Closes Go-Public & Financing Led by Sunel Securities
TORONTO, ON and REHOVOT, ISRAEL–(Marketwired – March 10, 2016) – Vaxil Bio Ltd. (“Vaxil” or the “Company”) (TSX VENTURE: VXL) wishes to announce the closing of its go-public via reverse takeover (the “Transaction”) of Emerge Resources Corp., following overwhelming approval of the Transaction and related matters by the shareholders of both companies. Vaxil’s shares are now trading under the symbol VXL. At a deemed value of $0.23 per share, the Company’s market value is approximately $11-Million. The Company’s financing and go-public were led by Sunel Securities Inc.
Vaxil is a well-known, cutting-edge Israeli biotech focused on innovative cancer treatments, immuno-oncology, based in Israel’s scientific hub within the Weizmann Science Park and adjacent to the renowned Weizmann Institute, Israel’s top scientific institution. Vaxil was founded by immunotherapy “Thought Leader” Dr. Lior Carmon, a Weizmann PhD. The supporting scientific team includes Dr. Marian Gorecki, a fellow Weizmann PhD (and professor) and Massachusetts Institute of Technology (MIT) Post-Doctorate; Dr. Saeid Babaei, a University of Toronto PhD; and Dr. Benjamin Chen, a U. Wisconsin PhD and Stanford Cancer Research Fellow. Vaxil’s scientific platform has been under development since 2007 when Dr. Carmon raised the initial $2-Million to launch pre-clinical studies. Years of research have culminated in a significant cancer immunotherapy vaccine platform including a lead cancer vaccine candidate, Immucin, which was identified, developed, and most recently tested in a Phase-I/II clinical trial with 15 cancer patients. Vaxil has published its research in a variety of the world’s top medical journals, and the Company is rapidly advancing its targeted cancer immunotherapy technologies.
Vaxil Successful Completion of Phase-I/II
Vaxil’s primary immunotherapy product is the ImMucin signal peptide cancer vaccine, which demonstrated highly promising results in a Phase I/IIa study including 15 Multiple Myeloma patients. All the patients treated displayed a specific and robust immune response and over 70% (11 out of 15) of patients also derived clinical benefit. Some patients were even followed post treatment with certain patients continuing to derive clinical benefit for periods of several years post-treatment. The full results of Vaxil’s clinical trial were published in the prestigious British Journal of Haematology in 2014.
Vaxil Orphan Drug Status
Throughout the course of the Transaction, Vaxil managed to obtain Orphan Drug Status from both the US FDA in addition to the EMA. Orphan Drug Designation can lead to a period of market exclusivity if Immucin becomes approved. In addition, Orphan Drug Status allows for significant tax credits of up to 50% of clinical development costs, as well as exemption from filing fees and Office of Orphan Drugs assistance during development process.
Vaxil’s Applicability to Various Cancer Types
The MUC1 cancer antigen has been ranked amongst the most important cancer targets, given its presence in some 90% of cancer types. However, to date, many companies have demonstrated only limited success in pursuit of utilizing MUC1 toward a cancer therapeutic. Vaxil has taken an alternative strategy for targeting the MUC1 cancer antigen, bypassing the extracellular TRA domain drawbacks, and inducing wide immune cell response including T-Cells and B-Cells. The Company is considering avenues to explore Vaxil’s technology in other cancer types and hopes to report on this matter in the near future as developments occur. Immucin is tumor specific and TAP-independent (to avoid resistance), something not shared by most other cancer vaccines.
Vaxil’s “VaxHit” Platform
Importantly, Vaxil’s Immucin was developed utilizing Vaxil’s proprietary platform technology called “VaxHit”. “VaxHit” is a platform developed for the identification of immunogenic signal peptides or immune cell sub-units which could be utilized for immunotherapeutic purposes. This platform is intended to propel further technologies in addition to Immucin. Vaxil has already begun developing a synthetic, highly specific, anti-MUC1 antibody which is more targeted towards cancer cells. Vaxil has published research on this mechanism which it believes could have huge potential for both therapeutics and diagnostic applications. The Company has begun the patent filing process and hopes to be in a position to report further as progress is made.
Vaxil’s Potential Partnership with Mayo Clinic
Vaxil has signed a preliminary letter of intent which contemplates a collaboration with the Mayo Clinic. Such a partnership would see Vaxil’s Immucin cancer immunotherapy vaccine used in conjunction with other innovative cancer treatments under development at the Mayo Clinic. Vaxil hopes to be in a position to report further progress on this front should the matter progress.
Vaxil Advancing to Larger Phase-II Clinical Trial
Vaxil is currently in the process of planning and preparing its submissions to regulators to receive approval for a larger Phase-II study with ImMucin in Multiple Myeloma patients. The Company currently plans on submitting applications to both Health Canada as well as the FDA, and will report further on this matter in the near future as it advances in this regard.
Vaxil Intellectual Property Portfolio
Over the years, Vaxil has built a significant and robust intellectual property portfolio which includes 3 fully issued patents and 14 patents pending. The Company is working on a few potential follow-on technologies to complement its Immucin cancer vaccine, and hopes to report further on this matter as R&D progresses.
An video on Vaxil’s platform is available, click here to view VAXIL INTRODUCTORY VIDEO
The Company also wishes to thank shareholders for their support throughout Vaxil’s go-public process, as the management team & advisors worked tirelessly on an array of efforts in order to finalize closing of the Transaction. The Company’s efforts have culminated in a precedent for an Israeli biotech, one which we hope will be utilized for future Israeli tech companies to follow.
Statements in this press release may contain forward-looking information. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expects” and similar expressions. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law. THE TSX VENTURE EXCHANGE HAS IN NO WAY PASSED UPON THE MERITS OF THE RTO AND HAS NEITHER APPROVED OR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE. NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.As seen on Yahoo Finance