Conference Call and Webcast at 8:30am Eastern Time Today
TEL AVIV, Israel, Aug. 16, 2018 (GLOBE NEWSWIRE) -- VBL Therapeutics (Nasdaq: VBLT) today announced financial results for the second quarter ended June 30, 2018 and provided a corporate update.
“VBL is well capitalized, with more than $58 million in cash, which will enable us to continue the development of VB-111 in ovarian cancer, and to advance our innovative pipeline, including our exciting VB-600 platform targeting MOSPD2, for more than the next three years," said Dror Harats M.D., Chief Executive Officer of VBL Therapeutics.
"We continue to have high conviction in the promise of VB-111 and are focused on executing the ongoing Phase 3 OVAL trial, evaluating VB-111 in platinum-resistant ovarian cancer. We plan to conduct an interim efficacy analysis of this trial in the fourth quarter of 2019.”
“We are excited about our MOSPD2 platform and are very encouraged by the emerging data which highlights the potential of this novel target in the treatment of both cancer and inflammatory disease such as multiple sclerosis. Our goal is to file the first IND from this program by year-end 2019,” continued Prof. Harats.
VBL will present more data on MOSPD2 at the European Committee for Treatment and Research in Multiple Sclerosis (or ECTRIMS) conference on October 11th in Berlin.
Second Quarter and Recent Corporate Highlights:
Second Quarter Ended June 30, 2018 Financial Results:
Conference Call:
Thursday, August 16th @ 8:30am Eastern Time
US Domestic: 877-222-6394
International: 703-925-2702
Conference ID: 3572709
Webcast: https://edge.media-server.com/m6/p/9dz8zzo9
Replays, Available through August 30, 2018
US Domestic: 855-859-2056
International: 404-537-3406
Conference ID: 3572709
About VBL
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. Ofranergene obadenovec is currently being studied in a Phase 3 trial for platinum-resistant ovarian cancer.
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. 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. 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.
INVESTOR CONTACT:
Michael Rice
LifeSci Advisors, LLC
(646) 597-6979
VASCULAR BIOGENICS LTD. | ||||||||
CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION | ||||||||
(UNAUDITED) | ||||||||
June 30, 2018 | December 31, 2017 | |||||||
U.S. dollars in thousands | ||||||||
Assets | ||||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | $ | 58,530 | $ | 6,694 | ||||
Short-term bank deposits | - | 48,035 | ||||||
Trade receivables | - | 2,000 | ||||||
Other current assets | 2,002 | 1,729 | ||||||
TOTAL CURRENT ASSETS | 60,532 | 58,458 | ||||||
NON-CURRENT ASSETS: | ||||||||
Property and equipment, net | 9,143 | 7,128 | ||||||
Long-term prepaid expenses | 39 | 103 | ||||||
TOTAL NON-CURRENT ASSETS | 9,182 | 7,231 | ||||||
TOTAL ASSETS | $ | 69,714 | $ | 65,689 | ||||
Liabilities and equity | ||||||||
CURRENT LIABILITIES- | ||||||||
Accounts payable: | ||||||||
Trade | $ | 2,050 | $ | 3,058 | ||||
Other | 2,694 | 3,465 | ||||||
Deferred revenue | 703 | 1,046 | ||||||
Lease liability | 351 | - | ||||||
TOTAL CURRENT LIABILITIES | 5,798 | 7,569 | ||||||
NON-CURRENT LIABILITIES- | ||||||||
Severance pay obligations, net | 121 | 128 | ||||||
Deferred revenue | 2,092 | 2,092 | ||||||
Lease liability | 641 | - | ||||||
TOTAL NON-CURRENT LIABILITIES | 2,854 | 2,220 | ||||||
TOTAL LIABILITIES | 8,652 | 9,789 | ||||||
EQUITY: | ||||||||
Ordinary shares | 73 | 57 | ||||||
Accumulated other comprehensive income | 16 | 16 | ||||||
Additional paid in capital | 232,490 | 221,055 | ||||||
Warrants | 7,904 | 2,960 | ||||||
Accumulated deficit | (179,421 | ) | (168,188 | ) | ||||
TOTAL EQUITY | 61,062 | 55,900 | ||||||
TOTAL LIABILITIES AND EQUITY | $ | 69,714 | $ | 65,689 | ||||
VASCULAR BIOGENICS LTD. | |||||||||||||||||||
CONDENSED INTERIM STATEMENTS OF COMPREHENSIVE LOSS | |||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||||
U.S. dollars in thousands | |||||||||||||||||||
REVENUES | $ | 180 | $ | - | $ | 343 | $ | - | |||||||||||
COST OF REVENUES | (77 | ) | - | (144 | ) | - | |||||||||||||
GROSS PROFIT | 103 | - | 199 | - | |||||||||||||||
RESEARCH AND DEVELOPMENT EXPENSES, net | $ | 2,895 | $ | 3,209 | $ | 8,655 | $ | 7,353 | |||||||||||
MARKETING EXPENSES | 189 | - | 424 | - | |||||||||||||||
GENERAL AND ADMINISTRATIVE EXPENSES | 1,171 | 1,898 | 2,566 | 3,003 | |||||||||||||||
OPERATING LOSS | 4,152 | 5,107 | 11,446 | 10,356 | |||||||||||||||
FINANCIAL INCOME | (108 | ) | (239 | ) | (253 | ) | (458 | ) | |||||||||||
FINANCIAL EXPENSES | 10 | 4 | 40 | 8 | |||||||||||||||
FINANCIAL INCOME, net | (98 | ) | (235 | ) | (213 | ) | (450 | ) | |||||||||||
COMPREHENSIVE LOSS | $ | 4,054 | $ | 4,872 | $ | 11,233 | $ | 9,906 | |||||||||||
LOSS PER ORDINARY SHARE | U.S. dollars | ||||||||||||||||||
Basic and diluted | $ | 0.13 | $ | 0.18 | $ | 0.37 | $ | 0.37 | |||||||||||
Number of shares | |||||||||||||||||||
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING-- | |||||||||||||||||||
Basic and diluted | 30,147,505 | 27,009,719 | 30,017,020 | 26,957,719 | |||||||||||||||