125 0 Kommentare VBL Therapeutics Reports First Quarter 2023 Financial Results and Provides Business Update

Recently filed S-4 registration statement for proposed merger with Notable; expects to close the transaction in Q3 2023, subject to SEC review and shareholder approvals

MODI’IN, Israel and NEW YORK, May 15, 2023 (GLOBE NEWSWIRE) -- VBL Therapeutics (Nasdaq: VBLT) (“VBL”), today announced financial results for the first quarter ended March 31, 2023, and provided a corporate update.

“During the first quarter, we made continued progress in the steps we are taking to maximize shareholder value and are focused on closing the announced merger with Notable Labs, as expeditiously as possible,” said Prof. Dror Harats, M.D., Chief Executive Officer of VBL Therapeutics. “We believe the proposed merger with Notable represents the best path forward for shareholders of both companies and patients. The combined organization will apply Notable’s Predictive Precision Medicines Platform to develop a pipeline of clinical-stage precision medicines with the goal of transforming the standard of care in oncology. We recently filed an S-4 registration statement, and subject to SEC review and shareholder approvals, expect to close the merger in the third quarter of 2023.”

Recent Corporate Highlights

On February 23, 2023 VBL announced that it entered into a definitive merger agreement with Notable Labs, Inc. (“Notable”). The combined company will focus on the advancement of Notable’s proprietary Predictive Precision Medicines Platform (“PPMP”) and therapeutic pipeline focused on cancer patients with high unmet medical needs.
A Registration Statement on Form S-4 in connection with the proposed merger with Notable was filed by VBL with the U.S. Securities and Exchange Commission (“SEC”) on May 11, 2023.
On March 9, 2023, VBL closed on the sale of its manufacturing facility in Modi’in, Israel, and certain related assets, for $7.1 million in cash to Aleph Farms, an Israel-based food technology company. The proceeds from the facility sale will remain in VBL for the benefit of shareholders and the future combined company.

Financial Results for the First Quarter of 2023

On March 31, 2023, VBL had cash, cash equivalents, short-term bank deposits and restricted bank deposits of $26.5 million.
For the quarter ended March 31, 2023, VBL reported a net loss of $2.6 million, or ($0.03) per basic share, compared to a net loss of $10.4 million, or ($0.13) per basic share, in the comparable period in 2022.
For the quarter ended March 31, 2023, total operating expenses were approximately $2.7 million, consisting of $0.06 million in research and development expenses, net, (after reversal of $0.3 million in stock-based compensation expense due to employee terminations), $3.2 million in general and administrative expenses, and $0.6 million in gain on sale of assets from the March 2023 facility sale. This compares with total operating expenses of $10.7 million in the quarter ended March 31, 2022, which was comprised of $7.5 million in research and development expenses, net, and $3.2 million in general and administrative expenses.