VBI Vaccines, Inc. New Stock Price, News & Analysis

VBI Vaccines Inc. (Nasdaq: VBIV) has initiated restructuring proceedings under the Companies' Creditors Arrangement Act (CCAA) in Canada. The Ontario Superior Court of Justice has issued an initial order granting the company protection, including a stay of proceedings and approval of a DIP Loan. Ernst & Young Inc. has been appointed as the monitor during the restructuring process.

VBI intends to fund the CCAA process through cash on hand and a DIP Loan from K2 HealthVentures The company plans to seek approval for a sale and investment solicitation process (SISP) to identify potential purchasers of its assets. VBI will also file for Chapter 15 bankruptcy in the US and commence proceedings under Israeli Insolvency Law to protect its subsidiaries and assets in those countries.

As a result, VBI expects its common shares to cease trading on the Nasdaq Capital Market and anticipates ceasing reporting as a public company.

VBI Vaccines announced the results of its annual general meeting of shareholders held on June 25, 2024. The meeting saw representation by 13,879,327 common shares, accounting for 48.39% of the company's outstanding shares. Shareholders voted on eight director nominees, all of whom were re-elected. The votes were as follows: Steven Gillis (80.58% for, 19.42% withheld), Damian Braga (80.35% for, 19.65% withheld), Joanne Cordeiro (83.07% for, 16.93% withheld), Michel De Wilde (79.77% for, 20.23% withheld), Vaughn Himes (83.88% for, 16.12% withheld), Blaine H. McKee (83.12% for, 16.88% withheld), Jeffrey R. Baxter (81.10% for, 18.90% withheld), and Nell Beattie (81.73% for, 18.27% withheld). Additionally, EisnerAmper LLP was appointed as the independent registered public accounting firm until the next annual meeting. More details can be found in the company's SEC and SEDAR filings.

VBI Vaccines shared interim data from the Phase 2b study of its cancer vaccine VBI-1901 in recurrent glioblastoma (rGBM) patients. Results showed a 67% tumor reduction in one patient, with a 43% disease control rate in the treatment group versus 0% in the control group. The FDA has granted Fast Track and Orphan Drug Designations to VBI-1901. Additional data will be available in Q4 2024. The study aims to enroll 60 patients by year-end.

VBI Vaccines announced that new interim tumor response data from its ongoing Phase 2b study of VBI-1901, a cancer vaccine candidate for recurrent glioblastoma (GBM), will be presented at the 2024 ASCO Annual Meeting. The data include updates on patients from the initial evaluation and new patients randomized into the study. The study involves 60 patients, randomized into two arms: VBI-1901 combined with GM-CSF, and standard-of-care treatment. Key endpoints are safety, overall survival, tumor response rate, progression-free survival, immunologic responses, corticosteroid use reduction, and quality of life changes.

VBI Vaccines (NASDAQ: VBIV) reported substantial growth in its first quarter 2024 financial results. Global net revenue for PreHevbrio, their Hepatitis B vaccine, surged 105% year-over-year to $1.0 million. VBI-1901, their cancer vaccine, showed encouraging early data in glioblastoma patients, with more results expected later in 2024. The company expanded its strategic partnership with the Canadian Government to develop its MLE technology, backed by CAD$28 million in funding. Financial highlights include a decrease in cost of revenues to $2.7 million and a reduction in R&D expenses to $2.6 million. Despite net losses, the company reduced its operating cash outflow by 46% year-over-year. SG&A expenses dropped 42% due to organizational changes.