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Vaxil Provides Update of Conversion of Previously Issued Convertible Debt and the Granting of Options

Vaxil Bio Ltd.
·5 mins read

Not for distribution by US newswire or in United States

NESS-ZIONA, Israel, Sept. 17, 2020 (GLOBE NEWSWIRE) -- VAXIL BIO LTD. (“Vaxil” or the “Company”) (TSX VENTURE: VXL), an innovative immunotherapy biotech company specializing in cancer and infectious diseases, announced that effective September 17, 2020 (the “Effective Date”), the Company converted all of its outstanding convertible debentures, in the principle amount of $36,000, into 740,086 common shares of the Company (“Common Shares”). Interest amounting to $2,209 was converted into 20,086 Common Shares at the market price of the Common Shares, being CAD$0.10

The Company also wishes to announce the granting, of 200,000 stock options (the “Consultant Options”) to two consultants, issued pursuant to the Company's stock option plan (the "SOP"), exercisable into an equal amount of Common Shares at an exercise price of CAD $0.12 per Share (the "Consultant Options"). 100,000 of the Consultant Options shall vest in three equal installments with 1/3 vesting on the Effective Date (the “Initial Grant”), 1/3 on the 6 month anniversary of the Initial Grant and the last 1/3 on the 12 month anniversary of the Initial Grant. The remaining 100,000 options shall vest in three equal installments with 1/3 vesting on the one-year anniversary of the Initial Grant, 1/3 on the 2 year anniversary of the Initial Grant and the last 1/3 on the 3 year anniversary of the Initial Grant. All Consultant Options shall expire on the 5th anniversary of the Initial Grant.

Finally, the Company wishes to announce that following the successful in vivo study (previously announced on September 8, 2020), the Company granted 1.4 million stock options in aggregate to the CEO and CFO, pursuant to the terms of the SOP, exercisable into an equal amount of Common Shares at an exercise price of CAD $0.12 per Common Share (the "Management Options"). One third of the Management Options vest immediately (the "Initial Date"), one-third vest on the one-year anniversary of the Initial Date, and the remaining amount on the second anniversary of the Initial Date. The Management Options expire 5 years from the Initial Date.

ABOUT VAXIL

Vaxil is an Israeli immunotherapy biotech company focused on its novel approach to targeting prominent cancer markers and infectious diseases. Its lead product ImMucin™ successfully completed a Phase 1/2 clinical trial in multiple myeloma for which it received orphan drug status from the FDA and EMA. The company aims to continue to develop ImMucin™, a COVID-19 and a tuberculosis vaccine / treatment that has demonstrated promising preliminary results with further preclinical evaluation planned. Additional indications and mAb candidates are under evaluation as immuno-oncology and infectious disease treatments alone and in combination with other treatments.

Vaxil exploits the unique properties of signal peptide domains on crucial proteins to develop targeted therapies against cancer targets and infectious disease pathogens. These signal peptide domains are identified by VaxHit™, Vaxil’s proprietary bioinformatic approach. These signal pepdies induce a robust T- and B-cell response across wide and varied HLA subtypes, while acting as true, universal neoantigens. The peptide platform targets these cells by “educating” or specifically activating the immune system to recognize and attack the affected cells. In addition, Vaxil’s mAb platform directly recognizes the target protein expressed on malignant cells and recruits other elements of the immune system to lyse those cells.

The Company is not making any express or implied claims that it has completed developing or will be successful in developing a COVID-19 (or SARS-CoV-2) vaccine at this time.

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.

Disclaimer: The Company cautions that COVID-19 Vaccine Development is still under early stage research and development and is not making any express or implied claims that it has the ability to eliminate the COVID-19 virus at this time. 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. 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, the results of exploration 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. This press release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities described herein in the United States or elsewhere. These securities have not been, and will not be, registered in the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.

CONTACT INFORMATION
For further information please visit http://vaxil-bio.com/ or contact:
David Goren, CEO -- info@vaxil-bio.com, +972 (52) 720-6000