VBL Therapeutics Announces Closing of $15.5 Million Registered Direct Offering

TEL AVIV, Israel, June 27, 2018 (GLOBE NEWSWIRE) — VBL Therapeutics (Nasdaq:VBLT), a clinical-stage biotechnology company focused on the discovery, development and commercialization of first-in-class treatments for cancer,  today announced the closing of its previously announced registered direct offering of units consisting of 5,904,762 of its ordinary shares and accompanying short term warrants to purchase up to 2,952,381 ordinary shares and long term warrants to purchase up to 2,952,381 ordinary shares (collectively, the “warrants”). The combined offering price of each ordinary share and accompanying warrants is $2.625 per unit, for aggregate gross proceeds of approximately $15.5 million. The ordinary shares and the warrants are immediately separable and were issued separately.

H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.

The short term warrants have an exercise price of $2.51 per ordinary share, will be exercisable immediately and will expire on January 6, 2020, and the long term warrants have an exercise price of $3.00 per ordinary share, will be exercisable immediately and will expire four years following the issuance date.

VBL intends to use the net proceeds from this offering for clinical and product development activities, and for other working capital and general corporate purposes.

The securities described above were offered by VBL pursuant to a “shelf” registration statement on Form F-3 that was originally filed on October 2, 2015 and declared effective by the Securities and Exchange Commission (“SEC”) on October 19, 2015 and the base prospectus contained therein (File No. 333-207250). The offering of the securities was made by means of a prospectus supplement that forms a part of the registration statement. A final prospectus supplement and accompanying base prospectus relating to the offering was filed with the SEC. Copies of the final prospectus supplement and accompanying base prospectus may be obtained on the SEC’s website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at 646-975-6996 or e-mail at placements@hcwco.com.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About VBL
Vascular Biogenics Ltd., operating as VBL Therapeutics, is a clinical stage biopharmaceutical company focused on the discovery, development and commercialization of first-in-class treatments for cancer. The Company’s lead oncology product candidate, ofranergene obadenovec (VB-111), is a first-in-class, targeted anti-cancer gene-therapy agent that is positioned to treat a wide range of solid tumors. It is conveniently administered as an IV infusion once every two months. It has been observed to be well-tolerated in >300 cancer patients and demonstrated efficacy signals in an “all comers” Phase 1 trial as well as in three tumor-specific Phase 2 studies. Ofranergene obadenovec is currently being studied in a Phase 3 trial for platinum-resistant ovarian cancer.

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 include, but are not limited to, statements regarding the use of proceeds of the registered direct offering that involve risks and uncertainties, including, without limitation, risks and uncertainties related to projected cash resources and cash runway, the clinical development of ofranergene obadenovec (VB-111) and our other pipeline candidates, including our expectations for their therapeutic potential in the conditions in which they are being or may in the future be evaluated. 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 research and development, clinical trials and related regulatory reviews and approvals, the risk that historical clinical trial results may not be predictive of future trial results, and that our product candidates that we are developing may not demonstrate success in clinical trials. A further list and description of these risks, uncertainties and other risks can be found in the Company’s regulatory filings with the U.S. Securities and Exchange Commission, including in our annual report on Form 20-F for the year ended December 31, 2017. 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 Therapeutics 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, except as required by law.

Michael Rice
LifeSci Advisors
(646) 597-6979