Undervalued..gift at .03. News pending NESS-ZIONA, ISRAEL, Sept. 06, 2018 (GLOBE NEWSWIRE) -- VAXIL BIO LTD. (TSX VENTURE: VXL), an Israeli biotech focused on innovative immunotherapy treatments for cancer and infectious diseases, is pleased to announce the appointment of Mr. David Goren as Chief Executive Officer. Mr. Goren will also join Vaxil’s board of directors.
Mr. David Goren is a seasoned pharma executive with 30 years’ experience having spent two decades at Pfizer with increasingly senior positions including Head of Worldwide Strategy based in New York. Subsequently, Mr. Goren moved to Israel in order to establish Pfizer’s Israeli commercial presence, which he grew to be one of the leading multinationals in the country. Thereafter, Mr. Goren joined AstraZeneca and served as Country President, establishing and leading the company in Israel. Mr. Goren studied biology as an undergraduate degree before receiving his MBA from Columbia.
“Vaxil is excited to have recruited such a high caliber CEO with a wealth of experience from top pharma companies around the globe and particularly in Israel,” commented Mr. Isaac Maresky.
Dr. Ari Kellen and Dr. Shawn Langer, members of Vaxil’s board, added, “David Goren is uniquely suited to lead Vaxil given his scientific background combined with decades of experience in global pharmaceuticals across commercial, business development and corporate strategy. We also want to thank Isaac for his contributions as CEO, and we look forward to continuing to work together with Isaac and David as members of the board of directors.”
Mr. Goren noted, “I am truly excited to be joining Vaxil, and look forward to working closely with Vaxil’s team to accelerate the company’s progress in its exciting core programs.”
VAXIL CORPORATE UPDATE
Vaxil is also pleased to provide a corporate update on R&D activities and manufacturing testing. Vaxil has engaged a consultant with expertise and prior experience in Regulatory Affairs, Chemistry Manufacturing and Controls to oversee manufacturing testing for Vaxil’s lead cancer immunotherapy product known as ImmucinTM. The company has received and analyzed initial results from work completed during the second quarter, which indicated potential options for a refined manufacturing approach. Given that such results are exploratory, Vaxil has elected to conduct a further phase of CMC tests, with results expected by the end of this calendar year.
Additionally, Vaxil has launched preclinical testing for its patented Tuberculosis vaccine known as MTBuVaxTM. Vaxil signed a contract with a major US academic and research institution, which will conduct the preclinical studies at its BSL-3 facilities under the auspices of its Tuberculosis specialist. Vaxil’s Tuberculosis vaccines have been manufactured specifically for this study, and the first batches have arrived in the US. The experiments will compare Vaxil’s MTBUVaxTM family of vaccines against the widely used BCG Vaccine.
OPTIONS ISSUANCE
Vaxil is pleased to announce that it intends to issue 4,446,472 incentive stock options to its new CEO, exercisable at a price of $0.09 exercisable for 5 years. This issuance is in line with the Company’s option plan and may be subject to applicable regulatory approval(s).
ABOUT VAXIL
Vaxil is an Israeli immunotherapy biotech focused on its novel approach to targeting prominent cancer markers. Its lead product Immucin™ is a MUC1 signal peptide derived product, wholly owned by Vaxil and protected by a series of patents in all major territories around the globe, believed to act as a true neoantigen. Vaxil is currently advancing toward a Phase-II which may include additional solid tumor indications. The Company successfully completed a Phase- I/II clinical trial in multiple myeloma patients, after which Immucin™ was designated Orphan Drug by both the US FDA and the EMA for that indication. As was recently presented by the company, the mode of action by which Immucin™ exerts its unique immunological and clinical activity, is believed to be via its distinctive characteristics as a neoantigen.
The Company is also developing a Tuberculosis vaccine called MTBuVax which has demonstrated promising preliminary results. Preclinical testing is underway at a top US academic and research institution.