TEL AVIV, Israel, April 09, 2018 (GLOBE NEWSWIRE) -- VBL Therapeutics (Nasdaq:VBLT) today announced that it has been awarded a grant of 8.9 million New Israeli Shekels (approximately $2.5 million) by the Israel Innovation Authority (IIA). The funds will support the development of the Company’s lead candidate VB-111 and its Vascular Targeting System (VTS™) platform for therapeutic gene therapy. The Company’s lead VTS candidate, ofranergene obadenovec (VB-111), is a targeted anti-cancer gene-therapy agent currently under investigation in the Phase 3 OVAL Study for platinum-resistant ovarian cancer, with potential for additional solid tumors.
"The IIA’s continued support underscores the confidence the Authority has in our lead candidate VB-111,” said Prof. Dror Harats, Chief Executive Officer of VBL Therapeutics. “The $2.5 million grant, in addition to the more than $50 million in cash at December 31, 2017, will enable us to continue the development of VB-111 and our other pipeline candidates through 2020.”
About the Israel Innovation Authority
The Israel Innovation Authority (formerly the Office of the Chief Scientist and MATIMOP) is an independent and impartial public entity that operates for the benefit of the Israeli innovation ecosystem and the country’s economy as a whole. The IIA's vision is to create economic prosperity through innovation. For more information refer to http://www.matimop.org.il.
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 cancer. The Company’s lead oncology product candidate, ofranergene obadenovec (VB-111), is a first-in-class, targeted anti-cancer gene-therapy agent that is positioned to treat a wide range of solid tumors. It is conveniently administered as an IV infusion once every two months. It has been observed to be well-tolerated in >300 cancer patients and demonstrated efficacy signals in an “all comers” Phase 1 trial as well as in three tumor-specific Phase 2 studies. VB-111 is currently being studied in a Phase 3 trial for platinum-resistant ovarian cancer.
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 projected cash resources and cash runway, the clinical development of ofranergene obadenovec (VB-111) and our other pipeline candidates, including our expectations relating to their clinical trials and therapeutic potential in the conditions in which they are being or may in the future be evaluated. 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, the risk that historical clinical trial results may not be predictive of future trial results, and that our product candidates that we are developing may not demonstrate success in clinical trials despite promising signals observed in prior studies. A further list and description of these risks, uncertainties and other risks can be found in the Company’s regulatory filings with the U.S. Securities and Exchange Commission, including in our annual report on Form 20-F for the year ended December 31, 2017. 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.
LifeSci Advisors, LLC
Matt Middleman, M.D.
LifeSci Public Relations