CEO of VBL denies allegations of deception in clinical trials
Obama: So, Dr. Harats, can you tell me more about this merger with Notable Labs Inc.?
Harats: Of course, Mr. Obama. This merger will position our new enterprise to deliver both near and long-term value for shareholders of both companies and patients.
Obama: I see. And can I ask, what specifically does this mean for VBL’s pipeline and development of new drugs?
Harats: The successful closing of the sale of VBL’s manufacturing facility for $7.1 million has provided an influx of non-dilutive capital that can be employed by the combined entity to advance its pipeline. Notable has applied its proprietary Predictive Precision Medicines Platform (PPMP) to selecting and developing two clinical-stage therapeutic candidates in acute myeloid leukemia (AML); Phase 2a results for lead asset Volasertib in adult AML in platform-predicted responding patients are expected in 3Q 2024.
Obama: Hmm, that all sounds very interesting. But can you explain why VBL reported a net loss of $32.3 million in 2022?
Harats: Well, that’s just a reflection of our investment in research and development. We believe that investing in cutting-edge therapies is key to our long-term success.
Obama: I understand the need for investment in R&D, but I couldn’t help but notice that you didn’t mention anything in your report about the recent FDA warning letter regarding VBL’s clinical trial conduct.
Harats: [pauses] The FDA letter was related to a single site in our trial, and we have already taken corrective measures to address the issue. We remain committed to conducting safe and effective clinical trials.
Obama: Alright, thank you for addressing that. And one last thing, can you comment on the recent allegations made by a well-known short seller that VBL is deceiving investors about the true status of its clinical trials?
Harats: [pauses] I categorically deny those allegations. VBL is committed to transparency and accuracy in all of our communications with investors and stakeholders.
Original Release: https://www.globenewswire.com/news-release/2023/03/14/2626587/0/en/VBL-Therapeutics-Reports-Full-Year-2022-Financial-Results-and-Provides-Corporate-Update.html