VAXIL COMMENCES PRECLINICAL COVID-19 VACCINE TRIAL AND FILES AN ADDITIONAL COVID-19 PATENT

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NESS-ZIONA, Israel, March 27, 2020 (GLOBE NEWSWIRE) -- VAXIL BIO LTD. (“Vaxil” or the “Company”) (TSX VENTURE: VXL), an innovative immunotherapy biotech company specializing in cancer and infectious diseases, is pleased to provide a update of its COVID-19 research program and other updates.

COVID-19 Vaccine Development

In February 2020 we announced that we believed that we had successfully identified a corona virus (COVID-19) vaccine candidate (“Vaccine Candidate”). The Vaccine Candidate is based on unique and patent protected signal peptide technology, utilizing Vaxil’s proprietary VaxHit bioinformatics platform. The Vaccine Candidate is also based on successful in vivo experiments testing a tuberculosis signal peptide vaccine.

We are now pleased to announce that we have non-GMP vaccine material in hand and have begun to execute our preclinical program to test the efficacy of our COVID-19 vaccine candidate.

Additional Patent Application

In early March 2020, we announced our applications for a US patent (U.S 62/987,310) on a coronavirus vaccine intended to provide broad patent protection for novel vaccines, pharmaceutical compositions and methods of treating and preventing infectious disease as well as methods for producing a peptide vaccine against coronaviruses.

We are now also pleased to announce that today, Vaxil has applied for an additional patent in connection with COVID-19. An application for a US patent was filed on March 26, 2020 that is intended to provide coverage for a broader set of vaccine candidates.

Exercise of Warrants

The Company also wishes to announces that to date, we have received aggregate proceeds of $1,047,000 from the exercise of previously issued (January 2018) warrants, having an exercise price of $0.10 per warrant. These funds will be applied to advancing the Company’s research program.

“This is a very exciting moment for us, as we begin our lab work, less than six weeks from the first discovery. We are pleased with the progress that we have made to date on the development of our potential COVID-19 vaccine,” said David Goren, Vaxil’s Chairman and Chief Executive Officer, and continued, “During the following weeks, we will work to advance our preclinical research for the development of this much needed vaccine and we look forward to sharing additional information as we progress through our research program.”