Vascular Biogenics Ltd.’s $28.3 Million Shares Offering

Goodwin Procter LLP advised Vascular Biogenics Ltd. on the deal.

Vascular Biogenics Ltd. (“VBL Therapeutics” or the “Company”) (NASDAQ: VBLT) announced the closing of its underwritten public offering of 6,901,790 ordinary shares, and, to certain investors in lieu thereof, pre-funded warrants to purchase 8,050,000 ordinary shares in an underwritten public offering, at a price to the public of $1.90 per ordinary share and $1.89per pre-funded warrant. The pre-funded warrants allow investors that have restrictions on their ability to own Company stock above a designated ownership threshold (such as 4.99% or 19.99%) to invest additional capital. In practice, the pre-funded warrants are the equivalent to ordinary shares without voting rights. All of the securities in the offering were sold by VBL Therapeutics.

The gross proceeds to the Company from the public offering, before deducting underwriting discounts and commissions and offering expenses payable by VBL Therapeutics, were approximately $28.3 million. VBL Therapeutics intends to use the net proceeds from the offering for working capital and other general corporate purposes.

Guggenheim Securities, LLC acted as bookrunning manager for the offering. Oppenheimer & Co. Inc. also acted as a joint bookrunner. Roth Capital Partners and JonesTrading Institutional Services LLC acted as co-managers.

Vascular Biogenics Ltd., operating as VBL Therapeutics, is a clinical stage biopharmaceutical company focused on the discovery, development and commercialization of first-in-class treatments for areas of unmet need in cancer and immune/inflammatory indications. 

The Goodwin team included Larry Wittenberg (Picture), Mayan Katz, Amanda Rae Schwarzenbart, Christine Jeong, Romina Weiss, Stephanie Philbin, and Ettore Santucci.

Involved fees earner: Amanda Rae Schwarzenbart – Davis Polk & Wardwell; Christine Jeong – Goodwin Procter; Mayan Katz – Goodwin Procter; Stephanie Philbin – Goodwin Procter; Ettore Santucci – Goodwin Procter; Romina Weiss – Goodwin Procter; Lawrence Wittenberg – Goodwin Procter;

Law Firms: Davis Polk & Wardwell; Goodwin Procter;

Clients: Vascular Biogenics Ltd.;

Martina Bellini

Author: Martina Bellini