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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 |
Conference Call and Webcast at 8:30am Eastern Time Today
“We were pleased to announce last week the signing of an exclusive license agreement with NanoCarrier Co., Ltd. (NanoCarrier) for the development, commercialization and supply of VB-111 in Japan. The license agreement with NanoCarrier provided for an upfront payment of $15 million on November 7, 2017, which strengthens our cash position with non-dilutive money and provides external validation of the Company and VB-111. Our Phase 3 GLOBE Trial investigating VB-111 in recurrent glioblastoma multiforme (rGBM) is moving according to plan, and the Data Safety Monitoring Committee, in their last and final safety review, recommended that the study continue to completion,” said Prof. Dror Harats, Chief Executive Officer of VBL Therapeutics. “We currently expect top line results in the first quarter of 2018. As we advance towards our planned Biologics License Application (BLA) filing for VB-111, we continue to make preparations for launch and commercialization. We were pleased to open our state of the art gene therapy manufacturing facility in Modiin, Israel, which is designed to produce commercial quantities of the drug.”
“Beyond rGBM, we remain on-track to initiate a Phase 3 study of VB-111 in ovarian cancer by year-end 2017,” continued Harats. “We are also planning an exploratory clinical study in combination with a checkpoint inhibitor in lung cancer in the first quarter of 2018.”
Third Quarter and Recent Corporate Highlights:
Third Quarter Ended September 30, 2017 Financial Results:
Nine Months Ended September 30, 2017 Financial Results:
Conference CallTuesday, November 14 @ 8:30am Eastern Time
Domestic: | 877-280-1254 | |
International: | 646-254-3366 | |
Conference ID: | 1013162 | |
Webcast: | https://edge.media-server.com/m6/p/avv5bjwq |
Replays, Available through November 28th:
Domestic: | 888-203-1112 | |
International: | 719-457-0820 | |
Replay Passcode: | 1013162 | |
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, 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 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) | ||||||||
September 30, | December 31, | |||||||
2017 | 2016 | |||||||
U.S. dollars in thousands | ||||||||
Assets | ||||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | $ | 11,667 | $ | 11,585 | ||||
Short-term bank deposits | 16,497 | 33,669 | ||||||
Other current assets | 1,201 | 1,320 | ||||||
TOTAL CURRENT ASSETS | 29,365 | 46,574 | ||||||
NON-CURRENT ASSETS: | ||||||||
Property and equipment, net | 5,644 | 687 | ||||||
Long-term prepaid expenses | 134 | 13 | ||||||
TOTAL NON-CURRENT ASSETS | 5,778 | 700 | ||||||
TOTAL ASSETS | $ | 35,143 | $ | 47,274 | ||||
Liabilities and equity | ||||||||
CURRENT LIABILITIES— | ||||||||
Accounts payable and accrued expenses: | ||||||||
Trade | $ | 3,253 | $ | 2,522 | ||||
Other | 1,754 | 2,266 | ||||||
TOTAL CURRENT LIABILITIES | 5,007 | 4,788 | ||||||
NON-CURRENT LIABILITIES— | ||||||||
Severance pay obligations, net | 93 | 86 | ||||||
TOTAL LIABILITIES | 5,100 | 4,874 | ||||||
EQUITY: | ||||||||
Ordinary shares | 50 | 50 | ||||||
Accumulated other comprehensive income | 40 | 40 | ||||||
Additional paid in capital | 201,489 | 197,400 | ||||||
Warrants | 2,960 | 2,960 | ||||||
Accumulated deficit | (174,496 | ) | (158,050 | ) | ||||
TOTAL EQUITY | 30,043 | 42,400 | ||||||
TOTAL LIABILITIES AND EQUITY | $ | 35,143 | $ | 47,274 | ||||
VASCULAR BIOGENICS LTD. | ||||||||||||||||
CONDENSED INTERIM STATEMENTS OF COMPREHENSIVE LOSS | ||||||||||||||||
(UNAUDITED) | ||||||||||||||||
Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
U.S. dollars in thousands | ||||||||||||||||
RESEARCH AND DEVELOPMENT EXPENSES, net | $ | 4,753 | $ | 2,235 | $ | 12,106 | $ | 8,468 | ||||||||
GENERAL AND ADMINISTRATIVE EXPENSES | 1,724 | 1,068 | 4,727 | 2,991 | ||||||||||||
OPERATING LOSS | 6,477 | 3,303 | 16,833 | 11,459 | ||||||||||||
FINANCIAL EXPENSES | 35 | 3 | 43 | 9 | ||||||||||||
OTHER FINANCIAL (INCOME) EXPENSES | 28 | (112 | ) | (430 | ) | (271 | ) | |||||||||
FINANCIAL (INCOME) EXPENSES, net | 63 | (109 | ) | (387 | ) | (262 | ) | |||||||||
COMPREHENSIVE LOSS | $ | 6,540 | $ | 3,194 | $ | 16,446 | $ | 11,197 | ||||||||
LOSS PER ORDINARY SHARE | U.S. dollars | |||||||||||||||
Basic and diluted | $ | 0.24 | $ | 0.12 | $ | 0.61 | $ | 0.46 | ||||||||
Number of shares | ||||||||||||||||
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING— | ||||||||||||||||
Basic and diluted | 27,100,213 | 26,875,818 | 27,005,550 | 24,323,508 | ||||||||||||
INVESTOR CONTACT: Michael Rice LifeSci Advisors, LLC (646) 597-6979
MEDIA CONTACT:Matt MiddlemanLifeSci Public Relations(646) 627-8384
1 Year Vascular Biogenics Chart |
1 Month Vascular Biogenics Chart |
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