Roth Capital Keeps VBL Therapeutics (VBLT) at 'Buy' Following Q2 Results; Glioblastoma Remains in Focus

Roth Capital affirms VBL Therapeutics (Nasdaq: VBLT) at Buy with a price target of $17 following Q2 results reported earlier Monday.

Analyst Joseph Pantginis commented today, In June, VBLT updated clinical results from a Phase I/II trial of VB-111 in the treatment of patients with recurrent platinum resistant ovarian cancer. The results showed a median overall survival of 810 days in the VB-111 therapeutic dose arm, versus 172 days in the low dose arm. There was also a durable doubling in the response rate in nine of 15 patients, as measured by a reduction in the CA-125 biomarker (>50%), compared to historical rates of Avastin plus chemotherapy in ovarian cancer. Durable RECIST responses and disease stabilizations were also observed. VBLT is planning an end-of-Phase II meeting with the FDA in order to guide the next steps in the ovarian cancer clinical program with the hopes of the study being a registration trial.

The Phase III GLOBE study (under SPA) in recurrent glioblastoma is still enrolling patients. Current discussions with FDA are underway about amending the current GLOBE protocol to increase the number of events to 189 for the analysis. Recruitment is going well, therefore, VBLT would like to go for the 75% event rate in terminating the trial which it believes will make the trial more sensitive and would increase the confidence in the trial. Lastly, further data from the Phase II thyroid cancer study is expected by the end of 2016.

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