Bay Street News

VBL Therapeutics Announces Third Quarter 2018 Financial Results

Conference Call and Webcast at 8:30am Eastern Time Today

TEL AVIV, Israel, Nov. 20, 2018 (GLOBE NEWSWIRE) — VBL Therapeutics (Nasdaq: VBLT) today announced financial results for the third quarter ended September 30, 2018 and provided a corporate update.

“We continue the development of our novel anticancer drug VB-111, as we enroll and treat patients in the ongoing Phase 3 OVAL trial in platinum resistant ovarian cancer while exploring the opportunity to develop it in other indications,” said Dror Harats, M.D., Chief Executive Officer of VBL Therapeutics.  “We are excited about the potential of our MOSPD2-targeting platform and are advancing two parallel programs exploring MOSPD2 as a therapeutic target in both oncology and inflammatory disease.”

“VBL is well capitalized with more than $53 million in cash and equivalents at September 30, 2018. We believe this will be sufficient to support our Phase 3 clinical trial for VB-111 for ovarian cancer, and advance our pipeline, including the VB-600 platform targeting MOSPD2, for at least the next three years,” concluded Dr. Harats.

Third Quarter and Recent Corporate Highlights:

Third quarter Ended September 30, 2018 Financial Results:

For further details on VBL’s financials, including the results for the nine month period ended September 30 2018, refer to Form 6-K filed with the S.E.C.

Conference Call:
Tuesday, November 20th @ 8:30am Eastern Time
US Domestic: 888-204-4368
International: 323-994-2082
Conference ID: 4933637
Webcast: https://edge.media-server.com/m6/p/8msiqma9

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 our programs, including VB-111 lecinoxoids and VB-600, including their clinical development, therapeutic potential and clinical results, our financial position and cash runway, and patent protection for our product candidates. 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, the risk that historical clinical trial results may not be predictive of future trial results, and that we may not realize the expected benefits of our intellectual property protection. 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
mrice@lifesciadvisors.com
(646) 597-6979

VASCULAR BIOGENICS LTD.
CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION
(UNAUDITED)
 
  September 30,
2018
  December 31,
2017
   
  U.S. dollars in thousands
Assets          
CURRENT ASSETS:          
Cash and cash equivalents $ 8,466   $ 6,694  
Short-term bank deposits   45,252     48,035  
Trade receivables       2,000  
Other current assets   1,213     1,729  
           
TOTAL CURRENT ASSETS   54,931     58,458  
           
NON-CURRENT ASSETS:          
Property and equipment, net   9,211     7,128  
Long-term prepaid expenses   50     103  
           
TOTAL NON-CURRENT ASSETS   9,261     7,231  
           
TOTAL ASSETS $ 64,192   $ 65,689  
           
Liabilities and equity          
CURRENT LIABILITIES-          
Accounts payable:          
Trade $ 1,668   $ 3,058  
Other   2,164     3,465  
Deferred revenue   606     1,046  
Lease liability   356      
           
TOTAL CURRENT LIABILITIES   4,794     7,569  
           
NON-CURRENT LIABILITIES-          
Severance pay obligations, net   122     128  
Deferred revenue   2,092     2,092  
Lease liability   555      
           
TOTAL NON-CURRENT LIABILITIES   2,769     2,220  
           
TOTAL LIABILITIES   7,563     9,789  
           
EQUITY:          
Ordinary shares   73     57  
Accumulated other comprehensive income   16     16  
Additional paid in capital   233,409     221,055  
Warrants   7,904     2,960  
Accumulated deficit   (184,773 )   (168,188 )
           
TOTAL EQUITY   56,629     55,900  
           
TOTAL LIABILITIES AND EQUITY $ 64,192   $ 65,689  


 

VASCULAR BIOGENICS LTD.
CONDENSED INTERIM STATEMENTS OF COMPREHENSIVE LOSS
(UNAUDITED)
 
  Three Months Ended
September 30,
  Nine Months Ended
September 30,
 
  2018     2017   2018     2017  
   
  U.S. dollars in thousands  
REVENUES $ 101     $   $ 444     $  
COST OF REVENUES   (44 )         (188 )      
GROSS PROFIT   57           256        
RESEARCH AND DEVELOPMENT EXPENSES, net $ 4,137     $ 4,753   $ 12,792     $ 12,106  
MARKETING EXPENSES   151           575        
GENERAL AND ADMINISTRATIVE EXPENSES   1,406       1,724     3,972       4,727  
OPERATING LOSS   5,637       6,477     17,083       16,833  
OTHER FINANCIAL (INCOME)   (387 )     28     (640 )     (430 )
FINANCIAL EXPENSES   102       35     142       43  
FINANCIAL INCOME, net   (285 )     63     (498 )     (387 )
COMPREHENSIVE LOSS $ 5,352     $ 6,540   $ 16,585     $ 16,446  
 
LOSS PER ORDINARY SHARE   U.S. dollars  
                             
Basic and diluted $ 0.15     $ 0.24   $ 0.52     $ 0.61  
                             
    Number of shares  
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING-                            
Basic and diluted   35,865,050       27,100,213     31,987,750       27,005,550