VBL Therapeutics (VBLT) Enters Long-Term Lease Contract for Israeli Facility
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VBL Therapeutics (Nasdaq: VBLT) announced that it has engaged in a long-term lease contract of a new stand-alone facility in Modiin, Israel. The site will house VBL's local biological drugs manufacturing facility, as the company plans ahead for potential commercialization of VB-111.
The site design enables modular expansion of the manufacturing capacity, to supply growing demand following commercialization, while requiring only limited capital resources in the immediate stage. The near-term investment is not expected to materially impact VBL's cash position. The Company projects that its current cash will suffice to support operations into 2019, beyond the readout of the pivotal GLOBE trial, while supporting a potential registration trial in ovarian cancer and the investment in the new facility. In addition, VBL expects that the establishment of the new facility will qualify for increased governmental financial incentives.
“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,” stated Dror Harats, Chief Executive Officer of VBL Therapeutics.
The new facility will also include the company’s headquarters, discovery research and clinical development. VBL intends to operate and relocate to the new site in the second half of 2017.
VBL said that future commercial supply of VB-111 will likely involve a complementary source of supply, probably via a Contract Manufacturing partner in North America, although those plans have not yet been set.
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