On May 11, 2021 VBL Therapeutics (Nasdaq: VBLT) reported financial results for the first quarter ended March 31, 2021 and provided a corporate update (Press release, VBL Therapeutics, MAY 11, 2021, View Source [SID1234579678]).

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"Our OVAL Phase 3 clinical trial remains on track and passed its most recent safety review, with the next one coming in the third quarter," said Dror Harats, M.D., Chief Executive Officer of VBL Therapeutics. "During the first quarter and in early April, we strengthened our balance sheet, raising a total of approximately $40 million in additional capital, $12.3 million primarily through the exercise of outstanding warrants and gross proceeds of $28.3 million through a public financing. The additional capital extends our cash runway until year-end 2023. We have a number of important milestones anticipated through the rest of 2021 and look forward to keeping investors apprised of our progress."

First Quarter and Recent Corporate Highlights

In February, a successful pre-planned DSMC review of the OVAL study found no safety issues with the trial and recommended its continuation as planned.
In March, the Company announced the initiation of randomized, controlled and blinded trial of VB-111 in patients with recurrent Glioblastoma Multiforme (rGBM).
In March, the Company announced the publication of positive results in peer-reviewed journal Gynecologic Oncology of the pre-specified interim analysis of the OVAL Phase 3 Registration Enabling Study of VB-111 in Ovarian Cancer. The analysis showed a CA-125 response of at least 58% in the VB-111 treatment arm.
Development of VB-111 in rGBM and colorectal cancer, as well as of pipeline assets, continues as planned.
Corporate

In January, the Company entered into an ordinary share purchase agreement of up to $20 million with Aspire Capital Fund LLC
During the first quarter, the Company raised an additional $12.3 million through a combination of sales under the Aspire share purchase agreement, sales through its At-the-Market (ATM) facility and the exercise of outstanding warrants
In April, the Company closed a public offering raising gross proceeds of $28.3 million
Financial Results for the First Quarter 2021

As of March 31, 2021, VBL had cash, cash equivalents, short-term bank deposits and restricted bank deposits totaling $36.6 million. After the end of the first quarter, VBL raised gross proceeds of $28.3 million in a public offering of shares and pre-funded warrants. VBL expects that its cash and cash equivalents and short-term bank deposits will be sufficient to fund operating expenses and capital expenditure requirements until year-end 2023.
Revenues for the first quarter 2021 were $185 thousand, as compared to $366 thousand in the comparable period in 2020.
R&D expenses, net were $4.8 million for the first quarter compared to $4.5 million in the comparable period in 2020.
G&A expenses were $1.7 million for the fiscal year, compared to $1.3 million in the comparable period in 2020.
VBL reported a net loss for the quarter ended March 31, 2021, of $6.3 million, or ($0.12) per basic share, compared to a net loss of $5.4 million, or ($0.15) per basic share, in the comparable period in 2020.
Conference Call:

The live webcast will be available online and may be accessed from the "Events and Presentation" page of the company website. A replay of the webcast will be available beginning approximately one hour after the conclusion of the call and will remain available for at least 30 days thereafter.