Welcome to our dedicated page for Vascular Biogenics Ltd. news (Ticker: vblt), a resource for investors and traders seeking the latest updates and insights on Vascular Biogenics Ltd. stock.
Vascular Biogenics Ltd. (Nasdaq: VBLT), commonly known as VBL Therapeutics, is a leading biotechnology company headquartered at 6 Yonatan Netanyahu Street, Yehud, Center District, Israel. The company is dedicated to the discovery, development, and commercialization of innovative therapies for treating cancer and immune-inflammatory diseases. Its mission is to transform the standard of care in oncology through precision medicines.
Recently, VBL Therapeutics has made significant strides in its corporate journey. On August 14, 2023, the company announced its financial results for the second quarter ending June 30, 2023, and provided updates on its ongoing merger with Notable Labs, Inc. This merger is seen as a pivotal move, aiming to combine VBL's cutting-edge technologies with Notable's Predictive Precision Medicines Platform. The merger is anticipated to create a robust entity focused on developing a pipeline of clinical-stage precision medicines.
On September 6, 2023, the company's registration statement on Form S-4 was declared effective by the U.S. Securities and Exchange Commission (SEC), marking a critical milestone towards completing the merger. Following the approval from VBL’s shareholders at the annual and special meeting held on October 12, 2023, the merger is expected to close around October 16, 2023. Post-merger, VBL will be renamed 'Notable Labs, Ltd.' and will trade under the new symbol 'NTBL' on the Nasdaq Capital Market.
The merger with Notable Labs is expected to leverage Notable's technology to enhance VBL’s existing pipeline, offering a promising future for patients and shareholders alike. The combined organization aims to advance precision medicines that could significantly improve patient outcomes in oncology.
VBL Therapeutics (Nasdaq: VBLT) reported its fiscal year 2022 financial results and updates on its merger with Notable Labs. The sale of VBL’s manufacturing facility for $7.1 million has strengthened its financial position. For 2022, VBL recorded a net loss of $32.3 million, or $0.42 per share, compared to $29.9 million the previous year. Revenues declined to $0.7 million from $0.8 million due to reduced revenue from a terminated license agreement. The merger is anticipated to close in Q2 2023, aiming to enhance both companies' oncology efforts and provide access to a cash runway into 2025.
VBL Therapeutics (Nasdaq: VBLT) has successfully completed the sale of its manufacturing facility in Modi’in, Israel, along with associated assets, for $7.1 million to Aleph Farms. The company plans to use the proceeds to further its merger agreement with Notable Labs, Inc., announced on February 23, 2023. CEO Dror Harats emphasized the sale aligns with their objective to maximize shareholder value. VBL is developing targeted therapies for immune-inflammatory diseases, with VB-601 as its lead product candidate.
Aleph Farms has acquired a manufacturing facility in Modi’in,
VBL Therapeutics (Nasdaq: VBLT) has entered a definitive merger agreement with Notable Labs, Inc. to create a clinical-stage therapeutic platform focused on precision medicine for cancer patients. Notable's Predictive Precision Medicines Platform (PPMP) utilizes biological assays and machine learning to predict patient responses to treatments. Following the merger, Notable stockholders will own about 76% and VBL shareholders 24% of the combined entity, expected to be called Notable Labs, Ltd. The merger is projected to close in Q2 2023, pending shareholder approvals. A $10.3 million private placement by healthtech investors will fund operations into 2025.
VBL Therapeutics (Nasdaq: VBLT) announced the monetization of its manufacturing facility in Modiin, Israel, for $7.1 million in cash. The transaction, which also allows for the sale of excluded equipment, is expected to close by March 9, 2023. CEO Dror Harats emphasized this agreement as a strategic move to strengthen VBL's cash position and maximize shareholder value. VBL Therapeutics is focused on developing targeted treatments for immune-inflammatory diseases, with its lead candidate, VB-601, showing promise across several preclinical models.
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