December 05, 2017 08:30 ET
NESS-ZIONA, ISRAEL--(Marketwired - December 05, 2017) - VAXIL BIO LTD. (TSX VENTURE: VXL), an innovative Israeli immuno-oncology biotechnology company, is pleased to announce the addition of two veteran healthcare executives to its Board of Directors. Dr. Ari Kellen, formerly of McKinsey & Company, Bausch + Lomb, and Valeant; together with Dr. Shawn Langer, formerly of McKinsey & Company, and a current healthcare private equity portfolio manager with BMHS Investments, have joined Vaxil's Board of Directors. Director Mr. Isaac Maresky, an investment banking professional with hundreds of millions of dollars of financings and M&A experience, including co-founding another successful immunotherapy company, has been appointed CEO of Vaxil.
"Vaxil is pleased to have attracted two leading biopharmaceutical executives to our Board, both of whom have a deep passion for developing next generation cancer immunotherapy treatments for patients in need," commented Mr. Isaac Maresky. "We believe both appointments will complement Vaxil's existing team including CFO Mr. Gadi Levin and scientists Dr. Saeid Babaei (Chairman), Dr. Riva Kovjazin (R&D), and Dr. Terry Plasse (Clinical Affairs),"
The new appointments will bring Vaxil's Board of Directors to five members, namely Dr. Saeid Babaei, Dr. Ari Kellen, Dr. Shawn Langer, Mr. Isaac Maresky, and Mr. Gadi Levin. Vaxil thanks Drs. Benjamin Chen and Limor Chen, who have resigned their positions, for their service to the Company.
Vaxil intends to conduct an equity private placement for aggregate gross proceeds of up to $1,000,000 to support its clinical advancement, vaccine manufacturing, and research and development. A minimum of $500,000 up to $1,000,000 will be raised at $0.05 per share with a warrant at $0.10 for 3 years, subject to TSX-Venture and regulatory approvals. It is anticipated that Vaxil board members and executives will invest a minimum of $500,000. Accredited investors may contact the Company for details regarding participating in the financing round, and finders fees may be payable.
VAXIL CORPORATE UPDATE
With the financing above, Vaxil intends to finalize its clinical trial program design and file its Pre-IND Submission with the FDA in the first half of 2018.
Vaxil is an Israeli immunotherapy biotech focused on its novel approach to targeting prominent cancer markers. Its lead product Immucin™ is a MUC1 signal peptide derived product, wholly owned by Vaxil and protected by a series of patents in all major territories around the globe, believed to act as a neoantigen. Vaxil is currently advancing toward a Phase-II which may include additional solid tumor indications.
Vaxil's products, including the actual Immucin™ peptide, are protected by a series of patents around the globe. The Company successfully completed a Phase- I/II clinical trial in multiple myeloma patients demonstrating encouraging immunological and clinical benefits. Immucin™ was designated Orphan Drug by both the US FDA and the EMA for use in multiple myeloma. As was recently presented by the company, the mode of action by which Immucin™ exerts its unique immunological and clinical activity, is believed to be via its distinctive characteristics as a neoantigen. These features enable the robust immune response observed in patients with various hematological malignancies, with potential to be effective in a large population section due to the broad coverage of immune system repertoires. Additionally, it is currently hypothesize that Immucin™ possesses the ability to overcome cancer's immune-system bypass resistance.
ABOUT VAXIL'S SIGNAL PEPTIDE ANTIBODY PLATFORM
In addition to its lead product, Vaxil has developed the first ever signal peptide specific antibodies, believed to have both treatment and diagnostic potential.
Disclaimer: The TSX Venture Exchange Inc. has in no way passed upon the merits of the Company has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds, the results of financing efforts, the results of exploration activities -- that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This press release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities described herein in the United States or elsewhere. These securities have not been, and will not be, registered in the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.