- Vascular Biogenics Ltd., known commercially as VBL Therapeutics, is setting up a new base of operations in Modiin, Israel, that will house all manufacturing, clinical and drug discovery operations, the company announced earlier this month. The move will happen in the second half of 2017.
- The company said the cost of the move away from its current headquarters in Tel Aviv would not dramatically affect its cash on hand. VBL reported $37.1 million in cash, cash deposits and short-term bank deposits as of December 31, according to its most recent 20-F form filed with the Securities and Exchange Commission.
- The clinical-stage biopharma works in the areas of cancer and inflammation. Its lead candidates from each of those programs are VB-111, a drug that uses an anti-angiogenic mechanism to target solid tumors, and VB-201, a treatment that inhibits inflammatory response in the body’s cells.
VBL said its new location will provide it the necessary manufacturing power to prepare for when VB-111 hits markets. The company is currently recruiting patients for a Phase 3 trial for recurrent glioblastoma, as well as other trials testing it as a monotherapy for ovarian and thyroid cancers.
"Securing this new facility in Modiin fits strategically with our development plans and is an important step as we advance multiple clinical trials and move closer to potential commercialization of VB-111," VBL CEO Dror Harats said in the statement.
The company also reported that the new facility could bring VBL governmental incentives, though it did not elaborate further. VBL explained it has enough cash to operate into 2019, and anticipates data for VB-111 Phase 3 trial to come out before that time.
VBL intends to move into the Modiin headquarters in the latter half of next year.