Vaxil Provides Update on Research Activities and Management Changes - Seite 2

Option Grants

In order to further preserve the Company’s working capital, certain officers and directors have agreed to reduce their cash-based compensation.

As a result of the reduction in cash-based compensation, the Company wishes to announce the granting of an aggregate of 1,100,000 stock options to directors, officers and consultants, as follows: 400,000 stock options to Mr. Rootenberg, 200,000 stock options to Mr. Levin, 300,000 options to Mr. Daniel Bloch, a director of the Company and 200,000 options to a consultant. All the options are being issued pursuant to the Company's stock option plan and exercisable into an equal amount of common shares of the Company at an exercise price of CAD$0.05 per common share (the "Options"). The Options shall vest in four equal installments with 1/4 vesting three months after the grant date (the “Initial Grant”), 1/4 on the 3 month anniversary of the Initial Grant and, 1/4 on the 6 month anniversary of the Initial Grant and the last 1/4 on the nine month anniversary of the Initial Grant. All the Options shall expire on the 5th anniversary of the grant date.

ABOUT VAXIL

Vaxil is an Israeli immunotherapy biotech company focused on its novel approach to targeting prominent cancer markers and infectious diseases. Its lead product ImMucin successfully completed a Phase 1/2 clinical trial in multiple myeloma for which it received orphan drug status from the FDA and EMA. The company aims to continue to develop ImMucin, a COVID-19 and a tuberculosis vaccine / treatment that has demonstrated promising preliminary results with further preclinical evaluation planned. Additional indications and mAb candidates are under evaluation as immuno-oncology and infectious disease treatments alone and in combination with other treatments.

Vaxil exploits the unique properties of signal peptide domains on crucial proteins to develop targeted therapies against cancer targets and infectious disease pathogens. These signal peptide domains are identified by VaxHit, Vaxil’s proprietary bioinformatic approach. These signal pepdies induce a robust T- and B-cell response across wide and varied HLA subtypes, while acting as true, universal neoantigens. The peptide platform targets these cells by “educating” or specifically activating the immune system to recognize and attack the affected cells. In addition, Vaxil’s mAb platform directly recognizes the target protein expressed on malignant cells and recruits other elements of the immune system to lyse those cells.