VBLT - Notable Labs Closes Merger Transaction With VBL Therapeutics | Benzinga
- Notable expects to initiate trading on the Nasdaq Capital Market under ticker symbol "NTBL" effective at market open on October 17 -
- Aggregate net transaction proceeds expected to fund planned operations into 2025 -
- Completed previously announced $10.3 million private placement with leading healthtech-focused investors, led by Builders VC, B Capital Group, Y Combinator, First Round Capital, and Founders Fund -
- Predictive Precision Medicines Platform ("PPMP") applied to select and develop two clinical-stage therapeutic candidates with lead programs in acute myeloid leukemia ("AML"); four Phase 2 milestones expected by 1Q 2025 including Phase 2a results for lead asset Volasertib in adult AML in 3Q 2024 -
- Notable's proprietary PPMP combines multi-dimensional biological assays and machine learning to bio-simulate a patient's cancer treatment and predict their clinical response to the actual treatment -
- Notable to host conference call tomorrow at 8:30 AM Eastern Time -
FOSTER CITY, Calif., Oct. 16, 2023 (GLOBE NEWSWIRE) -- Notable Labs, Inc. ("Notable"), a clinical stage therapeutic platform company developing predictive precision medicines for cancer patients, today announced the completion of its merger transaction with VBL Therapeutics ("VBL") (NASDAQ:VBLT) and associated financing. The combined company will focus on the advancement of Notable's proprietary Predictive Precision Medicines Platform ("PPMP") and therapeutic pipeline focused on cancer patients with high unmet medical needs while completing the development of Volasertib for the treatment of acute myeloid leukemia ("AML") in platform-predicted responders as the flagship program. The ordinary shares of the combined company (renamed Notable Labs, Ltd.) are expected to commence trading on The Nasdaq Capital Market, on a 1-for-35 reverse split basis, under the ticker symbol "NTBL" and a new CUSIP number at the open of market trading on October 17, 2023.
"This is an important milestone for Notable as we continue to advance the demonstrated value of the PPMP," said Thomas Bock, M.D., Chief Executive Officer of Notable. "The merger will add additional capital to accelerate our continued development of Volasertib for the treatment of AML in PPMP-predicted responding patients. As a publicly traded company, we will continue to evaluate potential additional programs and assets where PPMP is especially suited for risk-reducing and fast-tracking therapeutic development."
With the completion of the merger transaction and $10.3 million in new capital invested prior to the closing by a healthtech-focused investor syndicate, including existing Notable stockholders Builders VC, B Capital Group, Y Combinator, First Round Capital, and Founders Fund, the combined company is now expected to be capitalized through multiple clinical milestones with a cash runway into 2025.
Notable's PPMP combines multi-dimensional biological assays and machine learning to bio-simulate a patient's cancer treatment and predict their clinical response to the actual treatment. Four clinical validation studies with recognized academic centers have demonstrated PPMP's high predictive precision in identifying clinical responders before treatment. PPMP has guided Notable in the selection and development of two clinical-stage therapeutic candidates in platform-predicted responding patients with AML.
Notable's lead asset derived from PPMP is Volasertib, a highly potent PLK1 inhibitor proven to induce cell cycle arrest and apoptosis in various cancer cells. Phase 2a results for Volasertib in adult AML are expected in 3Q 2024. Notable expects to ...