VBIV: Sale of Assets, New Lic w/ Briii Bio
Feb 14, 2024 13:49:54 GMT
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Post by icemandios on Feb 14, 2024 13:49:54 GMT
VBI Announces Agreement to Sell Manufacturing Capabilities, Certain Related Assets, and Enter Into New License Agreement with Brii Biosciences
VBI to receive up to $33 million in consideration, subject to achievement of certain activities, for:
VBI’s manufacturing capabilities and certain related assets at Rehovot manufacturing facility
Intellectual property for VBI-2601, VBI’s hepatitis B immunotherapeutic candidate
Exclusive Asia Pacific (APAC), excluding Japan, license for development and commercialization of VBI-1901, VBI’s glioblastoma immunotherapeutic candidate
Following completion of the full transaction, VBI expects its total debt principal under its current facility with K2 HealthVentures to be significantly reduced to $17 million
Jeff Baxter, President and CEO of VBI, stated: “We believe that this transaction improves the financial stability of VBI and balances the potential value creation within our development and commercial portfolio with a streamlined and focused resource deployment. Upon successful completion of all transactions, we anticipate that we will have reduced the long-term burn of the company, and reduced our debt overhang by about 70%. We remain steadfast in our belief that our pipeline can have a meaningful impact on patients, providers, and public health, and we believe this deal better positions us to deliver on this mission.”
The proceeds from these agreements will be used for reduction of debt under the Company’s current facility with K2 HealthVentures.
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.