VBL Therapeutics Announces First Quarter 2017 Financial

New Post Public Reply Private Reply Replies (0) Message Board
News Desk 2018
45
VBL Therapeutics Announces First Quarter 2017 Financial Results

TEL AVIV, Israel, May 15, 2017 (GLOBE NEWSWIRE) -- VBL Therapeutics (NASDAQ: VBLT ), a clinical-stage biotechnology company focused on the discovery, development and commercialization of first-in-class treatments for cancer, announced financial results for the first quarter ended March 31, 2017, as well as a corporate update.

“We continue to execute on our strategy to develop VB-111, a targeted anti-cancer gene-therapy agent that is positioned to treat a wide range of solid tumors,” said Professor Dror Harats, Chief Executive Officer of VBL Therapeutics.  “Our GLOBE pivotal trial in rGBM has completed enrollment and the DSMB committee reviewed the GLOBE safety data collected through a cutoff date in March 2017 and unanimously recommended that the study continue as planned.  Based on the current event rate in this trial, we now expect the interim analysis to occur in the third quarter of 2017, with top line data from the full dataset becoming available in early 2018. Our planned Phase 3 clinical trial of VB-111 in ovarian cancer is expected to begin in the second half of 2017.”

“We are also exploring the potential of VB-111 in other tumor types, and recently presented data at the ASGCT conference showing an enhanced benefit of VB-111 in combination with a checkpoint inhibitor in preclinical models of lung cancer and melanoma. Accordingly, we intend to launch an exploratory study of VB-111 in combination with a checkpoint inhibitor in lung cancer by year-end 2017,” continued Prof. Harats.  “Supporting this progress is a strong balance sheet, with $39.6 million in cash on hand at the end of the first quarter, which we believe will be sufficient to fund our operating expenses and capital expenditure requirements into 2019.”

First Quarter and Recent Corporate Updates

  • Completed enrollment in the pivotal GLOBE study investigating VB-111 in rGBM.   °  Enrollment in the study, 256 patients in total, was completed in December 2016, five months ahead of schedule.   °  The DSMB committee reviewed the GLOBE safety data collected through a cutoff date in March 2017 and unanimously recommended that the study continue as planned.    °  Company expects the GLOBE interim analysis to occur in the third quarter of 2017, with top-line results from the full dataset becoming available in early 2018.
  • Presented preclinical data on VB-111 in combination with a checkpoint inhibitor at the 20th Annual American Society of Gene & Cell Therapy (ASGCT) meeting in Washington DC.   °  Combination of VB-111 and anti-PD-L1 resulted in an amplified antitumor effect in models of lung cancer and melanoma.
  • Data from the prior Phase 2 clinical trial that investigated VB-111 in rGBM have been selected for presentation at the 2017 American Society of Clinical Oncology (ASCO) annual meeting on June 5.    °  The poster at ASCO will feature new data on individual patients who were enrolled in this trial.
  • Announced full results from exploratory Phase 2 study of VB-111 in patients with advanced, differentiated thyroid cancer.   °  The study previously met its primary endpoint, defined as 6-month progression-free-survival (PFS-6) of 25%, with a dose response. An overall survival benefit was seen with a tail of more than 40% at 3.7 years for the therapeutic-dose cohort.
  • Published research on MOSPD2, a potential novel immune-oncology target at the annual American Association of Cancer Research (AACR) meeting in Washington DC.   °  A paper discussing MOSPD2 was published online in  The Journal of Immunology in January 2017.   °  Targeting of MOSPD2 may have several therapeutic applications, including inhibition of monocyte migration in chronic inflammatory conditions inhibition of tumor cell metastases and targeting of MOSPD2 tumor cells.    °  VBL’s “VB-600 series” of pipeline candidates is being developed toward these applications.
  • Announced new data supporting use of Lecinoxoids in NASH   °  In a retrospective analysis of five Phase 1 studies and three Phase 2 studies, liver enzyme tests were performed for subjects dosed with VB-201, and identified a statistically significant time- and dose-dependent reduction of alkaline phosphatase (ALP) blood levels as well as a reduction in levels of gamma-glutamyltransferase (GGT), in patients treated orally with VB-201.  Reductions in these biomarkers may indicate improvement in liver fibrosis.

First Quarter 2017 Financial Results:

  • Cash Position :  At March 31, 2017, we had cash, cash equivalents and short-term bank deposits totaling $39.6 million and working capital of $37.2 million. We expect that our cash, cash equivalents and short-term bank deposits will enable us to fund our operating expenses and capital expenditure requirements into 2019 and is expected to be sufficient to enable us to complete our ongoing Phase 3 clinical trial of VB-111 in rGBM, to support our planned potential registration trial in ovarian cancer and an exploratory clinical study of VB-111 in combination with a checkpoint inhibitor in lung cancer, as well as to support the investment in the new Modiin facility to which we intend to relocate in a few months.
  • R&D Expenses: Research and development expenses for the quarter ended March 31, 2017 were approximately $4.1 million, compared to approximately $4.0 million in the same period of 2016.
  • G&A Expenses:  General and administrative expenses for the quarter ended March 31, 2017 were approximately $1.1 million, compared to approximately $0.9 million in the same period of 2016.
  • Net Loss:  The Company reported a net loss for the quarter ended March 31, 2017 of $5.0 million, or ($0.19) per share, compared to a net loss of $4.7 million, or ($0.21) per share in the quarter ended March 31, 2016. 
 
Conference Call, Monday, May 15 th @ 8:30am Eastern Time
Domestic:   866-409-1555
International:   913-661-9178
Conference ID:   7109868
Webcast:   http://edge.media-server.com/m/p/hg84w5hv
     
Replays, available through May 29, 2017:
Toll Free:   844-512-2921 
International:     412-317-6671 
Conference ID:   7109868
     

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 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 >200 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)  
               
    March 31,    December 31,   
    2017     2016    
    U.S. dollars in thousands  
Assets              
CURRENT ASSETS:              
Cash and cash equivalents   $  5,947     $  11,585    
Short-term bank deposits      33,686        33,669    
Other current assets      2,037        1,320    
TOTAL CURRENT ASSETS      41,670        46,574    
NON-CURRENT ASSETS:              
Property and equipment, net      878        687    
Long-term prepaid expenses      187        13    
TOTAL NON-CURRENT ASSETS      1,065        700    
TOTAL ASSETS   $  42,735     $  47,274    
Liabilities and equity              
CURRENT LIABILITIES—              
Accounts payable and accrued expenses:              
Trade   $  2,916     $  2,522    
Other      1,604        2,266    
TOTAL CURRENT LIABILITIES      4,520        4,788    
NON-CURRENT LIABILITIES—              
Severance pay obligations, net      91        86    
TOTAL LIABILITIES      4,611        4,874    
EQUITY:              
Ordinary shares      50        50    
Accumulated Other comprehensive income      40        40    
Additional paid in capital      198,158        197,400    
Warrants      2,960        2,960    
Accumulated deficit      (163,084 )      (158,050 )  
TOTAL EQUITY      38,124        42,400    
TOTAL LIABILITIES AND EQUITY   $  42,735     $  47,274    
   
VASCULAR BIOGENICS LTD. CONDENSED INTERIM STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)  
               
    Three Months Ended March 31,   
    2017     2016    
    U.S. dollars in thousands  
RESEARCH AND DEVELOPMENT EXPENSES, net   $  4,144     $  4,003    
GENERAL AND ADMINISTRATIVE EXPENSES      1,105        863    
OPERATING LOSS      5,249        4,866    
FINANCIAL INCOME      (219 )      (137 )  
FINANCIAL EXPENSES      4        —    
FINANCIAL EXPENSES, net      (215 )      (137 )  
COMPREHENSIVE LOSS   $  5,034     $  4,729    
               
LOSS PER ORDINARY SHARE   U.S. dollars  
               
Basic and diluted   $  0.19     $  0.21    
               
    Number of shares  
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING—              
Basic and diluted      26,907,172        22,476,773    

INVESTOR CONTACT: Michael Rice LifeSci Advisors, LLC (646) 597-6979

Scroll down for more posts ▼

Top 10 Most Recent News Articles

IEHP's Wellness Center Launch Faces Delay in California

Updated Category News Views 80

Unexpected Delay for IEHP's Community Hub Straight outta Rancho Cucamonga, we've got some news that'll have folks in San Bernardino holding their breath a little longer. The Inland Empire Health Plan (or IEHP if you're part of the 1.4 million served by them) had folks pumped for their new Community Wellness Center. But guess what? They had to slam the brakes on the grand...

Continue Reading
Where Winds Meet Celebrates 1st Anniversary With New Region

Updated Category News Views 92

A Staggering Universe Deepens: Hutuo's Introduction Just when you think you've seen it all, NetEase Games and Everstone Studio go and launch Hutuo, a compelling addition to the already sprawling universe of Where Winds Meet. On the occasion of its first global anniversary, this epic Wuxia ARPG throws players into the mud-soaked, steel-clashing chaos of a warzone, testing...

Continue Reading
Custom Upholstered Furniture: Comfort Built to Last

Updated Category News Views 77

Rethinking Furniture Comfort: Not Just a Luxury Diving into the world of custom upholstered furniture with insights from Randy Marohn is like finding a cheat sheet for comfort. Seriously, it ain't just about plush cushions or slick fabrics—it's a bonafide science. Marohn, from Sans Furniture Inc. in good ol’ Hamburg, NY, unfolds a tale of intentional design and...

Continue Reading
Sports Clock Radio: A Game Time Enthusiast's Dream

Updated Category News Views 87

A New Gadget for the Diehard Fan Fanatics, gather 'round. There's an innovation rolling out that's looking to marry the good old alarm clock radio with the rush of game day fever! Over in Pittsburgh, an inventor's cooking up something that every loyal sports fan might soon find irresistible—a Sports Clock Radio, bringing the stadium experience to your living room or...

Continue Reading
Gemmy's Holiday Lights: Bright Ideas for 2026

Updated Category News Views 124

Deep in the heart of Dallas, Gemmy Industries is out to sprinkle a bit of magic over the holiday season for 2026. This ain't your grandma's string lights we're talkin' about here. We're diving headfirst into a new world of seasonal decor with tech-driven lights that look like they came straight outta a winter wonderland. And hey, if Walmart's set to host this lineup, you...

Continue Reading
Later's NYC Summit Reinvents Social Commerce Game Plan

Updated Category News Views 120

Creators and Corporates Collide Imagine this: an NYC stage not adorned with Broadway's finest, but with digital maestros steering a new age in social commerce. That's what Later is betting on with their Creator Live summit, debuting in the bustling heart of New York City. We're talking about influencers not just as Instagram stars, but as key players in a $480 billion...

Continue Reading
Choosing Expert European Auto Repair: Key Insights

Updated Category News Views 102

The Perks of Specialist Knowledge Ever get the feeling your local auto shop doesn't always cut it when your sleek BMW or classy Mercedes needs a tweak? You're not alone. Specifically, for those driving around Alpharetta, European vehicles demand not just routine check-ups but specialist hands. Much like how you wouldn't hand your luxury timepiece to the shop down the...

Continue Reading
Celebrating Ted Turner's Legacy at the United Nations

Updated Category News Views 114

Ted Turner's Unyielding Vision Celebrated at UN Gala Here we are, talking about Ted Turner, a guy who truly put his money where his mouth was. Not just another rich cat content with the status quo, he dropped a $1 billion bombshell in 1997 on the United Nations to shake up how the world's problems could be tackled. And last week, on November 9, notable bigwigs of the...

Continue Reading
BETR Investors Face Action: Nov. 20 Deadline Nears

Updated Category News Views 50

High Stakes for BETR Shareholders If you're holding shares in Better Home & Finance Holding Company, right now might feel like you're at a craps table with emptying pockets. BETR, trading under NASDAQ, has become the center of a legal hurricane, with investors eyeing the November 20th deadline to join a securities class action led by Hagens Berman. The class period in...

Continue Reading
Morgan County, IN: An Oasis for Balanced Living

Updated Category News Views 94

Why Morgan County? A Question for Homebuyers Ever wondered what makes Morgan County, IN, such a hot ticket for folks looking to escape the daily grind of big city life? Rachel Blacklidge, real estate wizard and hometown hero, lays it all out in a way even the most city-bound among us can appreciate. Small-Town Vibes, Big-City Access Let’s face it—sometimes the chaos...

Continue Reading

Top 5 Most Recently Viewed Articles

Mark Van Genderen Takes Helm as President & CEO of Douglas Dynamics

Updated Category News Views 250

Mark Van Genderen Takes Charge at Douglas Dynamics Dive into the latest leadership shift at Douglas Dynamics, Inc. (NYSE: PLOW), an esteemed name in the production and upfitting of work truck attachments and equipment. Recently, the company’s Board of Directors made a significant announcement appointing Mark Van Genderen as President and Chief Executive Officer (CEO),...

Continue Reading
The Case Against Making English the Official Language in the U.S.

Updated Category News Views 527

Understanding the Multilingual Nature of America In a nation that has always embraced diversity, the question of whether English should be the official language carries significant implications. The Linguistic Society of America (LSA) recently presented compelling arguments against this notion, highlighting the importance of multilingualism within the United States....

Continue Reading
BofA Upgrades Alibaba with Optimistic Cloud Growth Forecast

Updated Category News Views 136

BofA Securities Boosts Outlook on Alibaba Stock Recently, BofA Securities made an exciting announcement regarding Alibaba Group Holding Ltd (NYSE: BABA). They upgraded their price target for the stock from $106 to $124, confirming their Buy rating. This increase comes as anticipation builds for the company's upcoming second-quarter fiscal year 2025 earnings report,...

Continue Reading
JustPark Teams Up with University of Hawai’i to Transform U.S. Parking

Updated Category News Views 115

JustPark Expands to North America Through University Partnership JustPark, a leading parking app from the U.K., has announced a significant step in its expansion into North America by partnering with the University of Hawai’i. This collaboration marks JustPark's first major footprint in the U.S. market after its merger with ParkHub, a well-known provider in the parking...

Continue Reading
TechX Fusion Unveils Women-Led Governance Model for Future

Updated Category News Views 214

TechX Fusion Launches the Axis Resonance Prototype Initiative In a momentous announcement, TechX Fusion has unveiled the early relaunch of its innovative Axis Resonance Prototype Initiative, a comprehensive modular-governance venture that was originally set for a later release. This timely initiative has been adapted to include avenues for community involvement and an...

Continue Reading