On February 16, 2023 VBL Therapeutics (Nasdaq: VBLT), a biotechnology company developing targeted medicines for immune-inflammatory diseases, reported that it has entered into an agreement to monetize its manufacturing facility in Modiin, Israel and certain related assets, for $7.1 million in cash (Press release, VBL Therapeutics, FEB 16, 2023, View Source [SID1234627336]). VBL also has the right to sell certain equipment excluded from the agreement for additional cash consideration. The asset sale is subject to customary closing conditions and expected to close on or about March 9, 2023.

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"We are pleased to announce this agreement to monetize our manufacturing facility and strengthen our cash position," said Dror Harats, M.D., Chief Executive Officer of VBL. "As part of our previously announced strategic process, we have been seeking ways to unlock value from our assets and the monetization of our state-of-the-art facility was one of our key priorities to maximize shareholder value."