SOURCE: Vaxil Bio Ltd.

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March 03, 2017 08:00 ET

Vaxil Announces Novel Immunotherapy Poster Presentation at 2017 American Association for Cancer Research Meeting

Provides Corporate Update Including New Laboratory and Debt Settlement

NESS ZIONA, ISRAEL and TORONTO, ON--(Marketwired - March 03, 2017) - Vaxil Bio Ltd. ("Vaxil", or the "Company") (TSX VENTURE: VXL) is pleased to announce that the Company's abstract illustrating research on its novel therapeutic cancer vaccine, has been accepted for a poster presentation at the American Association for Cancer Research (AACR) Annual Meeting 2017 in Washington, D.C.

Presentation Details

  • Abstract Title: Immucin™, a MUC1 signal peptide based immunotherapy, acts through a neoantigen-like mechanism, and shows promising effects in hematological cancers (Abstract #LB-203)
  • Session Title: Late-Breaking Research: Immunology
  • Date and Time: April 4, 2017 at 8:00 AM - 12:00 PM
  • Location: Walter E. Washington Convention Center, Washington, DC,Poster Section 35, Poster Board Number 26

These new data relate to the Company's recent R&D initiative to investigate the mechanism of action of VXL100, known as Immucin™, as a true neoantigen.

A set of functional assays were applied to bone marrow and peripheral blood samples from hematological patients and normal donors to reveal distinct characteristics of the immune response elicited against the Company's MUC1 Signal Peptide epitopes.

Additionally, Vaxil's first results showing the capacity of Immucin™ to cooperate with PD-1 inhibitor ex-vivo, will be presented.

"We are delighted to be attending one of the world's leading oncology meetings to present new information on ImMucin™," commented Dr. Limor Chen, VP Operations and Clinical Affairs. "Including compelling evidence about the therapeutic potential of our vaccine technology to address several key problems with current immunotherapies, and its ability to act independently or in combination with them."

The poster will be available on the Company website www.vxlbio.com after scheduled presentation time. The Annual Meeting of the AACR is in its 109th year and highlights the best cancer science and medicine from institutions from all over the world.

Corporate Update
Vaxil is pleased to announce that its Israeli R&D office and laboratory has today been moved from 13 Einstein Street, into a larger building and upgraded facility just blocks away at 7 Golda Meir Street. This move represents both an expansion and an enhanced laboratory. Effectively, Vaxil remains in the Weizmann Science Park hub while simultaneously improving and modernizing its facilities.

Vaxil is also pleased to report that it has settled its prior disclosed lawsuit which was initiated 3 years ago in Israel. The Company has also settled certain outstanding debts incurred over the course of the prior year. In total, Vaxil has issued 2,999,435 common shares at a weighted average price of $0.11 per Common Share. Vaxil has executed these settlements, including with certain directors and/or officers, in order to both preserve cash and utilize available cash on hand for Research & Development. The settlements were approved unanimously by members of the board. The settlement of Common Shares is subject to all applicable regulatory approvals, including acceptance of the TSX Venture Exchange. The Common Shares issued pursuant to the debt settlement for Common Shares will be subject to a four month hold period in accordance with applicable Canadian securities legislation.

About Vaxil
Vaxil is a cutting edge Israeli-Canadian immuno-oncology biotech with its R&D based in the Weizmann Science Park, in Ness Ziona, Israel and listed on the TSX-V. Vaxil specializes in the development of immunotherapy products for the treatment of cancer and infectious diseases by activating the patient's immune system. Vaxil immunotherapy products are based on the proprietary VaxHit™ platform. The first product developed through VaxHit™ is known as ImMucin™, a therapeutic cancer vaccine comprised of the signal peptide domain of the MUC1 tumor-associated antigen (TAA). Vaxil has shown that ImMucin™ possesses a high density of T- and B-cell epitopes while preserving MUC1 specificity. MUC1 (mucin 1) is a cell surface glycoprotein that is highly expressed by carcinomas and hematological tumors, including multiple myeloma. Recently, Vaxil has shown that ImMucin™ can potentially elicit a strong anti-tumor activity when used in combination with checkpoint inhibitors.

Vaxil has completed an initial Phase 1/2 clinical trial (n=15) with ImMucin™ demonstrating the vaccine to be safe and highly tolerable in patients with multiple myeloma (MM). A robust immune response was seen in all patients treated with ImMucin™, with the majority of patients achieving stable disease. The company is now preparing for a larger Phase-II clinical trial.

Disclaimer: 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, results of clinical 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.

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