On February 20, 2019 VBL Therapeutics (Nasdaq: VBLT) (the "Company") reported that it has been awarded a non-dilutive grant of over 10 million New Israeli Shekels (approximately $2.9 million) by the Israel Innovation Authority (IIA) for 2019 (Press release, VBL Therapeutics, FEB 20, 2019, View Source [SID1234533496]). The funds will support the continued development of the Company’s lead product candidate, VB-111, a first-in-class targeted anti-cancer gene-therapy agent. The Company is currently evaluating VB-111 in a potential registration study (OVAL) for the treatment of platinum-resistant ovarian cancer, with further plans to study VB-111 in additional solid tumor indications.

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"We are appreciative of the continued substantial support by the IIA of our VB-111 program, which is a vote of confidence in our lead product candidate and its clinical and market potential," said Prof. Dror Harats, Chief Executive Officer of VBL Therapeutics. "This $2.9 million grant, combined with the more than $53 million in cash on our balance sheet at September 30, 2018, will support our continued development of VB-111 and our other pipeline candidates, including our MOSPD2 programs in oncology and inflammation, through late 2021."

About the Israel Innovation Authority
The Israel Innovation Authority is an independent and impartial public entity that operates for the benefit of the Israeli innovation ecosystem and the country’s economy. For more information, refer to View Source