Vascular Biogenics announces pricing of $15m underwritten offering

What are the details?

Vascular Biogenics Ltd. (NASDAQ:VBLT), today announced the pricing of an underwritten offering of 2,500,000 ordinary shares together with accompanying warrants to purchase an aggregate of 1,250,000 ordinary shares.

The combined offering price of each ordinary share and accompanying warrant was $6.00 per share. The gross proceeds to VBL Therapeutics from this offering are expected to be $15 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by VBL Therapeutics.

The warrants will be exercisable at $7.50 per share, will be exercisable beginning on May 6, 2016 and will expire on May 6, 2021. The ordinary shares and warrants are immediately separable and will be issued separately.

VBL Therapeutics intends to use the net proceeds from the offering for the advancement of clinical programs, and for working capital and other general corporate purposes.

All of the shares and accompanying warrants in the offering are to be sold by VBL Therapeutics. The offering is expected to close on or about November 6, 2015, subject to the satisfaction of customary closing conditions. Additional details regarding the offering will be included in a Form 6-K filed by VBL Therapeutics with the Securities and Exchange Commission.

Piper Jaffray & Co. acted as sole bookrunner for the proposed offering. JMP Securities acted as lead manager, with Roth Capital Partners and LifeSci Capital LLC acting as co-managers.

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