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VBL Therapeutics (Nasdaq: VBLT) reported its fiscal year 2022 financial results and updates on its merger with Notable Labs. The sale of VBL’s manufacturing facility for $7.1 million has strengthened its financial position. For 2022, VBL recorded a net loss of $32.3 million, or $0.42 per share, compared to $29.9 million the previous year. Revenues declined to $0.7 million from $0.8 million due to reduced revenue from a terminated license agreement. The merger is anticipated to close in Q2 2023, aiming to enhance both companies' oncology efforts and provide access to a cash runway into 2025.
VBL Therapeutics (Nasdaq: VBLT) has successfully completed the sale of its manufacturing facility in Modi’in, Israel, along with associated assets, for $7.1 million to Aleph Farms. The company plans to use the proceeds to further its merger agreement with Notable Labs, Inc., announced on February 23, 2023. CEO Dror Harats emphasized the sale aligns with their objective to maximize shareholder value. VBL is developing targeted therapies for immune-inflammatory diseases, with VB-601 as its lead product candidate.
Aleph Farms has acquired a manufacturing facility in Modi’in,
VBL Therapeutics (Nasdaq: VBLT) has entered a definitive merger agreement with Notable Labs, Inc. to create a clinical-stage therapeutic platform focused on precision medicine for cancer patients. Notable's Predictive Precision Medicines Platform (PPMP) utilizes biological assays and machine learning to predict patient responses to treatments. Following the merger, Notable stockholders will own about 76% and VBL shareholders 24% of the combined entity, expected to be called Notable Labs, Ltd. The merger is projected to close in Q2 2023, pending shareholder approvals. A $10.3 million private placement by healthtech investors will fund operations into 2025.
VBL Therapeutics (Nasdaq: VBLT) announced the monetization of its manufacturing facility in Modiin, Israel, for $7.1 million in cash. The transaction, which also allows for the sale of excluded equipment, is expected to close by March 9, 2023. CEO Dror Harats emphasized this agreement as a strategic move to strengthen VBL's cash position and maximize shareholder value. VBL Therapeutics is focused on developing targeted treatments for immune-inflammatory diseases, with its lead candidate, VB-601, showing promise across several preclinical models.
