TEL AVIV, Israel, Aug. 8, 2014 (GLOBE NEWSWIRE) -- VBL Therapeutics today announced that the underwriting agreement for its initial public offering has been terminated by the Company's underwriters, Deutsche Bank and Wells Fargo Securities, LLC, due to an unexpected situation in which a substantial existing U.S. shareholder did not fund payment for shares it previously agreed to purchase in the offering. As a result of the termination of the underwriting agreement, no shares will be issued pursuant to the registration statement for the offering that was declared effective by the Securities and Exchange Commission on July 30, 2014.
The termination notice is not related to the Company, its business or its prospects.
Vascular Biogenics Ltd., operating as VBL Therapeutics, is a clinical-stage biopharmaceutical company committed to the discovery, development and commercialization of first-in-class treatments for cancer and immune-inflammatory diseases. VBL Therapeutics' clinical pipeline is based on two distinct, proprietary platform technologies--an oncology program and an anti-inflammatory program—that leverage the body's natural physiologic and genetic regulatory elements. 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 single required Phase 3 pivotal trial for VB-111 in rGBM by the end of the first quarter of 2015 under a Special Protocol Assessment (SPA) with the U.S. Food and Drug Administration (FDA) whose design and planned analysis were concurred in by the FDA. VBL Therapeutics' lead product candidate from its anti-inflammatory program, VB-201, is an oral small molecule currently being evaluated in Phase 2 clinical trials for psoriasis and for ulcerative colitis, with top-line results expected in the first quarter of 2015.
CONTACT: VBL Investor Relations email@example.comSource: VBL Therapeutics