VBL Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

VBL Therapeutics (Nasdaq: VBLT) has announced the grant of a non-qualified stock option for 75,000 ordinary shares as part of a new employee's hiring incentive, effective April 24, 2022. The exercise price is set at $1.57 per share, reflecting fair market value. The options will vest over three years, with an initial 33% vesting after one year. VBL is focused on developing first-in-class therapies for challenging solid tumors and immune indications, with its lead candidate, ofra-vec (VB-111), in Phase 3 clinical trials targeting platinum-resistant ovarian cancer.

Positive

• Grant of 75,000 stock options shows commitment to attracting talent.
• Exercise price of $1.57 indicates alignment with market value.
• VBL's lead candidate, ofra-vec, is in advanced Phase 3 trials, highlighting ongoing clinical progress.

Negative

• None.

TEL AVIV, Israel and NEW YORK, April 28, 2022 (GLOBE NEWSWIRE) -- VBL Therapeutics (Nasdaq: VBLT), a late-clinical stage biotechnology company developing first-in-class therapeutics for difficult-to-treat malignant solid tumors and immune or inflammatory indications, today announced that the Compensation Committee of VBL’s Board of Directors approved the grant effective April 24, 2022 of a non-qualified stock option to purchase an aggregate of 75,000 ordinary shares of VBL as an inducement material to the hiring of a new employee, in accordance with Nasdaq Listing Rule 5635(c)(4).

The option grant has an exercise price of $1.57 per share, the fair market value on the grant date, and will vest and become exercisable beginning one year following the grant, when 33% will vest, with the remainder vesting quarterly over two years subject to the employee’s continued employment with VBL on such vesting dates. The option has a ten-year term and is subject to the terms and conditions of VBL’s Inducement Plan (2022) and the award agreement covering such grant.

About VBL Therapeutics

Vascular Biogenics Ltd., operating as VBL Therapeutics (VBL), is a late-clinical stage biopharmaceutical company focused on the discovery, development and commercialization of first-in-class treatments for difficult-to-treat malignant solid tumors and immune or inflammatory indications. VBL’s novel VTS™ gene-based platform and antibody-based monocyte targeting technology enable the creation of a pipeline of programs that harness the body’s innate biological processes to provide unique solutions for significant unmet medical needs. VBL’s lead oncology product candidate, ofra-vec (ofranergene obadenovec; `VB-111`), is an investigational, first-in-class, targeted anti-cancer gene-based agent in development to treat a wide range of solid tumors. Ofra-vec is currently being studied in a Phase 3 registration-enabling clinical trial (NCT03398655) for platinum-resistant ovarian cancer. To learn more about VBL, please visit vblrx.com or follow the company on LinkedIn, Twitter, YouTube or Facebook.

CONTACT:
Daniel Ferry
LifeSci Advisors
+1 (617) 430-7576
daniel@lifesciadvisors.com 

FAQ

What stock option grant was announced by VBL Therapeutics on April 28, 2022?

VBL Therapeutics announced a grant of 75,000 non-qualified stock options to purchase ordinary shares at an exercise price of $1.57, effective April 24, 2022.

What is the vesting schedule for the stock options granted by VBL Therapeutics?

The stock options will vest over three years, with 33% vesting after one year and the remainder vesting quarterly thereafter.

What is the focus of VBL Therapeutics' clinical development?

VBL Therapeutics focuses on developing first-in-class therapeutics for difficult-to-treat malignant solid tumors and immune or inflammatory indications.

What is VBL Therapeutics' lead product candidate and its current status?

VBL's lead product candidate is ofra-vec (VB-111), currently in a Phase 3 registration-enabling clinical trial for platinum-resistant ovarian cancer.