Vascular Biogenics Ltd (VBLT)

[wcopeland]

1. That would be great if they paired with anti-PD1. And yes, if that were the case, BMS make a lot of sense. PD1 can bind to either PDL1 or PDL2, so if PDL2 is up-regulated on tumor cells (instead of PDL1), the tumor can still evade the immune system while not being effected by anti-PDL1 therapy.

Also, I strongly agree with your Opdivo vs. Keytruda points: BMS fell behind and has to take on more risk.

2. Dror will have to be careful in navigating business interactions with Epperly (Rachel Humphrey - remember she has ties to AZ and BMS). I remember about a year ago, Dror frequently alluded to the fact that VBLT could be the next big biotech and acquisition was not on his mind. But if BMS gets too ingrained and they like what they see, he may get forced into that option. (For the record, I would not complain... so long as it is $10B+).

Another point about the combination trial is that if it goes exceptionally well, other companies with anti-PD1/PDL1 molecules will likely try their molecule in combination with VB111. And in those scenarios, the other companies would absolutely be footing the bill. In essence, if pharma foots the bill for this first trial, then VBLT has a free opportunity to carve out significant market share.

3. Yea, you are right... start immediately. I have recently been hearing about adverse events due to immune-oncology treatments and I think I was overthinking things. Sprint towards approval while you have the money and momentum.

Cheers