VBL Announces Inducement Grant Under Nasdaq Listing Rule 5635(c)(4)
TEL AVIV, Israel and NEW YORK, April 28, 2022 (GLOBE NEWSWIRE) -- VBL Therapeutics (Nasdaq: VBLT), a late-clinical stage biotechnology company developing first-in-class therapeutics for difficult-to-treat malignant solid tumors and immune or inflammatory indications, today announced that the Compensation Committee of VBL’s Board of Directors approved the grant effective April 24, 2022 of a non-qualified stock option to purchase an aggregate of 75,000 ordinary shares of VBL as an inducement material to the hiring of a new employee, in accordance with Nasdaq Listing Rule 5635(c)(4).
The option grant has an exercise price of $1.57 per share, the fair market value on the grant date, and will vest and become exercisable beginning one year following the grant, when 33% will vest, with the remainder vesting quarterly over two years subject to the employee’s continued employment with VBL on such vesting dates. The option has a ten-year term and is subject to the terms and conditions of VBL’s Inducement Plan (2022) and the award agreement covering such grant.
About VBL Therapeutics
Vascular Biogenics Ltd., operating as VBL Therapeutics (VBL), is a late-clinical stage biopharmaceutical company focused on the discovery, development and commercialization of first-in-class treatments for difficult-to-treat malignant solid tumors and immune or inflammatory indications. VBL’s novel VTS™ gene-based platform and antibody-based monocyte targeting technology enable the creation of a pipeline of programs that harness the body’s innate biological processes to provide unique solutions for significant unmet medical needs. VBL’s lead oncology product candidate, ofra-vec (ofranergene obadenovec; `VB-111`), is an investigational, first-in-class, targeted anti-cancer gene-based agent in development to treat a wide range of solid tumors. Ofra-vec is currently being studied in a Phase 3 registration-enabling clinical trial (NCT03398655) for platinum-resistant ovarian cancer. To learn more about VBL, please visit vblrx.com or follow the company on LinkedIn, Twitter, YouTube or Facebook.
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