Vaxil Provides Pre-Clinical and Business Update

Not for distribution by US newswire or in United States

NESS-ZIONA, Israel, July 20, 2020 (GLOBE NEWSWIRE) -- VAXIL BIO LTD. (“Vaxil” or the “Company”) (TSX VENTURE: VXL), an innovative immunotherapy biotech company specializing in cancer and infectious diseases, would like to provide an update on the following:

COVID-19 Vaccine Candidate

Vaxil has commenced the in vivo (animal) study for our COVID-19 vaccine candidate, under the guidance of Dr. Hagin, Director of the Allergy and Clinical Immunology Unit at the Tel Aviv Medical Center. The first animal injection was administered on July 14, 2020. This experiment which will evaluate the immune response to Vaxil’s COVID-19 vaccine candidate, will continue for several weeks after which we will evaluate the results and determine next steps.

Over the past few weeks, the Company has been progressing within the framework of the collaboration agreement from April 2020 between the Company and The Medical Research, Infrastructure, and Health Services Fund of the Tel Aviv Medical Center (the “Tel Aviv Medical Center”) to advance the Company’s research program to develop a potential signal peptide vaccine against COVID-19. 

“The collaboration with Dr. Hagin’s team is progressing nicely, such that we were able to begin our animal study, having received all necessary approvals. Whilst we were not able to reproduce all data points from our initial work, we have sufficient data to begin our animal study,” said David Goren, Vaxil’s Chairman and Chief Executive Officer, and continued, “Though our studies have been designed to reproduce the T-cell proliferation demonstrated in our earlier work, signal peptides are known to behave differently in the lab than in animals, and also in humans.”

The Company reiterates that it has sufficient funds to complete the collaboration work with the Tel Aviv Medical Center, and that it seeks to raise additional funds to pursue other innovative programs in oncology and infectious diseases.

Private Placement

The Company would like to clarify that the previously announced brokered private placement is for an aggregate of gross proceeds up to $3,000,000 (the “Offering”), subject to the Company’s receipt of minimum gross proceeds of $2,000,000. The Offering is being led by M Partners Inc. as lead agent. The Offering remains in progress and the closing date has been extended and is expected to occur on or about July 30, 2020. Further details of the Offering are included in the Company’s press release from May 26, 2020.