Vaxil Provides Update of Conversion of Previously Issued Convertible Debt and the Granting of Options
September 17 2020 - 8:30AM
VAXIL BIO LTD. (“
Vaxil” or the
“
Company”) (TSX VENTURE: VXL), an innovative
immunotherapy biotech company specializing in cancer and infectious
diseases, announced that effective September 17, 2020 (the
“
Effective Date”), the Company converted all of
its outstanding convertible debentures, in the principle amount of
$36,000, into 740,086 common shares of the Company (“
Common
Shares”). Interest amounting to $2,209 was converted
into 20,086 Common Shares at the market price of the Common Shares,
being CAD$0.10
The Company also wishes to announce the
granting, of 200,000 stock options (the “Consultant
Options”) to two consultants, issued pursuant to
the Company's stock option plan (the "SOP"),
exercisable into an equal amount of Common Shares at an
exercise price of CAD $0.12 per Share (the "Consultant
Options"). 100,000 of the Consultant Options shall vest in
three equal installments with 1/3 vesting on the Effective Date
(the “Initial Grant”), 1/3 on the 6 month
anniversary of the Initial Grant and the last 1/3 on the 12 month
anniversary of the Initial Grant. The remaining 100,000 options
shall vest in three equal installments with 1/3 vesting on the
one-year anniversary of the Initial Grant, 1/3 on the 2 year
anniversary of the Initial Grant and the last 1/3 on the 3 year
anniversary of the Initial Grant. All Consultant Options shall
expire on the 5th anniversary of the Initial Grant.
Finally, the Company wishes to announce that
following the successful in vivo study (previously announced on
September 8, 2020), the Company granted 1.4 million stock options
in aggregate to the CEO and CFO, pursuant to the terms of the SOP,
exercisable into an equal amount of Common Shares at an
exercise price of CAD $0.12 per Common Share (the
"Management Options"). One third of the Management
Options vest immediately (the "Initial Date"),
one-third vest on the one-year anniversary of the Initial
Date, and the remaining amount on the second anniversary of
the Initial Date. The Management Options expire 5 years from the
Initial Date.
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 for which it received orphan drug status from the FDA and
EMA. The company aims to continue to develop ImMucin™, a COVID-19
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 signal pepdies 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.
The Company is not making any express or implied
claims that it has completed developing or will be successful in
developing a COVID-19 (or SARS-CoV-2) vaccine at this time.
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.
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 and has neither approved nor disapproved the contents
of this press 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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