March 25, 2015
VBL Therapeutics Announces Fourth Quarter and Full Year 2014 Financial Results
–Will host conference call at 8:30 am ET today-
-Also announced positive top-line interim results for Phase 2b trial testing VB-111 in recurrent glioblastoma-
TEL AVIV, Israel, (GLOBE NEWSWIRE) — VBL Therapeutics (Nasdaq:VBLT), a late-stage clinical biotechnology company focused on the discovery, development and commercialization of first-in-class treatments for cancer, today reported business highlights and financial results for the fourth quarter and year ended December 31, 2014.
“2014 was a transformative year for VBL. We continue to be encouraged by the clinical activity observed in our Phase 2 studies of VB-111 across numerous recurrent cancer indications, which bolsters our confidence in the unique mechanism of VB-111 and the strength of our Vascular Targeting System (VTS) platform technology,” said Dror Harats, M.D., Chief Executive Officer of VBL. “Having completed our initial public offering late last year, we are well positioned to continue advancing our pipeline. We look forward to initiating a pivotal Phase 3 study of VB-111 in recurrent glioblastoma (rGBM) in mid-2015, the single one required by our a special protocol assessment agreed upon with the U.S. Food and Drug Administration (FDA). In addition, we plan to provide an update on our ongoing, open-label Phase 2 trial of VB-111 in rGBM in conjunction with the ASCO Annual Meeting in June, including additional data on the statistically significant improvements in overall survival announced this morning.”
Fourth Quarter and Recent Business Highlights:
Fourth Quarter and Full Year Ended December 31, 2014 Financial Results:
Based on current operating plans, VBL expects to have sufficient cash to fund operations through at least 2016.
VBL Therapeutics will be hosting a conference call and webcast today, March 25, 2015, at 8:30 a.m. U.S. Eastern Time. The conference call may be accessed by dialing 1-877-280-1254 for domestic participants and 972-3-721-9510 for international participants (reference conference ID 9987278). A live webcast of the call will be available online from the investor relations section of the company website at ir.vblrx.com. A webcast replay of the conference call will be available on the VBL website beginning approximately two hours after the event, and will be available for 30 days.
Vascular Biogenics Ltd., operating as VBL Therapeutics, is a late-stage clinical biopharmaceutical company focused on the discovery, development and commercialization of first-in-class treatments for cancer. VBL has also developed a proprietary platform of small molecules, Lecinoxoids, for the treatment of chronic immune-related indications. The Company’s lead oncology product candidate, VB-111, is a gene-based biologic that is initially being developed for recurrent glioblastoma, or rGBM, an aggressive form of brain cancer. VB-111 has received orphan drug designation in both the United States and Europe and was granted Fast Track designation by the FDA for prolongation of survival in patients with glioblastoma that has recurred following treatment with standard chemotherapy and radiation. VBL Therapeutics expects to begin the pivotal Phase 3 trial for VB-111 in rGBM in mid-2015, under a special protocol assessment agreement granted by the FDA.
Forward Looking Statements:
This press release contains forward-looking statements. 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 proposed pivotal Phase 3 clinical trial of VB-111 in rGBM may not support approval of VB-111 for marketing in the United States, notwithstanding the positive results seen in our current clinical trial. 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.
CONTACT: Hannah Deresiewicz
Stern Investor Relations, Inc.
(212) 362-1200, email@example.com
Source: VBL Therapeutics