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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Vascular Biogenics Ltd | NASDAQ:VBLT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.156 | 0.1598 | 0.1599 | 0 | 01:00:00 |
“VBL made significant advances on clinical and operational fronts during the second quarter of 2017,” said Prof. Dror Harats, Chief Executive Officer of VBL Therapeutics. “We continue to progress in our Phase 3 GLOBE study investigating our lead asset VB-111 in patients with recurrent glioblastoma (rGBM). The trial is proceeding according to plan, following a second positive review by the independent Data Safety Monitoring Committee (DSMC) that took place in April. We expect a final DSMC review in late September, and top-line data in Q1 2018. Based on our interactions with the FDA and the SPA for the trial, the GLOBE study should support a Biologics License Application (BLA)."
“VB-111 continues to generate positive clinical results and we recently provided follow-up data demonstrating that more than 50% of patients achieved long-term survival following treatment with VB-111 in our three completed Phase 2 trials, in rGBM, platinum-resistant ovarian cancer and radioiodine refractory differentiated thyroid cancer. VBL is also following up on patients who remain alive for up to 7 years after enrolling into VB-111 Phase 1 study,” continued Prof. Harats. "We are on track to initiate a Phase 3 study of VB-111 in ovarian cancer by year-end 2017 and an exploratory clinical study in combination with a checkpoint inhibitor in lung cancer in Q1 2018.”
“As we are planning for commercialization of VB-111 in rGBM and preparing to launch our new manufacturing facility, we also made an important senior management addition during the quarter, with the appointment of Dr. Corinne Epperly as our US Chief Operating Officer. Dr. Epperly’s impressive skills and industry track record will be valuable assets to VBL as we continue to advance VB-111 in multiple oncology indications. We welcome her to the team and look forward to the contributions she will make,” concluded Prof. Harats.
Second Quarter and Recent Corporate Highlights:
Second Quarter Ended June 30, 2017 Financial Results:
Six Months Ended June 30, 2017 Financial Results:
Conference CallMonday, August 14th @ 8:30am Eastern Time
Domestic: | 877-280-1254 | |
International: | 646-254-3367 | |
Conference ID: | 1065636 | |
Webcast: | https://edge.media-server.com/m6/p/m9onohwh | |
Replays, Available through August 27, 2017
Domestic: | 866-932-5017 | |
International: | 347-366-9565 | |
Conference ID: | 1065636 | |
About VBLVascular 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 biologic agent that uses a dual mechanism to target solid tumors. It utilizes an angiogenesis-specific sensor (VBL's PPE-1-3x proprietary promoter) to specifically target the tumor vasculature, by induction of cell death in angiogenic endothelial cells in the tumor milieu. Moreover, it is an immune-stimulant that triggers a local anti-tumor immune response, which is accompanied by recruitment of CD8 T-cells and apoptosis of tumor cells. Ofranergene obadenovec is positioned to treat a wide range of solid tumors and is conveniently administered as an IV infusion once every two months. It has been observed to be well-tolerated in >300 cancer patients and we have observed its 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 Phase 3 pivotal trial for recurrent Glioblastoma, conducted under an FDA Special Protocol Assessment (SPA).
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 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. 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.
VASCULAR BIOGENICS LTD.CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION(UNAUDITED) | |||||||||
June 30, | December 31, | ||||||||
2017 | 2016 | ||||||||
U.S. dollars in thousands | |||||||||
Assets | |||||||||
CURRENT ASSETS: | |||||||||
Cash and cash equivalents | $ | 11,064 | $ | 11,585 | |||||
Short-term bank deposits | 22,724 | 33,669 | |||||||
Other current assets | 3,875 | 1,320 | |||||||
TOTAL CURRENT ASSETS | 37,663 | 46,574 | |||||||
NON-CURRENT ASSETS: | |||||||||
Property and equipment, net | 3,171 | 687 | |||||||
Long-term prepaid expenses | 176 | 13 | |||||||
TOTAL NON-CURRENT ASSETS | 3,347 | 700 | |||||||
TOTAL ASSETS | $ | 41,010 | $ | 47,274 | |||||
Liabilities and equity | |||||||||
CURRENT LIABILITIES— | |||||||||
Accounts payable and accrued expenses: | |||||||||
Trade | $ | 4,087 | $ | 2,522 | |||||
Other | 1,730 | 2,266 | |||||||
TOTAL CURRENT LIABILITIES | 5,817 | 4,788 | |||||||
NON-CURRENT LIABILITIES— | |||||||||
Severance pay obligations, net | 94 | 86 | |||||||
TOTAL LIABILITIES | 5,911 | 4,874 | |||||||
EQUITY: | |||||||||
Ordinary shares | 50 | 50 | |||||||
Accumulated other comprehensive income | 40 | 40 | |||||||
Additional paid in capital | 200,005 | 197,400 | |||||||
Warrants | 2,960 | 2,960 | |||||||
Accumulated deficit | (167,956 | ) | (158,050 | ) | |||||
TOTAL EQUITY | 35,099 | 42,400 | |||||||
TOTAL LIABILITIES AND EQUITY | $ | 41,010 | $ | 47,274 |
VASCULAR BIOGENICS LTD.CONDENSED INTERIM STATEMENTS OF COMPREHENSIVE LOSS(UNAUDITED) | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||
U.S. dollars in thousands | |||||||||||||||||
RESEARCH AND DEVELOPMENT EXPENSES, net | $ | 3,209 | $ | 2,230 | $ | 7,353 | $ | 6,233 | |||||||||
GENERAL AND ADMINISTRATIVE EXPENSES | 1,898 | 1,060 | 3,003 | 1,923 | |||||||||||||
OPERATING LOSS | 5,107 | 3,290 | 10,356 | 8,156 | |||||||||||||
FINANCIAL INCOME | (239 | ) | (22 | ) | (458 | ) | (159 | ) | |||||||||
FINANCIAL EXPENSES | 4 | 6 | 8 | 6 | |||||||||||||
FINANCIAL EXPENSES, net | (235 | ) | (16 | ) | (450 | ) | (153 | ) | |||||||||
COMPREHENSIVE LOSS | $ | 4,872 | $ | 3,274 | $ | 9,906 | $ | 8,003 | |||||||||
LOSS PER ORDINARY SHARE | U.S. dollars | ||||||||||||||||
Basic and diluted | $ | 0.18 | $ | 0.14 | $ | 0.37 | $ | 0.35 | |||||||||
Number of shares | |||||||||||||||||
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING— | |||||||||||||||||
Basic and diluted | 27,009,719 | 23,602,333 | 26,957,719 | 23,033,339 | |||||||||||||
INVESTOR CONTACT: Michael Rice LifeSci Advisors, LLC (646) 597-6979 MEDIA CONTACT: Matt Middleman LifeSci Public Relations (646) 627-8384
1 Year Vascular Biogenics Chart |
1 Month Vascular Biogenics Chart |
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