On August 16, 2018 VBL Therapeutics (Nasdaq: VBLT) reported financial results for the second quarter ended June 30, 2018 and provided a corporate update (Press release, VBL Therapeutics, AUG 16, 2018, View Source [SID1234528950]).

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"VBL is well capitalized, with more than $58 million in cash, which will enable us to continue the development of VB-111 in ovarian cancer, and to advance our innovative pipeline, including our exciting VB-600 platform targeting MOSPD2, for more than the next three years," said Dror Harats M.D., Chief Executive Officer of VBL Therapeutics.

"We continue to have high conviction in the promise of VB-111 and are focused on executing the ongoing Phase 3 OVAL trial, evaluating VB-111 in platinum-resistant ovarian cancer. We plan to conduct an interim efficacy analysis of this trial in the fourth quarter of 2019."

"We are excited about our MOSPD2 platform and are very encouraged by the emerging data which highlights the potential of this novel target in the treatment of both cancer and inflammatory disease such as multiple sclerosis. Our goal is to file the first IND from this program by year-end 2019," continued Prof. Harats.

VBL will present more data on MOSPD2 at the European Committee for Treatment and Research in Multiple Sclerosis (or ECTRIMS) conference on October 11th in Berlin.

Second Quarter and Recent Corporate Highlights:

Closed a $15.5 million registered direct offering, which will enable the Company to continue the development of VB-111 in ovarian cancer, and to advance the pipeline, including the VB-600 platform targeting MOSPD2, for the next three years.

Continued to treat patients in the ongoing Phase 3 OVAL trial, evaluating VB-111 in platinum-resistant ovarian cancer. An efficacy interim readout is expected to occur in the fourth quarter of 2019.

Conducted analyses of the VB-111 Phase 3 GLOBE trial in recurrent glioblastoma (rGBM). We are particularly investigating the possibility that the treatment regimen of the GLOBE trial, which was performed under a pre-agreed Special Protocol Assessment (SPA), may have impaired the activity of VB-111. Our analyses have not revealed any other risk factor that can explain the difference in outcome compared with the prior Phase 2 trial. The Company plans to present additional data on GLOBE at the Society for Neuro-Oncology, or SNO meeting, in November 2018.
Presented positive new data on the Company’s MOSPD2 platform technology in oncology and inflammation in international conferences, and published a paper highlighting MOSPD2 as a potential new target for therapy of solid tumors such as breast cancer.

° Presented a late-breaking study demonstrating a novel bi-specific antibody that induces immune-cell mediated killing of cancer cells through binding to a tumor membrane receptor, MOSPD2, at the American Association for Cancer Research (AACR) (Free AACR Whitepaper) 2018 annual meeting.

° Presented data on the role of MOSPD2 in oncology and inflammation at the 2018 BIO international convention. VBL research has shown that knocking out the MOSPD2 gene in mice can protect the animals from developing certain inflammatory diseases. The Company has generated antibodies that block immune cell migration and show efficacy in a model of multiple sclerosis.

° A paper published in the International Journal of Cancerfeatured VBL data showing that MOSPD2 can play a major role in breast cancer cell migration and metastasis, and that targeting MOSPD2 may be a viable therapeutic strategy to prevent the spreading of breast cancer cells. VBL’s data indicate that knock-out of MOSPD2 in tumor cells may reduce metastasis by up to 95% in certain settings.

° VBL is developing the VB-600-MOSPD2 platform of biologic drug candidates for oncology and inflammatory indications. The Company plans to file the first IND in this program by year-end 2019.
Second Quarter Ended June 30, 2018 Financial Results:

Revenues: revenues related to our collaboration in Japan in the amount of $0.2 million were recognized in the period.

Cash Position: Cash, cash equivalents and short-term bank deposits at June 30, 2018, were $58.5 million. Working capital at June 30 was $54.7 million. The Company estimates that, based on current projections, the current cash, cash equivalents and short-term bank deposits will be sufficient to fund operating expenses and capital expenditure requirements for more than 3 years.

R&D Expenses: Research and development expenses for the quarter ended June 30, 2018, were approximately $2.9 million, compared to approximately $3.2 million in the comparable period in 2017. R&D expenses are shown net of grants from the Israel Innovation Authority (IIA).

G&A Expenses: General and administrative expenses for the quarter ended June 30, 2018 were $1.2 million, compared to $1.9 million for the comparable period in 2017.

Comprehensive Loss: The Company reported a comprehensive loss for second quarter ended June 30, 2018 of $4.1 million, or ($0.13) per share, compared to a net loss of $4.9 million, or ($0.18) per share in second quarter ended June 30, 2017.

Conference Call:

Thursday, August 16th @ 8:30am Eastern Time
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Conference ID: 3572709
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Conference ID: 3572709