VBI Vaccines Announces $12 Million Second Tranche of Debt Financing with K2 HealthVentures

Products You May Like

CAMBRIDGE, Mass. — VBI Vaccines Inc. ( Nasdaq: VBIV) (VBI), a biopharmaceutical firm pushed by immunology within the pursuit of highly effective prevention and therapy of illness, as we speak introduced an settlement to drawdown a $12 million second tranche below its beforehand introduced debt financing facility with K2 HealthVentures (K2HV), a healthcare-focused specialty finance firm. Below the phrases of the debt financing facility, dated Could 22, 2020 and amended Could 17, 2021, K2HV has agreed to supply the Firm as much as $52 million in a number of tranches.

The primary tranche of $20 million was drawn upon closing of the unique settlement in Could 2020. The second tranche, upsized to $12 million from the unique $10 million, turned accessible following the achievement of sure scientific milestones, together with the optimistic 12-month general survival information from Section 2a (Half B) of the Section 1/2a research of VBI-1901 in recurrent glioblastoma (GBM) sufferers, and the optimistic proof-of-concept information from the Section 1b/2a research of VBI-2601 in continual hepatitis B (HBV) sufferers. Press releases for each information bulletins will be discovered here and here, respectively.

“Following the achievement of key scientific improvement milestones in our effort to develop therapies for GBM and continual HBV, we’re happy to additional strengthen our steadiness sheet and our partnership with the K2HV staff – a staff who continues to exhibit their deep understanding of our enterprise and the science driving VBI,” stated Jeff Baxter, VBI’s president and CEO.

Two further tranches of as much as $10 million every stay drawable sooner or later upon sure circumstances. The primary is contingent upon achievement of a specified regulatory milestone, and the second and last tranche can be accessible on the discretion of K2HV.

About VBI Vaccines Inc.

VBI Vaccines Inc. (“VBI”) is a biopharmaceutical firm pushed by immunology within the pursuit of highly effective prevention and therapy of illness. By means of its modern strategy to virus-like particles (“VLPs”), together with a proprietary enveloped VLP (“eVLP”) platform expertise, VBI develops vaccine candidates that mimic the pure presentation of viruses, designed to elicit the innate energy of the human immune system. VBI is dedicated to concentrating on and overcoming important infectious ailments, together with hepatitis B, coronaviruses, and cytomegalovirus (CMV), in addition to aggressive cancers together with glioblastoma (GBM). VBI is headquartered in Cambridge, Massachusetts, with analysis operations in Ottawa, Canada, and a analysis and manufacturing web site in Rehovot, Israel.

Cautionary Assertion on Ahead-looking Info

Sure statements on this press launch which can be forward-looking and never statements of historic truth are forward-looking statements throughout the which means of the secure harbor provisions of the Personal Securities Litigation Reform Act of 1995 and are forward-looking data throughout the which means of Canadian securities legal guidelines (collectively, “forward-looking statements”). The Firm cautions that such statements contain dangers and uncertainties which will materially have an effect on the Firm’s outcomes of operations. Such forward-looking statements are based mostly on the beliefs of administration in addition to assumptions made by and knowledge at present accessible to administration. Precise outcomes may differ materially from these contemplated by the forward-looking statements on account of sure elements, together with however not restricted to, the affect of normal financial, trade or political circumstances in the US or internationally; the affect of the continuing COVID-19 pandemic on our scientific research, manufacturing, marketing strategy, and the worldwide financial system; the flexibility to ascertain that potential merchandise are efficacious or secure in preclinical or scientific trials; the flexibility to ascertain or keep collaborations on the event of therapeutic candidates; the flexibility to acquire applicable or crucial governmental approvals to market potential merchandise; the flexibility to acquire future funding for developmental merchandise and dealing capital and to acquire such funding on commercially cheap phrases; the Firm’s capacity to fabricate product candidates on a business scale or in collaborations with third events; adjustments within the measurement and nature of opponents; the flexibility to retain key executives and scientists; and the flexibility to safe and implement authorized rights associated to the Firm’s merchandise. A dialogue of those and different elements, together with dangers and uncertainties with respect to the Firm, is ready forth within the Firm’s filings with the SEC and the Canadian securities authorities, together with its Annual Report on Kind 10-Ok filed with the SEC on March 2, 2021, and filed with the Canadian safety authorities at sedar.com on March 2, 2021, as could also be supplemented or amended by the Firm’s Quarterly Studies on Kind 10-Q. Given these dangers, uncertainties and elements, you might be cautioned to not place undue reliance on such forward-looking statements, that are certified of their entirety by this cautionary assertion. All such forward-looking statements made herein are based mostly on our present expectations and we undertake no responsibility or obligation to replace or revise any forward-looking statements for any cause, besides as required by legislation.