VBL Therapeutics Announces First Quarter 2017 Financial Results
“We continue to execute on our strategy to develop VB-111, a targeted anti-cancer gene-therapy agent that is positioned to treat a wide range of solid tumors,” said Professor
“We are also exploring the potential of VB-111 in other tumor types, and recently presented data at the ASGCT conference showing an enhanced benefit of VB-111 in combination with a checkpoint inhibitor in preclinical models of lung cancer and melanoma. Accordingly, we intend to launch an exploratory study of VB-111 in combination with a checkpoint inhibitor in lung cancer by year-end 2017,” continued Prof. Harats. “Supporting this progress is a strong balance sheet, with
First Quarter and Recent Corporate Updates
- Completed enrollment in the pivotal GLOBE study investigating VB-111 in rGBM.
° Enrollment in the study, 256 patients in total, was completed in
December 2016, five months ahead of schedule.
° The DSMB committee reviewed the GLOBE safety data collected through a cutoff date in March 2017 and unanimously recommended that the study continue as planned.
° Company expects the GLOBE interim analysis to occur in the third quarter of 2017, with top-line results from the full dataset becoming available in early 2018.
- Presented preclinical data on VB-111 in combination with a checkpoint inhibitor at the 20th Annual
American Society of Gene & Cell Therapy(ASGCT) meeting in Washington DC.
° Combination of VB-111 and anti-PD-L1 resulted in an amplified antitumor effect in models of lung cancer and melanoma.
- Data from the prior Phase 2 clinical trial that investigated VB-111 in rGBM have been selected for presentation at the 2017
American Society of Clinical Oncology( ASCO) annual meeting on June 5.
° The poster at ASCO will feature new data on individual patients who were enrolled in this trial.
- Announced full results from exploratory Phase 2 study of VB-111 in patients with advanced, differentiated thyroid cancer.
° The study previously met its primary endpoint, defined as 6-month progression-free-survival (PFS-6) of 25%, with a dose response. An overall survival benefit was seen with a tail of more than 40% at 3.7 years for the therapeutic-dose cohort.
- Published research on MOSPD2, a potential novel immune-oncology target at the annual
American Association of Cancer Research(AACR) meeting in Washington DC.
° A paper discussing MOSPD2 was published online in
The Journal of Immunologyin January 2017.
° Targeting of MOSPD2 may have several therapeutic applications, including inhibition of monocyte migration in chronic inflammatory conditions inhibition of tumor cell metastases and targeting of MOSPD2 tumor cells.
° VBL’s “VB-600 series” of pipeline candidates is being developed toward these applications.
- Announced new data supporting use of Lecinoxoids in NASH
° In a retrospective analysis of five Phase 1 studies and three Phase 2 studies, liver enzyme tests were performed for subjects dosed with VB-201, and identified a statistically significant time- and dose-dependent reduction of alkaline phosphatase (ALP) blood levels as well as a reduction in levels of gamma-glutamyltransferase (GGT), in patients treated orally with VB-201. Reductions in these biomarkers may indicate improvement in liver fibrosis.
First Quarter 2017 Financial Results:
- Cash Position: At
March 31, 2017, we had cash, cash equivalents and short-term bank deposits totaling $39.6 millionand working capital of $37.2 million. We expect that our cash, cash equivalents and short-term bank deposits will enable us to fund our operating expenses and capital expenditure requirements into 2019 and is expected to be sufficient to enable us to complete our ongoing Phase 3 clinical trial of VB-111 in rGBM, to support our planned potential registration trial in ovarian cancer and an exploratory clinical study of VB-111 in combination with a checkpoint inhibitor in lung cancer, as well as to support the investment in the new Modiin facility to which we intend to relocate in a few months.
- R&D Expenses: Research and development expenses for the quarter ended
March 31, 2017were approximately $4.1 million, compared to approximately $4.0 millionin the same period of 2016.
- G&A Expenses: General and administrative expenses for the quarter ended
March 31, 2017were approximately $1.1 million, compared to approximately $0.9 millionin the same period of 2016.
- Net Loss: The Company reported a net loss for the quarter ended
March 31, 2017of $5.0 million, or ($0.19)per share, compared to a net loss of $4.7 million, or ($0.21)per share in the quarter ended March 31, 2016.
|Conference Call, Monday, May 15th @ 8:30am Eastern Time
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Forward Looking Statements
This press release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “goal,” “intend,” “look forward to”, “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions. These forward-looking statements include, but are not limited to, statements regarding the clinical development of ofranergene obadenovec (VB-111) and its therapeutic potential, ongoing and planned clinical trials and clinical results, including the timing thereof, our other pipeline candidates, including the clinical development and therapeutic potential of our VB-600 series of pipeline candidates and Lecinoxoids in NASH, our new Modiin facility and our cash position and financial outlook. These forward-looking statements are not promises or guarantees and involve substantial risks and uncertainties. Among the factors that could cause actual results to differ materially from those described or projected herein include uncertainties associated generally with research and development, clinical trials and related regulatory reviews and approvals, and the risk that historical clinical trial results may not be predictive of future trial results. In particular, results from our pivotal Phase 3 clinical trial of ofranergene obadenovec (VB-111) in rGBM may not support approval of ofranergene obadenovec for marketing in
|VASCULAR BIOGENICS LTD.
CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION
|March 31,||December 31,|
|U.S. dollars in thousands|
|Cash and cash equivalents||$||5,947||$||11,585|
|Short-term bank deposits||33,686||33,669|
|Other current assets||2,037||1,320|
|TOTAL CURRENT ASSETS||41,670||46,574|
|Property and equipment, net||878||687|
|Long-term prepaid expenses||187||13|
|TOTAL NON-CURRENT ASSETS||1,065||700|
|Liabilities and equity|
|Accounts payable and accrued expenses:|
|TOTAL CURRENT LIABILITIES||4,520||4,788|
|Severance pay obligations, net||91||86|
|Accumulated Other comprehensive income||40||40|
|Additional paid in capital||198,158||197,400|
|TOTAL LIABILITIES AND EQUITY||$||42,735||$||47,274|
|VASCULAR BIOGENICS LTD.
CONDENSED INTERIM STATEMENTS OF COMPREHENSIVE LOSS
|Three Months Ended March 31,|
|U.S. dollars in thousands|
|RESEARCH AND DEVELOPMENT EXPENSES, net||$||4,144||$||4,003|
|GENERAL AND ADMINISTRATIVE EXPENSES||1,105||863|
|FINANCIAL EXPENSES, net||(215||)||(137||)|
|LOSS PER ORDINARY SHARE||U.S. dollars|
|Basic and diluted||$||0.19||$||0.21|
|Number of shares|
|WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING—|
|Basic and diluted||26,907,172||22,476,773|
Michael Rice LifeSci Advisors, LLC(646) 597-6979