Vascular Biogenics(Nasdaq:VBLX) (also known as VBL therapeutics) is raising $22 million in a secondary offering. The Israeli drug development and cancer treatment company today announced that it has agreed to the sale and issuance of approximately 4.36 million ordinary shares to US institutional investors at a purchase price of $5.50 per share in a registered direct offering for gross proceeds of $24 million. The closing of the offering is expected to take place on or about June 10, 2016, subject to the satisfaction of customary closing conditions.
Rodman & Renshaw, a unit of H.C. Wainwright & Co., acted as the exclusive placement agent for the registered direct offering.
The estimated net proceeds to VBL Therapeutics from the offering are expected to be approximately $22.1 million, after subtracting placement agent fees and offering expenses payable by the company. VBL Therapeutics intends to use the net proceeds from the offering for the advancement of clinical programs, and for working capital and other general corporate purposes.
Headquartered in Or Yehuda near Tel Aviv, Vascular Biogenics saw its share price rocket yesterday after announcing positive Phase I/II results for its ovarian cancer treatment. Today the share is trading down 10% at $6.16, giving a market cap[ of $138.56 million.
Published by Globes [online], Israel business news - www.globes-online.com - on June 7, 2016
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