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Vascular Biogenics Ltd. (VBLT) stock gains in the pre-market session. Why is it so?

Vascular Biogenics Ltd. (VBLT) stock declined by 7.29% at the last trading close whereas the VBLT stock rises in the pre-market by 1.12% as of this writing. VBL Therapeutics, formerly Vascular Biogenics, is a clinical-stage biopharmaceutical company focusing on the discovery, development, and commercialization of first-in-class therapies for cancer and immune/inflammatory indications.

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VBL has created three platform technologies:

  • A gene-therapy-based technology for treating newly established blood vessels with a cancer focus,
  • An antibody-based platform focusing MOSPD2 for anti-inflammatory and immuno-oncology applications, and the Lecinoxoids,
  • A group of small molecules for immune-related indications.

What is happening?

Today, VBLT confirmed the completion of its underwritten public offering of 6,901,790 ordinary shares, as well as pre-funded options to buy 8,050,000 ordinary shares in an underwritten public offering, at a public price of $1.90 per ordinary share and $1.89 per pre-funded warrant, to some holders. The pre-funded warrants enable holders who are restricted from owning VBLT shares above a defined ownership level (such as 4.99 percent or 19.99 percent) to invest additional funds. In fact, pre-funded warrants are the same as common stock without voting rights. VBL Therapeutics sold all of the shares in the offering.

Furthermore,

Before deducting underwriting incentives and commissions, as well as VBL Therapeutics’ sales costs, the Company received nearly $28.3 million in gross proceeds from the public offering. The net proceeds from the sale will be used by VBL Therapeutics for working capital and other general corporate purposes.

The offering’s bookrunning manager was Guggenheim Securities, LLC. Oppenheimer & Co. Inc. was also a joint bookrunner on the deal. Co-managers were Roth Capital Partners and JonesTrading Institutional Services LLC.

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