VBL Therapeutics Announces Appointment of Matthew Trudeau as Chief Commercial Officer

Rhea-AI Summary

On January 18, 2022, VBL Therapeutics (Nasdaq: VBLT) announced the appointment of Matthew Trudeau as Chief Commercial Officer (CCO), a move aimed at advancing the commercialization of their lead product, ofra-vec (VB-111). Trudeau's extensive experience in launching complex biologics, particularly in oncology, positions VBL to enhance its market presence as the OVAL Phase 3 trial for ovarian cancer progresses. Enrollment in the study is expected to complete soon, with co-primary endpoint readouts anticipated in the second half of 2022, which could facilitate a BLA filing.

Positive

• Appointment of Matthew Trudeau as CCO strengthens VBL's commercialization strategy.
• Trudeau's extensive experience in oncology and gene therapy is expected to enhance market readiness for ofra-vec.
• Enrollment in the OVAL Phase 3 trial is nearing completion, supporting potential BLA filing.

Negative

• Concerns about the timeline for the OVAL study's endpoint readout, which may affect regulatory approval timing.

• CCO appointment positions VBL to advance and accelerate commercialization strategy for ofra-vec (VB-111)

• Enrollment in the OVAL Study, a 400 patient Phase 3 registration-enabling trial in ovarian cancer, expected to be completed this quarter; PFS co-primary endpoint readout expected in 2H22 has potential to support BLA filing

TEL AVIV, Israel and NEW YORK, Jan. 18, 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 the appointment of Matthew Trudeau to the newly created position of Chief Commercial Officer (CCO). Mr. Trudeau will be responsible for all commercialization activity for ofranergene obadenovec (`ofra-vec`, or VB-111). His appointment further advances VBL’s strategic plan to become a commercial organization and establish operations in the United States.

"We are delighted to have Matt join our leadership team,” said Dror Harats, M.D., Chief Executive Officer of VBL. “Matt has the perfect background for this new position, with significant leadership experience in the launch and marketing of complex biologics in oncology and gene therapy. As our lead therapeutic candidate, ofra-vec, advances towards a readout of the progression free survival co-primary endpoint from the ongoing OVAL Phase 3 trial expected in the second half of 2022, Matt's addition as Chief Commercial Officer is a key step in establishing commercial preparedness.”

Matthew Trudeau commented, “I am very pleased to join VBL at this important time. Ofra-vec is an exciting late-stage asset that may offer important value and a differentiated solution to oncology patients and their providers. I am excited to have the opportunity to lead a best-in-class commercial launch that is meaningful to patients and other important stakeholders.”

Matthew Trudeau brings over 25 years of U.S. and international experience commercializing complex biological products. He has experience leading all aspects of commercial practice at both small and large biotech companies. From 2016 to 2021, he held positions of increasing responsibility at bluebird bio, culminating in his appointment as Head of the U.S. business team. In this role, he led the design and implementation of bluebird’s commercial operating model and was accountable for all aspects of U.S. commercialization for an innovative gene therapy portfolio. From 2010 to 2016, he was employed at Biogen where he led Asia-Pacific business operations for a portfolio of biologics targeting neurologic and hematologic diseases. At Biogen, he also led global strategic design and implementation of the company's first companion diagnostic platform. Mr. Trudeau began his career at Genzyme, where he advanced through sales and marketing roles of increasing impact in the diagnostics and surgical oncology segments. He holds a M.Sc degree in molecular biology from Northeastern University and a B.A. degree in biochemistry from Colby College.

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, ofranergene obadenovec (`ofra-vec`, or 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.

Forward Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “goal,” “intend,” “look forward to,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions. These forward-looking statements may include, but are not limited to, statements regarding the timing of completion of enrollment and progression free survival (PFS) data readout for the OVAL Phase 3 clinical trial, the ability of such data to support a biologics license application (BLA) filing, the ofra-vec (VB-111) value proposition and its ability to obtain regulatory approval and be commercialized, and VBL’s ability to become a commercial organization, among others. These forward-looking statements are not promises or guarantees and involve substantial risks and uncertainties. Among the factors that could cause actual results to differ materially from those described or projected herein include uncertainties associated generally with the development of pharmaceutical product candidates, including risks associated with conducting clinical trials such as the OVAL study, and risks related to obtaining regulatory approval for ofra-vec and risks associated with commercialization of pharmaceutical products, once approved, along with the risk that historical clinical trial results may not be predictive of future trial results, and other risks inherent in pharmaceutical product development. A further list and description of these risks, uncertainties and other risks can be found in VBL’s regulatory filings with the U.S. Securities and Exchange Commission, including in its annual report on Form 20-F for the year ended December 31, 2020, and subsequent filings with the SEC. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. VBL undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.

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

FAQ

What is the significance of Matthew Trudeau's appointment at VBL Therapeutics?

Matthew Trudeau's appointment as CCO is significant as it aims to enhance VBL's commercialization efforts for ofra-vec, positioning the company better in the market.

When is the OVAL Phase 3 trial expected to complete enrollment?

Enrollment in the OVAL Phase 3 trial is expected to be completed soon, within the current quarter.

What are the co-primary endpoint readouts for the OVAL study?

The co-primary endpoint readouts for the OVAL study are expected in the second half of 2022, which could support a biologics license application for ofra-vec.

How does the OVAL study affect VBL Therapeutics' stock performance?

The outcomes of the OVAL study are crucial as they may influence regulatory approval and commercial viability of ofra-vec, directly impacting VBLT's stock performance.