VBL Therapeutics, a clinical stage biopharmaceutical company, announced that it has been awarded a grant of $2.5 million by the Israel Innovation Authority. The grant will support clinical trials and development activities for calendar year 2017.
The Israel Innovation Authority, formerly known as the Office of the Chief Scientist, which is responsible for the country’s innovation policy, is an independent and impartial public entity that operates for the benefit of the Israeli innovation ecosystem and the country’s economy as a whole. The funds will support the development of ofranergene obadenovec (VB-111), a targeted anti-cancer gene-therapy agent currently in development for recurrent glioblastoma (rGBM), platinum-resistant ovarian cancer and other solid tumors.
“The Israel Innovation Authority’s support of the VB-111 program provides validation for the potential of this drug to help patients suffering from various types of cancer,” said Dror Harats, Chief Executive Officer of VBL Therapeutics. “We believe this non-dilutive grant for the VB-111 program underscores the confidence that the Innovation Authority has in our technology and its potential for commercialization. The continuous financial support for the VB-111 program is an important contribution to our ability to execute on our plans into 2019, as we prepare for the commercialization of VB-111 and establish our new manufacturing site.”