VBL Therapeutics Aims to Raise $18.75 Million in Public Offering

Nasdaq-listed cancer treatment company VBL Therapeutics announced an ordinary share offering last week, pricing 2.5 million shares at $18.75 million before expenses.

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Asset management firm Piper Jaffray Companies is the sole underwriter of the deal. The offering is expected to close November 21.

Established in 2000 in the greater Tel Aviv area, VBL is a clinical-stage company developing anti-cancer and anti-inflammatory drugs. The company raised $40 million at a value of $120 million on its 2014 Nasdaq IPO.

VBL plans to use the money raised in the offering for product development, clinical trials, and general operations.

Earlier this month the company announced an exclusive licensing agreement with Chiba, Japan-based cancer-oriented pharmaceutical company NanoCarrier Co. Ltd. The agreement is for the rights in Japan of VBL's lead oncology drug, which is currently in advanced clinical trials after receiving orphan drug designation in both the U.S. and Europe.

VBL received an upfront payment of $15 million as part of the agreement and can potentially receive over $100 million in development and commercial milestone payments.