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TEL AVIV, Israel, July 22, 2021 (GLOBE NEWSWIRE) -- VBL Therapeutics (Nasdaq: VBLT) today announced the planned elevation of Marc Kozin as chairman of the company’s board of directors. Bennett Shapiro, M.D., has stepped down from his chairman role but remains on VBL’s board. The succession plan was announced in October 2020 when Mr. Kozin joined the board as vice chairman. “VBL has made great strides in advancing its lead asset, VB-111, in development for treatment of platinum-resistant ovarian cancer and other oncology indications,” said Mr. Kozin. “As the OVAL study nears completion with progression-free survival results expected in 2022, I am excited to lead the board toward the next phase of the company’s growth. I want to personally thank Ben for his leadership in the chairman role and for his continuing contributions to VBL." About the OVAL Study (NCT03398655) OVAL is an international, phase 3, randomized, pivotal registration-enabling clinical trial comparing a combination of VB-111 and paclitaxel to placebo plus paclitaxel, in patients with platinum resistant ovarian cancer. The study is planned to enroll approximately 400 patients. OVAL is conducted in collaboration with the GOG Foundation, Inc., an independent international non-profit organization with the purpose of promoting excellence in the field of gynecologic malignancies. About VB-111 (ofranergene obadenovec; `ofra-vec`) VB-111 (`ofra-vec`) is an investigational anti-cancer gene-therapy agent that is being developed to treat a wide range of solid tumors. VB-111 is a unique biologic agent that is designed to use a dual mechanism to target solid tumors. Its mechanism combines blockade of tumor vasculature with an anti-tumor immune response. VB-111 is administered as an IV infusion once every 6-8 weeks. It has been observed to be well-tolerated in >300 cancer patients and demonstrated activity signals in an “all comers” Phase 1 trial as well as in three tumor-specific Phase 2 studies. VB-111 has received an Orphan Designation for the treatment of ovarian cancer from the European Commission. VB-111 has also received orphan drug designation in both the US and Europe, and fast track designation in the US, for prolongation of survival in patients with recurrent glioblastoma. VB-111 demonstrated proof-of-concept and survival benefit in Phase 2 clinical trials in radioiodine-refractory thyroid cancer and recurrent platinum-resistant ovarian cancer (NCT01711970). About VBL Therapeutics Vascular Biogenics Ltd., operating as VBL Therapeutics, is a publicly traded (Nasdaq: VBLT), clinical stage biopharmaceutical company focused on the discovery, development and commercialization of first-in-class treatments for areas of unmet need in cancer and immune- or inflammatory-related indications. The VBL Therapeutics pipeline has been developed utilizing the company’s three proprietary platform technologies: a gene therapy-based platform technology targeting newly formed blood vessels, an antibody-based technology platform targeting MOSPD2 (motile sperm domain containing 2) and a lecinoxoids platform comprised of a family of small-molecules. The company’s lead oncology candidate, VB-111 (ofranergene obadenovec; `ofra-vec`), is an investigational, first-in-class, targeted anti-cancer gene-therapy agent in development to treat a wide range of solid tumors. VB-111 is currently being studied in a phase 3 potential registration trial for platinum-resistant ovarian cancer. Forward Looking Statements This press release contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, which are often indicated by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “goal,” “intend,” “look forward to,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions. These forward-looking statements may include, but are not limited to, statements regarding the timing of expected results from the OVAL study, and enrollment in the OVAL study, and other statements regarding VB-111. These forward-looking statements are not promises or guarantees and involve substantial risks and uncertainties. Among the factors that could cause actual results to differ materially from those described or projected herein include uncertainties associated generally with research and development, clinical trials and related regulatory reviews and approvals, the risk that historical clinical trial results may not be predictive of future trial results, that financial resources do not last for as long as anticipated, and that VBL Therapeutics may not realize the expected benefits of its intellectual property protection. In particular, the addition of progression free survival as a primary endpoint in the OVAL trial is not assurance that the trial will meet either of its primary endpoints, that it will do so within any particular timeframe, or that VBL Therapeutics will obtain positive results to support further development of this candidate. A further list and description of these risks, uncertainties and other risks can be found in VBL Therapeutics’ regulatory filings with the U.S. Securities and Exchange Commission, including in its annual report on Form 20-F for the year ended December 31, 2020, and subsequent filings with the SEC. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. VBL Therapeutics undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise. CONTACT: Burns McClellan for VBL Therapeutics Lee Roth (investors) / Ryo Imai (media) lroth@burnsmc.com / rimai@burnsmc.com +1-212-213-0006