1 The EIC Accelerator Project
EIC Accelerator Program Overview
The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support small and medium-sized enterprises (SMEs) and startups in the European Union, particularly those focusing on deep tech innovations. The program aims to facilitate the development and commercialization of breakthrough technologies and solutions that address societal challenges and enhance Europe’s global competitiveness.
Funding Structure
The EIC Accelerator provides funding through a blended finance model, which combines grants and equity investments. The grant component can reach up to €2.5 million, aimed at supporting various phases of the innovation process, such as research and development, prototyping, and pilot projects.
In addition to grants, the EIC Accelerator offers equity investments, which have evolved over the years. Until 2024, the program can invest up to €15 million in equity, while from 2025 onwards, this amount will be capped at €10 million. This flexible financial structure is designed to meet the diverse funding needs of innovative companies, ensuring they have the resources necessary to scale effectively.
Purpose of the EIC Accelerator
The EIC Accelerator plays a crucial role in the European startup and deep tech ecosystem by providing not just financial support, but also strategic guidance and mentorship. It seeks to bridge the gap between early-stage innovations and market-ready solutions. By offering substantial funding and facilitating connections with private investors, the EIC Accelerator helps companies build credibility and attract additional investments, which are vital for scaling operations and achieving commercial success.
Role in Scaling and Funding
The program emphasizes the importance of private sector involvement in scaling innovative companies. By providing equity investment, the EIC Accelerator enhances the attractiveness of startups to private investors, as the EIC's backing serves as a validation of the company's potential. This support is instrumental in helping startups navigate the challenges of scaling, such as market entry, customer acquisition, and operational expansion.
Case Study: Vascular Biogenics LTD and the OVAL Project
Vascular Biogenics LTD, an innovative biopharmaceutical company based in Israel, emerged as a winner of the EIC Accelerator program with its project titled OVAL. The project focuses on the study of VB-111, a novel treatment for platinum-resistant ovarian cancer, which represents a significant medical challenge. The company submitted its Step 2 proposal on October 6, 2021, and successfully advanced to a Step 3 interview, ultimately securing funding.
Project Overview: OVAL
The OVAL project centers around VB-111, an innovative therapeutic agent designed to treat patients suffering from platinum-resistant ovarian cancer. This type of cancer is particularly difficult to manage, as it often does not respond to standard chemotherapy treatments, leading to poor patient outcomes. VB-111 utilizes a unique mechanism of action targeting the tumor vasculature, effectively starving the cancer cells of essential nutrients and oxygen.
Technology Basics and Background
VB-111 is a gene therapy product that employs an innovative approach to cancer treatment. It is designed to selectively target and disrupt the blood supply to tumors. The technology involves the use of a modified virus that is engineered to express a protein that induces cell death in the endothelial cells lining the blood vessels feeding the tumor. This targeted mechanism not only inhibits tumor growth but also aims to minimize damage to surrounding healthy tissues, reducing side effects typically associated with traditional chemotherapy.
The development of VB-111 is based on extensive preclinical and clinical research, demonstrating its potential efficacy in treating various cancers, particularly those that have shown resistance to conventional therapies. The OVAL study aims to further validate the safety and efficacy of VB-111 in a controlled clinical environment, contributing valuable insights into its effectiveness against platinum-resistant ovarian cancer.
Conclusion
The EIC Accelerator program, with its unique funding structure and strategic support, plays a pivotal role in fostering innovation within the European deep tech landscape. Vascular Biogenics LTD's OVAL project exemplifies the kind of transformative initiatives that benefit from such support, addressing critical health challenges and advancing novel therapeutic solutions. Through initiatives like the EIC Accelerator, Europe positions itself as a leader in innovation, particularly in the biomedical sector, paving the way for future advancements that improve patient outcomes and enhance global health.
2 The Funding Rounds
Vascular Biogenics Ltd. (VBL Therapeutics) – Funding and Exit Events Since EIC Accelerator Award
Overview:
Vascular Biogenics Ltd. (also known as VBL Therapeutics, NASDAQ: VBLT), an Israeli clinical-stage biopharmaceutical company, secured funding from the Horizon Europe EIC Accelerator Program following its October 2021 application. The company has since undergone significant corporate developments, including major funding events and a transformative merger.
Financing Raised & Funding Rounds
Timing and Amounts of Key Funding Rounds
| Date | Event/Funding Round | Amount | Investors/Source |
|---|---|---|---|
| June 2014 | Initial Public Offering | Not disclosed here | Institutional/public investors |
| Oct 2021 | EIC Accelerator Selection | Up to €17.5 million | EU Commission |
| Pre-Oct 16, 2023† | Pre-merger investment | $10.3 million | Healthtech investor syndicate; Notable backers |
</em> See SEC filings for detailed IPO financials. † Immediately prior to closing the merger transaction with Notable Labs.
Investor Information
Major institutional investors over time have included:
- Teva Pharmaceuticals
- Builders VC
- B Capital Group
- Y Combinator
- First Round Capital
- Founders Fund
Additionally, public shareholders acquired equity via NASDAQ after the company's IPO.
Company Valuations & Financial Status
While direct post-merger valuation figures are not specified in available sources above:
- As a publicly traded entity on NASDAQ (previously under symbol VBLT), market capitalization data is available historically through market records.
- At time of merger completion with Notable Labs (October 16–17th, 2023), shares were set for trading under "NTBL" after a reverse split. This event typically reflects both legacy valuations and anticipated future prospects based on combined business assets.
Exit Events: Merger/Acquisition Details
Merger with Notable Labs Inc.:
Date Announced/Closed: October 16–17th , 2023
Nature: All-stock transaction merging VBL Therapeutics into Notable Labs Inc.; newly formed entity renamed "Notable Labs Ltd." trading as NTBL on NASDAQ.
Transaction Highlights: $10.3 million raised pre-closing by healthtech-focused investors. Combined entity focuses on precision cancer therapeutics using predictive platform technology brought by Notable. Shareholders approved transaction at meeting held October 12th and SEC clearance received September 6th.
There have been no reports or indications of an IPO or buyout event beyond this reverse merger since receiving the EIC award—Vascular Biogenics had already been publicly listed prior to these developments.
Sources
- Notable Labs Closes Merger Transaction With VBL Therapeutics
- Vascular Biogenics - Products, Competitors, Financials
- Form 10-K Vascular Biogenics Ltd., March 14 2023
- Annual Report Archive – Nasdaq:VBLT – FY21
- Stock Titan News – Latest Stock News & Market Updates for Vascualar Biogenincs/VBTL
3 The Press Releases
Vascular Biogenics Ltd. (operating as VBL Therapeutics until October 2023), an Israeli biopharmaceutical company, has undergone significant developments since receiving the EIC Accelerator funding after submitting their Step 2 proposal on October 6, 2021.Key Corporate Developments and Merger
- In February 2023, Vascular Biogenics entered into a definitive agreement to merge with Notable Labs, Inc., a clinical-stage therapeutic platform company focused on predictive precision medicines for cancer patients.
- The merger was approved by over 98% of VBL shareholders at an annual and special meeting in October 2023 and officially closed on October 16, 2023.
- Post-merger, the combined entity was renamed Notable Labs Ltd., trading on Nasdaq under the ticker “NTBL” starting October 17, 2023.
- This strategic merger aligns with a shift in focus toward advancing Notable’s Predictive Precision Medicines Platform (PPMP) alongside completing development of Volasertib for acute myeloid leukemia (AML).
Technology Advancements and Product Pipeline
- Vascular Biogenics developed several proprietary platforms including gene therapy targeting blood vessels for cancer treatment; notably the VB-111 gene-based biologic agent targeting solid tumors such as glioblastoma and ovarian cancer.
- Their VB-600 platform targets MOSPD2 protein for anti-cancer therapy; this received additional European patent protection securing IP rights until at least July 2036. The anti-MOSPD2 antibodies are designed to treat various cancers expressing MOSPD2 including both solid tumors and hematological malignancies.
- Prior to the merger announcement, their lead immunology product candidate was VB-601 — a targeted antibody showing disease-modifying activity in multiple preclinical models of immune-inflammatory diseases like multiple sclerosis and rheumatoid arthritis.
Partnerships & Financial Aspects
Team Updates
The press releases emphasize management transitions post-merger:
- Prof. Dror Harats served as CEO of VBL Therapeutics during the merger process.
- Dr. Thomas A. Bock is CEO of Notable Labs moving forward with leadership over combined operations focusing on oncology drug development leveraging PPMP technology .
Summary
Since winning EIC Accelerator funding in late 2021:
Vascular Biogenics transitioned through strategic evolution culminating in its merger with Notable Labs by late Q3/early Q4 of 2023.
This has resulted in:
- Refocusing efforts towards precision oncology via integration of predictive medicine platforms.
- Continued development of promising products like Volasertib (AML) alongside existing pipeline assets protected by robust patents.
- Strengthened financial backing through investor syndicates supporting accelerated clinical programs.
- Corporate rebranding aligning with new business strategy under "Notable Labs Ltd." listed on Nasdaq.
For further details or ongoing updates about corporate activities or scientific progressions post-merger visit their official website vblrx.com or follow announcements related to Notable Labs under NTBL ticker symbol.
Sources:
VBL Therapeutics Announces Results Annual Meeting & Merger
Notable Labs Closes Merger Transaction With VBL Therapeutics
VBL Therapeutics And Notable Labs Announce Definitive Merger Agreement
Vascular Biogenics Additional New European Patent Announcement
Vascular Biogenics Company Profile – GlobalData
4 The Technology Advancements
Vascular Biogenics Ltd. (VBL Therapeutics), an Israeli biotechnology company, has evolved significantly since receiving the EIC Accelerator funding on October 6, 2021. The company focuses on developing targeted therapies for cancer and immune-inflammatory diseases.Current Capabilities
Vascular Biogenics operates primarily in oncology and immune-inflammatory disease therapeutics. Its lead immunology candidate is VB-601, a targeted antibody showing disease-modifying activity in preclinical models of multiple sclerosis, rheumatoid arthritis, and inflammatory bowel disease. Additionally, VBL was developing VB-111, a novel gene therapy undergoing Phase 3 clinical trials for recurrent platinum-resistant ovarian cancer with promising interim results showing over 50% response rates.Advancements Since EIC Accelerator Funding
Since October 2021, Vascular Biogenics has made major strides notably through its strategic merger with Notable Labs Inc., completed in October 2023. This merger combined VBL’s pipeline with Notable Labs’ proprietary Predictive Precision Medicines Platform (PPMP), which uses multidimensional biological assays and machine learning to predict patient responses to cancer treatments accurately. The integration aims to enhance precision medicine by leveraging PPMP’s capability to identify responders before treatment initiation.Financially and operationally, VBL monetized its manufacturing facility in Modiin for $7.1 million early in 2023 to strengthen cash reserves and focus investments into R&D pipelines post-merger. The merged entity focuses on advancing Notable's lead asset Volasertib—a PLK1 inhibitor—with Phase 2a results expected by Q3 2024.
Technology Improvements and New Features
The key technological improvement comes from merging VBL’s therapeutic assets with Notable Labs’ advanced predictive platform PPMP that integrates machine learning-driven bio-simulation of patient responses alongside clinical validation studies demonstrating high predictive accuracy of treatment outcomes. This represents a substantial enhancement over traditional trial-and-error oncology treatments by potentially personalizing therapies upfront.Beyond this platform integration: - VBL continued development of VB-111 gene therapy through ongoing clinical trials.
This combination of innovative gene therapy platforms with AI-driven precision medicine marks their latest technological progress.
Demonstration in Market / Clinical Trials
Vascular Biogenics had active clinical programs at least until early/mid-2023:- A pivotal Phase 3 OVAL study for VB-111 targeting platinum-resistant ovarian cancer showed encouraging interim data supporting continuation without safety concerns.
- Initiated additional Phase 2 studies including glioblastoma indications for VB-111 and COVID-related inflammation targeting via VB-201.
Post-merger focus shifts towards validation trials employing the PPMP platform predictions guiding therapeutic selections such as Volasertib's AML indication entering late-stage testing phases expected soon (Phase 2a readouts anticipated Q3/24).
Patents & Scientific Publications
Patent filings associated with Vascular Biogenics have continued post-funding:These patents underscore ongoing innovation around their viral vector technologies relevant both for oncology applications like Ofra-VEC as well as potential fibrosis or inflammatory conditions.
No direct mention was found regarding new scientific papers or whitepapers specifically published after receiving the EIC funding; however clinical trial updates serve as implicit scientific outputs validating their therapeutic approaches.
Summary
Since receiving the EIC Accelerator funding in October 2021:
- Capabilities: Focused on oncology gene therapies (VB-111), immune-inflammatory antibodies (VB-601), now combined under a new precision medicine umbrella via merger.
- Advancements: Completed transformative merger with Notable Labs integrating AI-powered predictive platform PPMP; monetized manufacturing assets; progressing multiple clinical-stage candidates.
- Technology Improvements: Enhanced pipeline via AI-based prediction tools coupled with existing viral vector therapeutics; improved ability to personalize treatments before administration based on patient-specific simulations.
- Market Demonstrations: Ongoing pivotal Phase III trial data releases indicating efficacy/safety; expanding pipeline into other indications including glioblastoma & AML using merged technology capabilities.
- Patents: Maintained active patent portfolio centered around adenoviral vectors expressing Fas-chimera constructs improving VEGF antagonist responsiveness since prior years continuing into recent times.
Overall, Vascular Biogenics Ltd., now effectively incorporated within Notable Labs Ltd., shows significant progress technologically, clinically, and strategically leveraging state-of-the-art platforms aimed at revolutionizing personalized cancer treatment paradigms while maintaining strong foundations in immunotherapy research developed pre-EIC funding.
Sources
5 The Partnerships and Customers
Vascular Biogenics LTD Overview
Vascular Biogenics LTD, operating as VBL Therapeutics, is a biopharmaceutical company based in Israel, specializing in developing targeted therapies for immune-inflammatory diseases and cancer. The company received EIC Accelerator funding in October 2021.
Partnerships and Customers
Since receiving the EIC funding, VBL Therapeutics has been involved in several significant partnerships and strategic agreements:
- Notable Labs Merger: VBL Therapeutics entered into a definitive merger agreement with Notable Labs, Inc., announced in February 2023. This merger aims to leverage Notable's Predictive Precision Medicines Platform (PPMP) to advance oncology drug development, particularly with Volasertib. The combined company is expected to operate under the name Notable Labs, Ltd., with shares listed on the Nasdaq Capital Market.
- Manufacturing Facility Sale: In early 2023, VBL Therapeutics sold its manufacturing facility in Modiin, Israel, and certain related assets for $7.1 million in cash. This move was part of the company's strategic reevaluation of assets.
- Wellbeing Group Ltd. Agreement: VBL has also entered into a non-binding term sheet with Wellbeing Group Ltd. to monetize its lead product candidate, VB-601, subject to shareholder approval.
New Partners and Customers
There is no specific information available about new customers for VBL Therapeutics. However, the merger with Notable Labs introduces Notable's investors, including Builders VC, B Capital Group, Y Combinator, First Round Capital, and Founders Fund, as new strategic partners in the combined entity.
Nature of New Relationships
The merger with Notable Labs positions VBL Therapeutics to leverage Notable's predictive platform technology for advancing oncology treatments. This strategic move is designed to enhance shareholder value and create new therapeutic opportunities by combining VBL's assets with Notable's technology expertise.
Market Positioning and Technology Advancements
The partnership with Notable Labs is expected to enhance VBL Therapeutics' market position by integrating Notable's innovative predictive precision medicines platform. This integration will facilitate the development of a pipeline of clinical-stage precision medicines focused on cancer treatments with high unmet medical needs. The combined entity will have access to Notable's operational infrastructure, intellectual resources, and significant investment capital, which will support technology advancements and scaling in the oncology sector.
Scaling Opportunities
The merger with Notable Labs provides VBL Therapeutics with access to additional resources and expertise, enabling it to scale its operations more effectively. The combined company's ability to predict patient responses using Notable's PPMP technology will accelerate clinical programs and in-licensing opportunities, thereby enhancing its scalability in the biopharmaceutical industry.
Sources: - Asset Purchase Agreement between Vascular Biogenics ...
- VBL Therapeutics Announces Agreement to Sell Manufacturing Facility
- VBL Therapeutics and Notable Labs Announce Definitive Merger Agreement
- Vascular Biogenics Ltd.
- VBL Therapeutics Announces that S-4 Registration Statement for Proposed Merger with Notable Labs Is Declared Effective by SEC
- VBL Therapeutics & Notable Labs Announce Definitive Merger Agreement
- Aleph Farms Increases Production Capabilities with VBL Therapeutics Facility
- VBL Therapeutics Announces that S-4 Registration Statement for Proposed Merger with Notable Labs Is Declared Effective by SEC
6 The Hiring and Company Growth
Vascular Biogenics Ltd. (operating as VBL Therapeutics) from Israel, winner of the EIC Accelerator funding with a Step 2 proposal submitted on October 6, 2021, has undergone significant organizational and corporate developments since then, notably culminating in its merger with Notable Labs in late 2023.Current Team Size and Headcount
- Specific current headcount or detailed team size figures for Vascular Biogenics Ltd. (VBL Therapeutics) are not explicitly disclosed in publicly available sources.
- Post-merger, the combined entity operates under Notable Labs’ leadership and is headquartered in Foster City, California. The merged company’s board consists of seven members including one director from the former VBL board.
Hiring Activity and Growth
- There are no direct public announcements regarding ongoing hiring or recent key hires specifically attributed to Vascular Biogenics Ltd. after their EIC Accelerator award.
- The merger with Notable Labs likely involved integration-related staffing adjustments; however, detailed changes in team growth or new roles have not been explicitly reported.
Key Management Changes
- A major change occurred through the definitive merger agreement completed by October 16, 2023. Post-merger:
- Leadership shifted to Notable Labs’ management team: Thomas A. Bock serves as CEO; Scott A. McPherson as CFO; Joseph Wagner as Chief Scientific Officer; Glenn Michelson as Chief Medical Officer.
- Prof. Dror Harats (former CEO of VBL Therapeutics) expressed gratitude but is no longer part of executive leadership after full transition to Notable’s management structure.
- Board composition includes six members designated by Notable Labs and one member from former VBL’s board.
Impact on Future Growth and Scaling
- The merger aims to leverage combined technologies—Vascular Biogenics’ targeted therapies for immune-inflammatory diseases alongside Notable's Predictive Precision Medicines Platform focused on oncology precision medicines—to create a robust pipeline of clinical-stage precision medicines.
- This strategic alignment positions the combined company to accelerate development timelines using predictive platforms that improve patient selection and clinical trial success rates—a significant scaling advantage for therapeutic development efficiency.
- With $10.3 million new capital invested at closing plus cash runway into 2025 secured through this transaction, the organization is financially positioned to grow its operational capabilities.
Summary
Since receiving EIC Accelerator funding in late 2021:
- Vascular Biogenics Ltd.’s most prominent evolution has been its strategic merger with U.S.-based Notable Labs finalized in October 2023.
- This restructuring brought managerial changes consolidating leadership under Notable’s executives while incorporating select governance representation from former VBL directors.
- Public data does not provide explicit details about current headcount increases or newly hired key roles post-EIC award but suggests that integration into a larger biotech platform will enhance scalability via shared technology platforms and financial resources.
The future trajectory emphasizes leveraging complementary expertise between immune-inflammatory targeted therapies from VBL Therapeutics and precision oncology approaches by Notable Labs—expected to drive innovation acceleration and expanded market reach.
Sources:
https://www.globenewswire.com/news-release/2023/10/12/2759289/0/en/VBL-Therapeutics-Announces-Results-of-Annual-and-Special-Shareholder-Meeting.html
https://drug-dev.com/vbl-therapeutics-notable-labs-announce-definitive-merger-agreement/
https://www.globenewswire.com/news-release/2023/08/14/2724325/0/en/VBL-Therapeutics-reports-second-quarter-FY23-financial-results.html
https://fintel.io/doc/sec-notable-labs-ltd-ex991-october162023
7 The Media Features and Publications
Vascular Biogenics Ltd. (operating as VBL Therapeutics), an Israeli clinical-stage biopharmaceutical company, has been featured in various media outlets and participated in significant industry events since receiving the EIC Accelerator funding after its Step 3 interview on October 6, 2021.Media Features and Publications
Several financial and market news platforms regularly cover Vascular Biogenics Ltd., reporting on the company's stock performance, clinical trial updates, merger activities, and business developments:
- MarketBeat highlighted key financial results such as a notable 26% jump in net profit reported around July 2024 and coverage of their Q1 profits along with analyst forecasts indicating optimism for future growth.
- Yahoo Finance provided updates about shareholder meetings, merger transactions with Notable Labs, and regulatory filings like the S-4 registration statement related to mergers occurring through late 2023.
- Other investment-focused websites such as Business Insider Markets Insider, StockTitan.net, Public.com, Benzinga, MSN Money, Fool.com, have also tracked stock trends and corporate announcements about VBL Therapeutics.
- A press release via GlobeNewswire announced presentations of their lead oncology product VB-111 at major conferences like ASCO (American Society of Clinical Oncology) Annual Meeting in June 2018 (before EIC funding but relevant background), underscoring ongoing clinical development efforts beyond basic media coverage.
Though specific named mainstream publications like The Wall Street Journal or Nature are not cited here from search results directly naming Vascular Biogenics Ltd., these aggregated financial news services provide continuous information streams about the company’s market activities.
Podcasts or Interviews
There is no direct record found of podcasts or interviews featuring members of the Vascular Biogenics team specifically. However:
No direct podcasts by or interviews with executives from VBL Therapeutics were located during this period based on current search results.
Conference Participation & Presentations
Vascular Biogenics has actively participated in industry conferences highlighting its research pipeline:
- At ASCO Annual Meeting June 2018: Presented Phase III trial update for VB-111 targeting platinum-resistant ovarian cancer; presentation delivered by Dr. Richard T. Penson from Harvard Medical School demonstrated promising survival benefits when combined with chemotherapy; this positioned VB-111 as a potential first-in-class anticancer agent recognized also by EMA orphan designation for ovarian cancer treatment.
- BIO International Convention June 2018: Presented data on MOSPD2 program — another novel therapeutic candidate showcasing R&D breadth beyond VB-111 at a leading biotech industry event held in Boston convention center that year.
While these conference participations predate EIC Accelerator funding but represent established public scientific engagement setting context for post-funding progress.
Involvement in Events
The company has been involved primarily through scientific presentations at specialized oncology/biotech forums rather than broad public events:
No references were found describing broader public outreach events or health fairs involving patient communities directly hosted by them within the given timeframe.
Summary
Since winning EIC Accelerator funding following October 6th, 2021 submission date:
This synthesis reflects publicly available information mainly drawn from financial news sources plus documented conference presentations that showcase how Vascular Biogenics Ltd. maintains visibility within biotech investor circles and scientific forums while lacking broader media interview records currently accessible.
Sources
Markets Insider - Vascular Biogenics News StockTitan.net - Latest Stock News Public.com - Latest News & Updates MarketBeat - NASDAQ:VBLT News GlobeNewswire via PM360Online - Conference Presentations June2018 Yahoo Finance - Corporate Announcements & Financial Results BusinessWire Investor Alerts August '23Do you need EIC Accelerator support?
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