Vaxil Cancels Brokered Private Placement
01 August 2020 - 6:30AM
VAXIL BIO LTD. (“
Vaxil” or the
“
Company”) (TSX VENTURE: VXL), an innovative
immunotherapy biotech company specializing in cancer and infectious
diseases, announces that it has cancelled its previously announced
brokered private placement, offering up to 35,294,118 units (the
“Units”) at a price of $0.085 per Unit (see press release date May
26, 2020).
The Company has determined that, in light of the
market conditions, the offering should be cancelled until further
notice.
ABOUT VAXIL
Vaxil is an Israeli immunotherapy biotech
company focused on its novel approach to targeting prominent cancer
markers and infectious diseases. Its lead product ImMucin™
successfully completed a Phase 1/2 clinical trial in multiple
myeloma for which it received orphan drug status from the FDA and
EMA. The company aims to continue to develop ImMucin™, a COVID-19
and a tuberculosis vaccine / treatment that has demonstrated
promising preliminary results with further preclinical evaluation
planned. Additional indications and mAb candidates are under
evaluation as immuno-oncology and infectious disease treatments
alone and in combination with other treatments.
Vaxil exploits the unique properties of signal
peptide domains on crucial proteins to develop targeted therapies
against cancer targets and infectious disease pathogens. These
signal peptide domains are identified by VaxHit™, Vaxil’s
proprietary bioinformatic approach. These signal pepdies induce a
robust T- and B-cell response across wide and varied HLA subtypes,
while acting as true, universal neoantigens. The peptide platform
targets these cells by “educating” or specifically activating the
immune system to recognize and attack the affected cells. In
addition, Vaxil’s mAb platform directly recognizes the target
protein expressed on malignant cells and recruits other elements of
the immune system to lyse those cells.
The Company is not making any express or implied
claims that it has completed developing or will be successful in
developing a COVID-19 (or SARS-CoV-2) vaccine at this time.
Disclaimer: The Company cautions that COVID-19
Vaccine Development is still under early stage research and
development and is not making any express or implied claims that it
has the ability to eliminate the COVID-19 virus at this time. The
TSX Venture Exchange Inc. has in no way passed upon the merits of
the Company and has neither approved nor disapproved the contents
of this press release. Neither 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 release. This news release
contains forward-looking information, which involves known and
unknown risks, uncertainties and other factors that may cause
actual events to differ materially from current expectation.
Important factors - including the availability of funds, the
results of financing efforts, the results of exploration activities
-- that could cause actual results to differ materially from the
Company's expectations are disclosed in the Company's documents
filed from time to time on SEDAR (see www.sedar.com). Readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
The company disclaims any intention or obligation, except to the
extent required by law, to update or revise any `forward-looking
statements, whether as a result of new information, future events
or otherwise. This press release does not constitute an offer to
sell or a solicitation of an offer to sell any of the securities
described herein in the United States or elsewhere. These
securities have not been, and will not be, registered in the United
States Securities Act of 1933, as amended, or any state securities
laws, and may not be offered or sold in the United States or to
U.S. persons unless registered or exempt therefrom.
CONTACT INFORMATIONFor further information please
visit http://vaxil-bio.com/ or contact: David Goren, CEO
-- info@vaxil-bio.com, +972 (52) 720-6000
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