acting as true, universal neoantigens. The peptide platform targets
these cells by “educating” or specifically activating the immune
system to recognize and attack the affected cells. In addition,
Vaxil’s mAb platform directly recognizes the target protein
expressed on malignant cells and recruits other elements of the
immune system to lyse those cells.
Disclaimer: The Company cautions that COVID-19
Vaccine Development is still under early stage research and
development and is not making any express or implied claims that it
has the ability to eliminate the COVID-19 virus at this time. The
TSX Venture Exchange Inc. has in no way passed upon the merits of
the Company has neither approved nor disapproved the contents of
this press release. Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. This news release contains
forward-looking information, which involves known and unknown
risks, uncertainties and other factors that may cause actual events
to differ materially from current expectation. Important factors -
including the availability of funds, the results of financing
efforts, the results of exploration activities -- that could cause
actual results to differ materially from the Company's expectations
are disclosed in the Company's documents filed from time to time on
SEDAR (see www.sedar.com). Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. The company disclaims
any intention or obligation, except to the extent required by law,
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. This press
release does not constitute an offer to sell or a solicitation of
an offer to sell any of the securities described herein in the
United States or elsewhere. These securities have not been, and
will not be, registered in the United States Securities Act of
1933, as amended, or any state securities laws, and may not be
offered or sold in the United States or to U.S. persons unless
registered or exempt therefrom.
CONTACT INFORMATIONFor further information
please visit http://vaxil-bio.com/ or contact: David
Goren, CEO -- info@vaxil-bio.com, +972 (52) 720-6000
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