TEL AVIV, Israel, Feb. 20, 2019 (GLOBE NEWSWIRE) -- VBL Therapeutics (Nasdaq: VBLT) (the “Company”) today announced that it has been awarded a non-dilutive grant of over 10 million New Israeli Shekels (approximately $2.9 million) by the Israel Innovation Authority (IIA) for 2019. The funds will support the continued development of the Company’s lead product candidate, VB-111, a first-in-class targeted anti-cancer gene-therapy agent. The Company is currently evaluating VB-111 in a potential registration study (OVAL) for the treatment of platinum-resistant ovarian cancer, with further plans to study VB-111 in additional solid tumor indications.
"We are appreciative of the continued substantial support by the IIA of our VB-111 program, which is a vote of confidence in our lead product candidate and its clinical and market potential,” said Prof. Dror Harats, Chief Executive Officer of VBL Therapeutics. “This $2.9 million grant, combined with the more than $53 million in cash on our balance sheet at September 30, 2018, will support our continued development of VB-111 and our other pipeline candidates, including our MOSPD2 programs in oncology and inflammation, through late 2021.”
About the Israel Innovation Authority
The Israel Innovation Authority is an independent and impartial public entity that operates for the benefit of the Israeli innovation ecosystem and the country’s economy. 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 greater than 300 cancer patients and demonstrated efficacy signals in an “all comers” Phase 1 trial as well as in three tumor-specific Phase 2 studies. Ofranergene obadenovec is currently being studied in a potential registration trial for platinum-resistant ovarian cancer.
About VBL's VB-600 Platform
VBL is conducting two parallel drug development programs that are exploring the potential of MOSPD2, a protein that VBL has identified as a key regulator of cell motility, as a therapeutic target for inflammatory diseases and cancer. Our VB-600 platform comprises classical anti-MOSPD2 monoclonal antibodies for inflammatory indications, as well as bi-specific antibody candidates for oncology.
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 our programs, including VB-111, including their clinical development, such as the timing thereof, therapeutic potential and clinical results, and the scope and protection of our intellectual property rights. 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 we may not realize the expected benefits of our intellectual property protection. 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, 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.
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