VBL Therapeutics Announces Agreement to Sell Manufacturing Facility and Certain Related Assets for $7.1 Million in Cash

MODIIN, Israel and NEW YORK, Feb. 16, 2023 (GLOBE NEWSWIRE) -- VBL Therapeutics (NASDAQ:VBLT), a biotechnology company developing targeted medicines for immune-inflammatory diseases, announced today that it has entered into an agreement to monetize its manufacturing facility in Modiin, Israel and certain related assets, for $7.1 million in cash. VBL also has the right to sell certain equipment excluded from the agreement for additional cash consideration. The asset sale is subject to customary closing conditions and expected to close on or about March 9, 2023.

"We are pleased to announce this agreement to monetize our manufacturing facility and strengthen our cash position," said Dror Harats, M.D., Chief Executive Officer of VBL. "As part of our previously announced strategic process, we have been seeking ways to unlock value from our assets and the monetization of our state-of-the-art facility was one of our key priorities to maximize shareholder value."

About VBL Therapeutics

Vascular Biogenics, LTD, operating as VBL Therapeutics (NASDAQ:VBLT), is developing targeted therapies for immune-inflammatory diseases. VBL's lead immunology product candidate VB-601 is a targeted antibody for immune-inflammatory applications that has shown disease-modifying activity across multiple preclinical models including multiple sclerosis, rheumatoid arthritis and inflammatory bowel disease. At present, VBL is evaluating options for development of its assets, which may include partnering and other strategic options. VBL has also engaged a financial advisor to explore strategic alternatives to enhance shareholder value. To learn more about VBL, please visit vblrx.com.

Forward Looking Statements

This press release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as "anticipate," "believe," "could," "estimate," "expect," "goal," "intend," "look forward to," "may," "plan," "potential," "predict," "project," "should," "will," "would" and similar expressions. These forward-looking statements may include, but are not limited to, express or implied statements regarding VBL's sale of its rights in its manufacturing facility and certain related assets; VBL's ability to further monetize certain excluded equipment; and its evaluation of strategic alternatives and transactions to maximize shareholder value;, among others. These forward-looking statements are not promises or guarantees and involve substantial risks and uncertainties. Among the factors that could cause actual results to differ materially from those described or projected herein include risks associated with meeting the closing conditions under the asset purchase agreement and risks associated with finding buyers for the excluded equipment; along with uncertainties associated generally with the development of pharmaceutical product candidates, such as risks associated with research and development, clinical trials and related regulatory reviews and approvals, the risk that historical clinical trial results may not be predictive of future trial results, that VBL's financial resources do not last for as long as anticipated, that VBL may not realize the expected benefits of its intellectual property protection; as well as the risk that VBL may not identify any strategic alternatives or if so identified, be able to consummate any such transaction on terms acceptable to VBL and its shareholders, among others. A further list and description of these risks, uncertainties and other risks can be found in VBL's regulatory filings with the U.S. Securities and Exchange Commission (SEC), including in its annual report on Form 20-F for the year ended December 31, 2021, and subsequent filings with the SEC. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. VBL undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise.

CONTACT:

Daniel Ferry

LifeSci Advisors

+1 (617) 430-7576

[email protected]