- Per agreement, milestone payments can exceed $100 million, in addition to double-digit million tiered royalties -
TEL AVIV, Israel, Feb. 08, 2018 (GLOBE NEWSWIRE) -- VBL Therapeutics (Nasdaq:VBLT) today announces that it has received a milestone payment from NanoCarrier Co., Ltd. (TSE Mothers:4571) in relation to the license agreement for the development, commercialization, and supply of ofranergene obadenovec (“VB-111”) in Japan. The milestone was paid following VBL's recent launch of the OVAL Phase 3 registrational study of VB-111 in recurrent platinum resistant ovarian cancer.
The amount of the recent milestone payment was not disclosed.
In November 2017, VBLT granted NanoCarrier an exclusive license to develop and commercialize VB-111 in Japan for all indications; VBLT retains exclusive rights to VB-111 in rest of world. VBLT previously received an up-front payment of $15 million, and can potentially receive greater than $100 million in development and commercial milestone payments, in addition to tiered royalties on net sales in the double-digit millions.
"We are excited about reaching this important milestone with NanoCarrier, and for the continuing development of our access to the Japanese market" said Dror Harats, M.D., chief executive officer of VBL Therapeutics. "Bringing this potentially life-changing new anticancer therapy to patients and physicians in Japan is important to all of us as we work to bring VB-111 to commercialization."
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, VB-111, is a first-in-class, targeted anti-cancer gene-therapy biologic with broad potential to treat a wide range of solid tumors. In October 2017, VBL opened its new gene therapy manufacturing plant in Modiin, Israel. This plant will be the commercial facility for production of the Company’s lead product candidate. The Modiin facility is the first commercial-scale gene therapy manufacturing facility in Israel and currently one of the largest gene-therapy designated ones in the world (20,000 sq. ft.). Top-line data from VBL's GLOBE Phase 3 pivotal trial of VB-111 for recurrent glioblastoma (rGBM), conducted under an FDA Special Protocol Assessment (SPA), are expected in the first quarter of 2018.
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 VB-111, including its clinical development, therapeutic potential and clinical results, including the expected timing of clinical results and the initiation of clinical trials, and our license with NanoCarrier, including with respect to future milestone payments. 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 VB-111 in rGBM may not support approval of VB-111 for marketing in the United States, notwithstanding the positive results seen in prior clinical experience. 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, 2016. 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.
Matt Middleman, M.D.
LifeSci Public Relations