Read Why VBL Therapeutics Shares Are Falling To a 52-Week Low

Vascular Biogenics Ltd or VBL Therapeutics VBLT announced topline data from the Phase 3 OVAL clinical trial of ofra-vec (ofranergene obadenovec; VB-111) in platinum-resistant ovarian cancer.
The trial did not meet the primary endpoints of achieving a statistically significant improvement in progression-free survival (PFS) or overall survival (OS).
The OVAL trial demonstrated that patients randomized to the combination of ofra-vec and paclitaxel had a median PFS of 5.29 months versus 5.36 months for the paclitaxel control arm.
The interim overall survival analysis was also not significantly different (median OS 13.37 months in the treatment arm versus 13.14 months in the control arm.
The company will discontinue the OVAL trial and review the data from ongoing Phase 2 trials in metastatic colorectal cancer and recurrent glioblastoma multiforme.
As VBL evaluates the next steps with the ofra-vec program, it continues to move the VB-601 program towards a first-in-human clinical trial, expected to begin in Q4 of 2022.
The company anticipates that its current cash of $44.8 million will be sufficient to fund planned operations for at least the next 12 months.
Price Action: VBLT shares are down 78.5% at $0.44 during the premarket session on the last check Wednesday.