Vascular Biogenics Ltd (NASDAQ:VBLT)
Shares of Vascular Biogenics Ltd (NASDAQ:VBLT) gained 4.88% after the clinical stage biotechnology company announced the signing of an exclusive licensing agreement with NanoCarrier Co Ltd. The agreement is for the development and commercialization of ofranergene obadenovec (“VB-111”), an anti-angiogenic gene therapy.
NanoCarrier Licensing Agreement
Under the terms of the agreement, NanoCarrier will develop and commercialize VB-111 for all indications. The company will also be responsible for all regulatory and other clinical activity necessary for VB-111 commercialization in Japan.
In return, Vascular Biogenics Ltd (NASDAQ:VBLT) is to receive an upfront payment of $15 million. It also stands to generate in excess of $100 million in development and commercial milestone payments. The company is also entitled to tiered royalties on net sales.
According to Chief Executive Officer, Dror Harats, the licensing agreement provides further validation of the potential of VB-111.
“Japan is potentially a large market opportunity for VBLT, and this agreement provides us with access to this important market as we continue to prepare for commercialization of VB-111 in recurrent glioblastoma (rGBM), and in other indications,” said Dror Harats, M.D., chief executive officer of VBL Therapeutics,” said Mr. Harats.
Vascular Biogenics Ltd (NASDAQ:VBLT) is currently trading at a key resistance level, above which it could make a push for its 52-week high of $7.35 a share. For the full year, the stock is up by more than 30% as it continues to trade in a strong uptrend.
Modiin Gene Manufacturing Plant
Separately, Vascular Biogenics Ltd (NASDAQ:VBLT) has opened a new gene therapy and manufacturing plant in Modiin Israel. The plant will be used to produce the company’s lead product candidate VB-111. The Facility is the first commercial-scale gene therapy plant and one of the largest in the world.
“The inauguration of the new facility represents a major milestone for VBL. Investing in the appropriate infrastructure is critical as we complete the necessary pre-launch activities for VB-111 and evolve from a small biotech enterprise into an integrated biopharma company,” said Ben Shapiro M.D Chairman of VBL Therapeutics.
The Modiin gene therapy manufacturing plant is capable of manufacturing a capacity of 1,000 liters scalable to 2,000 liters. The opening of the facility marks an important milestone as Vascular Biogenics Ltd (NASDAQ:VBLT) prepares for potential regulatory approval and commercialization of VB-111.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: James Marion is a University of Houston student studying Business with a concentration in Finance. James has interned with several investment professionals and hopes to pursue a career as a professional stock analyst after graduation.