Vascular Biogenics Ltd (VBLT)

[wcopeland]

Exactly! I think this has very little to do with confidence in Ph3 success, and was motivated in large part by making sure they remain in a position of strength following Ph3 approval.

Imagine Ph3 comes back positive. They will need money to scale up manufacturing and they will need money for marketing BEFORE they can start to sell drug and see revenues. That will cost money. Where will that money come from? Without additional revenue, it will mean chopping from other parts of the budget (ie. Ph3 OVCA, Ph1 NSCLC, VB-600 development).

We (or at least I) do not know the terms for the other $100M from NanoCarrier, but my guess is it will be impossible for VBLT to access all $100M of it. Moreover, I would guess they will need most of the money from that agreement just to initiate sales.


However, gr8d8, you bring up a great point. This dilution does seem to suggest they are not 100% confident in results and are truly blinding.