Post by icemandios on May 21, 2021 12:51:49 GMT
VBI Vaccines Announces $12 Million Second Tranche of Debt Financing with K2 HealthVentures
VBI Vaccines Inc. ( Nasdaq: VBIV ) (VBI), a biopharmaceutical company driven by immunology in the pursuit of powerful prevention and treatment of disease, today announced an agreement to drawdown a $12 million second tranche under its previously announced debt financing facility with K2 HealthVentures (K2HV), a healthcare-focused specialty finance company. Under the terms of the debt financing facility, dated May 22, 2020 and amended May 17, 2021, K2HV has agreed to provide the Company up to $52 million in multiple tranches.
The first tranche of $20 million was drawn upon closing of the original agreement in May 2020. The second tranche, upsized to $12 million from the original $10 million, became available following the achievement of certain clinical milestones, including the positive 12-month overall survival data from Phase 2a (Part B) of the Phase 1/2a study of VBI-1901 in recurrent glioblastoma (GBM) patients, and the positive proof-of-concept data from the Phase 1b/2a study of VBI-2601 in chronic hepatitis B (HBV) patients. Press releases for both data announcements can be found here and here , respectively.
“Following the achievement of key clinical development milestones in our effort to develop treatments for GBM and chronic HBV, we are pleased to further strengthen our balance sheet and our partnership with the K2HV team – a team who continues to demonstrate their deep understanding of our business and the science driving VBI,” said Jeff Baxter, VBI’s president and CEO.
Two additional tranches of up to $10 million each remain drawable in the future upon certain conditions. The first is contingent upon achievement of a specified regulatory milestone, and the second and final tranche will be available at the discretion of K2HV.
About VBI Vaccines Inc.
VBI Vaccines Inc. (“VBI”) is a biopharmaceutical company driven by immunology in the pursuit of powerful prevention and treatment of disease. Through its innovative approach to virus-like particles (“VLPs”), including a proprietary enveloped VLP (“eVLP”) platform technology, VBI develops vaccine candidates that mimic the natural presentation of viruses, designed to elicit the innate power of the human immune system. VBI is committed to targeting and overcoming significant infectious diseases, including hepatitis B, coronaviruses, and cytomegalovirus (CMV), as well as aggressive cancers including glioblastoma (GBM). VBI is headquartered in Cambridge, Massachusetts, with research operations in Ottawa, Canada, and a research and manufacturing site in Rehovot, Israel.
VBI Vaccines Inc. ( Nasdaq: VBIV ) (VBI), a biopharmaceutical company driven by immunology in the pursuit of powerful prevention and treatment of disease, today announced an agreement to drawdown a $12 million second tranche under its previously announced debt financing facility with K2 HealthVentures (K2HV), a healthcare-focused specialty finance company. Under the terms of the debt financing facility, dated May 22, 2020 and amended May 17, 2021, K2HV has agreed to provide the Company up to $52 million in multiple tranches.
The first tranche of $20 million was drawn upon closing of the original agreement in May 2020. The second tranche, upsized to $12 million from the original $10 million, became available following the achievement of certain clinical milestones, including the positive 12-month overall survival data from Phase 2a (Part B) of the Phase 1/2a study of VBI-1901 in recurrent glioblastoma (GBM) patients, and the positive proof-of-concept data from the Phase 1b/2a study of VBI-2601 in chronic hepatitis B (HBV) patients. Press releases for both data announcements can be found here and here , respectively.
“Following the achievement of key clinical development milestones in our effort to develop treatments for GBM and chronic HBV, we are pleased to further strengthen our balance sheet and our partnership with the K2HV team – a team who continues to demonstrate their deep understanding of our business and the science driving VBI,” said Jeff Baxter, VBI’s president and CEO.
Two additional tranches of up to $10 million each remain drawable in the future upon certain conditions. The first is contingent upon achievement of a specified regulatory milestone, and the second and final tranche will be available at the discretion of K2HV.
About VBI Vaccines Inc.
VBI Vaccines Inc. (“VBI”) is a biopharmaceutical company driven by immunology in the pursuit of powerful prevention and treatment of disease. Through its innovative approach to virus-like particles (“VLPs”), including a proprietary enveloped VLP (“eVLP”) platform technology, VBI develops vaccine candidates that mimic the natural presentation of viruses, designed to elicit the innate power of the human immune system. VBI is committed to targeting and overcoming significant infectious diseases, including hepatitis B, coronaviruses, and cytomegalovirus (CMV), as well as aggressive cancers including glioblastoma (GBM). VBI is headquartered in Cambridge, Massachusetts, with research operations in Ottawa, Canada, and a research and manufacturing site in Rehovot, Israel.
