Q1 2022 Vascular Biogenics Ltd Earnings Call
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Greetings and welcome to the V. B L Therapeutics first quarter 2022 earnings conference call. At this time all participants are in a listen only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance. During the conference. Please press star zero on your telephone keypad.
Cal Therapeutics, first quarter 2022 are...
As a reminder, this conference is being recorded I would now like to turn this conference over to your host Mr. Dan Ferry of lifestyle Advisors. Please go ahead Dan.
Thank you operator good morning everyone and thank you for joining the VBL therapeutics first quarter 2022 financial results incorporate update call.
Thank you operator, good morning, everyone.
Thank you for joining the V B cell therapeutics first quarter 2022 financial results and corporate update call.
Joining me on the call is Professor George Horrod's Chief Executive Officer and Sandback and Robert Chief Financial Officer.
Joining me on the call is professor Dror <unk>.
<unk> Executive officer.
Sam Baccarat Chief Financial Officer.
So press release with the company's financial results was issued earlier this morning and is available on the Investor Relations page of the VBL's website at vblrx.com
A press release with the company's financial results was issued earlier. This morning and is available on the Investor Relations page of <unk> website at V. B L Rx Dot com.
Before turning the call over to Jor and Sam, I would like to remind everyone that during this conference call...
Before turning the call over to Charles I would like to remind everyone that during this conference call.
Forward-looking statements made by management are intended to fall within the safe harbor provisions of the Private Security's litigation reform act of 1995. In section 21-E of the Security Exchange Act of 1990.
Forward looking statements made by management are intended to fall within the Safe Harbor provisions Private Securities Litigation Reform Act of 1995.
'twenty one knee the Securities Exchange Act of 1934.
As set forth in our press release, forward-looking statements involve risks and uncertainties that may affect the company's business and profit.
As set forth in our press release forward looking statements involve risks and uncertainties that may affect the company's visits from prospects.
including those discussed in our filings with the FCC, which include, among other things, our annual report on Form 20-S and Form 6-K. These filings are available from the FCC or on our website.
Including those discussed in our filings with the SEC, which include among other things our annual report on form 20-F and form 6K. These.
These filings.
Are available from the SEC or on our website.
Any forward looking statements made on today's conference call speak only as of today's date, Tuesday, May 17, 2022. And the company does not intend to update any of these forward looking statements.
Any forward looking statements made on today's conference call speak only as of today's date Tuesday May 17, 2022, and the company does not intend to update any of these forward looking statements.
to reflect events or circumstances that occur after today's.
To reflect events or circumstances that occur after todays date.
As a reminder, this call is being recorded and will be available for audio rebroadcast on our website. There will be a Q&A session.
As a reminder, this call is being recorded and will be avail available for audio rebroadcast on our website.
There will be a Q&A session following the companys prepared remarks.
With that, I'd like to turn the call over to Professor Jor Haratz. Jor, please go ahead.
I'd like to turn the call over to Professor Dror Dror. Please go ahead.
Thank you, Dan, and good morning, everyone. Thank you for joining us on today's call. 2022 is off to a very promising start for VBL with continued progress and imported milestones in both our lead clinical program evaluating off-rovec in Ovarian cancer as well as in our pipeline.
Thank you Dan and good morning, everyone. Thank you for joining us on today's call.
2022 is off to a very promising start Obi battle with continued progress and important milestones in both our lead clinical program evaluating golfer Bank, you know foreign cancer as well, yes in our pipeline.
We continue to execute on our strategic plan and remain on track to announce the readout of the progression free survival primary endpoint from the overall registration enabling trial in the second half of this year, which is positive would be a transformative event for VBL.
We continue to execute on our strategic plan and remain on track to announce the readout of the progression free survival primary endpoint from the oval registration, enabling trial in the second half of this year, which if positive would be a transformative event for BB&T.
Recently, we were pleased to announce that the FDA has granted fast-track-registered designation for AfroVec for platinum resistant of iron cancer, which may help expedite the time-to-market for our lead candidate, AfroVec.
Currently we were pleased to announce that the FDA has granted fast track Registrate designation for off road vehicle for platinum resistant ovarian cancer, which may help expedite the time to market.
Our lead candidate offer a bake off.
Off-rovec is also being evaluated in two other high-value cancer indications, colorectal cancer and glioblastoma, with preliminary data expected from both of these studies in 2020.
<unk> is also being evaluated in two other high value cancer indication colorectal cancer and Glioblastoma with preliminary data expected from both of these studies in 2022. We are also advancing VB six of one the first anti inflammatory candidate from <unk>.
We are also advancing VB-6-1, the first anti-inflammatory candidate from our novel monocyte targeting technology to where the clinic. We believe this catalyst set us up to continue to build VBL into a well-positioned company providing unique and differentiated solutions to patients in need.
Our novel Monocytes targeting technology to where the clinic. We believe these catalyst set us up to continue to build V. B L into a well positioned company, providing unique and differentiated solutions to patients in need.
Beginning with our lead program, Ophrovec is the first in class gene-based approach to treating cancer, which is highly differentiated in the oncology space. It has a unique dual mechanism of action designed to combine the blockage of blood vessels per mesion that are required for tumor growth with the anti-tumor immune response that recruit cells into the tumor microenvironment.
Beginning with our lead program offer Vic is a first in class gene based approach to treating cancer, which is highly differentiated in the oncology space. It.
It has the unique dual mechanism of faction designed to combined the blockage of blood vessel formation that are required for tumor growth with the anti tumor immune response that recruit T cells into the tumor microenvironment.
In March, we completed enrollment in Ovald, our FAY3 registration enabling trial evaluating off-roading in recurrent platinum resistant ovarian cancer. With a total of 400.
In March we completed enrollment in our phase III registration, enabling trial evaluating <unk> in recurrent platinum resistant ovarian cancer with a total of 409 patients we announce that at the same time that the independent data safe.
We announced that at the same time that the independent data safety monitoring committee overseeing this trial made a unanimous recommendation that the trial should continue as planned.
The monitoring committee overseeing these trial made a unanimous recommendation that the trial should continue as planned importantly, the committee. The committee provides each recommendation following their review.
importantly, the committee provides its recommendation following the review of unblinded data from 370 patients who are on study at the cut of date of December 31st, representing at the time more than 90% of targeted population of the trial.
Unblinded data from 370 patients.
Our own study and the cutoff date of December 31st representing at the time more than 90% of targeted population of the dry.
We designed the oval trial with two individual independent primary endpoints, progression free survival and overall survival.
We designed the oval trial with two individuals independent primary endpoint.
Progression free survival and overall survival.
Based on regulatory guidance, successfully meeting either of these endpoints should be sufficient to support a BLA submission. Readout of the first of this, the BFS primary endpoint, is expected in the second half of 2020.
Based on regulatory guidance successfully meeting either of these endpoints should be sufficient to support a BLA submission.
Readout of the first of these the PFS primary endpoint is expected in the second half of 2022.
a positive outcome in the PFS endpoint should set us up to submit a PLA for FPA approval in the first half of 2023. It's important to note that all the other existing drugs approved for a variant cancer, including the three POP inhibitors and the VASTIN, were approved based on PFS data and they have not demonstrated an overall survival benefits to date.
A positive outcome in the PFS endpoint should set us up to submit the BLA for FDA approval in the first half of 2023. It is important to note that all the other existing drugs approved for ovarian cancer, including the three PARP inhibitors and Avastin.
Were approved based on PFS data and they have not demonstrated an overall survival benefit to date.
We were pleased to announce in April that the FDA has granted fast track designation for <unk> for platinum resistant ovarian cancer.
We were pleased to announce in April that the FDA has granted fast-track designation for off-rope VEC for platinum resistant to foreign cancer.
Fast-track designation as a reminder is a process facilitate development and expedite the review of therapies with the potential to treat serious unmet medical needs.
I struck designation as a reminder, is a process facilitate development and expedite the review of therapies with the potential to treat serious unmet medical needs.
There are important benefits that go along with this designation, including eligibility for accelerated approval and priority review. The opportunity for more frequent meetings and written communication with FDA, as well as opportunity for a rolling BLA submission.
They are important benefits that go along with this designation, including eligibility for accelerated approval and priority review the opportunity for more frequent meetings and written communications with FDA as well as opportunity for our rolling BLA submission.
Ultimately, having fast track designation may help expedite the time to market for offer of it.
Will it be mainly having fast track designation may help expedite the time to market or offer Vic.
On April 11, we hosted a live KOE event for the investment community in New York to discuss the Ovarian Cancer Space in general, as well as the Offervec Clinical Program, the science that supported and the commercial opportunity.
On April 11, we hosted a live K O L event for the investment community in New York to discuss the ovarian cancer space in general as well as the offer <unk> clinical program. The science that supported and the commercial opportunity we have the presentation by three words.
We have a presentation by three word announced experts in the field. Dr. Bradley Monk, Dr. Richard Benson, and Dr. Kathleen Moore. The presentations and discussion reinforce the high level of interest with we are seeing in the oncology community about Ophorovic and the growing excitement around the upcoming oval top-line PFS announcement.
Announced experts in the field.
Bradley Monk Doctor, Richard Penson, and Doctor Kathleen bore the presentations and discussions reinforces the high level of interest we are seeing in the oncology in the oncology community about <unk> and the growing excitement around the upcoming oval topline PFS.
First announcement.
The webinar is archived on our corporate website for those of you who have not yet had a chance to list.
The webinar is archived on our corporate website for those of you who have not yet had a chance to listen.
We believe Ofravec may have a broad applications in other cancer due to its dual mechanism of function. And part of our strategy is to identify new oncology indications beyond ovarian cancer.
We believe all for a bank may have broad applications in other cancer due to its dual mechanism of action and part of our strategy is to identify new oncology indications beyond ovarian cancer.
There are currently two other ongoing clinical trials that are expected to generate preliminary data in 2022.
There are currently two other ongoing clinical trials that are expected to generate preliminary desktop in 2022.
The first is a phase two clinical trial in combination with Op-Givol, an immune checkpoint inhibitor for the treatment of metastatic colorectal cancer. This is being conducted under cooperative research and development agreement with the National Cancer Institute.
The first is a phase two clinical trial.
In combination with Opdivo and immune checkpoint inhibitor for the treatment of metastatic colorectal cancer. This is being conducted under a cooperative research and development agreement with the National Cancer Institute in this trial, we are looking to see whether ultra bags immune immuno.
In this trial, we are looking to see whether ofrobex immune recurrent mechanism which has seen in organ throughout the body also replicate in the gastrointestinal system.
The current mechanism, which has seen in Oregon throughout the body also replicate in the gastrointestinal system. The GIC as Tim regular regular already sees the viruses pathogens and.
The GI system regularly sees viruses, pathogens, and foreign proteins. And therefore, it may react differently to offer a vac compared to other organisms.
Boring proteins and therefore, it may react differently to offer Vic compare to other organ system. This study is important to us as it will.
This study is important to us as it will
Tell us whether GI cancer should be further explored with Ofromer.
Tell us whether Gi cancer should be father explored with ultra Vic.
The second clinical trial is a randomized control phase two investigating off-robex in neo-adjuvant and adjuvant setting in recurrent GBM patient who are undergoing a second surgery.
The second clinical trial is a randomized controlled phase two investigating all pravykh in neo adjuvant and adjuvant setting in recurrent GBM patient who are undergoing a second surgery.
This trial is sponsored by Dana Ferber Cancer Institute in collaboration with a group of top neuro-on-cology centers and enrollment is ongoing. We expect preliminary data from Boss, the color rectal, and the GBM studies later on in 2022.
This trial is sponsored by Dana Farber Cancer Institute in collaboration with a group of top neuro oncology centers and enrollment is ongoing we expect preliminary data from both the colorectal and the GBM studies later on in 2022.
Moving on to our pipeline.
Moving on to our pipeline, we are on track to initiate a first in human study for our lead candidate, VB601, which is designed to offer a novel and differentiated approach to treat prevalent chronic inflammatory diseases such as multiple sclerosis, rheumatoid arthritis, nonalcoholic steatohepatitis, ulcerative colitis, IBD, and others.
We are on track to initiate the first in human study for our lead candidate VB six to one which is designed to offer and novel and differentiated approach to treat prevalent chronic inflammatory diseases, such as multiple sclerosis, rheumatoid arthritis nonalcoholic staff.
But the Ibs ulcerative colitis, IBD and others will be six one is a monoclonal antibody to target most PD.
VB601 is the monoclonal antibody, the target MOSPD2, a surface protein that is expressed on the cell membrane of monocytes and enable them to migrate to inflammatory organs.
As surface protein that is expressed on the cell membrane of monocytes and enables them to migrate to inflammatory organs.
Monocytes are one of the key cell types involving an inflammation and have been implicated in the development of chronic diseases. We believe our approach has a broad potential and is differentiated from the majority of current anti-inflammatory agents, which were mostly through targeting T and B lymphocytes.
[noise] monocytes are one of the key cell types involving inflammation and I have been implicated in the development of chronic diseases. We believe our approach has broad potential and is differentiated from the majority of current anti inflammatory agents, which were most lee.
Through targeting T N B lymphocytes.
New data from this program, which give insight into the mechanism of our approach, were presented at the Immunology 2022 conference on May 8.
New data from this program, which give insight into the mechanism of our approach were presented at the immunology 2022 conference on May eight we showed for the first time and molecular met because of the new mechanism, explaining how VB six one in a bit the ability of mono.
We showed for the first time a molecular mechanism explaining how VP61 inhibits the ability of monocytes to walk by changing the dynamic process of adhesion and the touchment from molecule on the blood vessels and the extracellular matrix in the tissue.
Sites to walk by changing the dynamic process of adhesion and detachment from molecule on the blood vessels and the extra cellular mob breaks in the tissue maybe six a one act by fixing monocytes in in a different state, thereby preventing them.
VB601 acts by fixing monocytes in an adherent state, thereby preventing them from getting into inflamed tissues.
I'm getting into inflamed tissue.
In addition to this presentation, we provide a more general overview of our VB61 program last week at the Lifesci Immunology and Inflammation Symposium.
In addition to this presentation, we provide a more general overview of our VB six one program last week at the life Science immunology and inflammation symposium.
A replay of this presentation as well as a copy of the poster we presented at Immunology 2022 can be found on the Investor Relations section of our web.
A replay of this presentation as well as a copy of the poster we presented at immunology 2022 can be found on the Investor Relations section of our website.
Regarding our development plan for VB601, we previously had successful pre-IND meeting with FDA. We have since completed INE-enabling toxicology studies that demonstrated a safety profile that support moving the product into the clinic. We expect to initiate a clinical trial in the second half of this year.
Regarding our development plan for VB six of one we've previously had successful pre NDA meeting with FDA, we have since completed iron, enabling toxicology studies that demonstrated a safety profile that support moving that product into the clinic, we expect.
To initiate a clinical trial in the second half of this year.
So to summarize thus far, we had meaningful progress in 2022, including completing enrollment in the Oval Phase III registration-enabling trial. And we are on track for top-line results in the second half of the year. Second, fast-track designation for Ofravec that can facilitate the dialogue with the FDA and potentially expedite time-to-market for Ofravec.
So to summarize thus far we had meaningful progress in 2022, including completing enrollment in the oven phase III registration, enabling trial and we are on track for top line results in the second half of the year second fast track designation for ophthalmic that can facilitate.
The dialogue with the FDA and potentially expedite time to market for offer Vic third continued progress with the ongoing recurrent GBM and metastatic colorectal cancer clinical trial and force develop advancement in the VB 601 mechanism of action and toxic.
continued progress with the ongoing recurrent GBM and metastatic colorectal cancer clinical trial and force development advancement in the VB 601 mechanism of action and toxicology studies which support our plan for the first in human trial with this novel candidates later this year. With that I I will hand over to Sam to discuss the quarterly result. Sam, please go ahead.
All of these studies, which support our plan for the first in human trial with this novel candidate later this year.
With that I will hand over to Sam to discuss our quarterly results. Sam. Please go ahead. Thank.
Thank you, Drawer, and good morning, everyone. Revenues for the first quarter ended March 31st, 2022, were 0.1 million compared to 0.2 million for the comparable period in 2021.
Thank you Dror and good morning, everyone revenues for the first quarter ended March 31, 2022 were 0.1 million compared to 0.2 million for the comparable period in 2021 total operating expenses for the first quarter were approximately $10 7 million consisting of $7 5 million and R&D expenses.
Total operating expenses for the first quarter were approximately 10.7 million, consisting of 7.5 million and R&D expenses, net and 3.2 million in general and administrative expense.
Net and $3 2 million in general and administrative expenses.
This compares with total operating expenses of $6.5 million in the comparable period in 2021, which was comprised of $4.8 million in R&D expenses, net, and $1.7 million in general and administrative expenses.
This compares with total operating expenses of $6 5 million in the comparable period in 2021, which was comprised of $4 8 million in R&D expenses, net and $1 7 million in general and administrative expenses for the first quarter 2022 V. B all reported a net loss of $10 4 million or <unk> 13 per basic.
For the first quarter, 2022, VBL reported a net loss of 10.4 million or 13 cents per basic share compared to a net loss of 6.3 million or 12 cents per basic share in the comparable period in 2021.
Sure compared to a net loss of $6 3 million or 12 cents per basic share in the comparable period in 2021 at March 31, 2020 to be be all had cash cash equivalents short term bank deposits and restricted bank deposits of $44 $8 million.
at March 31st, 2022, VBL had cash, cash equivalents, short-term bank deposits, and restricted bank deposits of $44.8 million.
Based on our current projections, we expected this cash position will be sufficient to fund planned operating expenses and capital expenditures for at least 12 months from the date of the readout of top-line PFS data from the Phase 3 Oval Trial, which we anticipate receiving in the second half of 2022.
On our current projections, we expect that this cash position will be sufficient to fund planned operating expenses and capital expenditures for at least 12 months from the date of the readout of top line PFS data from the phase III Oval trial, which we anticipate receiving in the second half of 2022.
With that, I will return the call back to the operator for the Q&A portion of this morning's call. Thank you. At this time, we'll be conducting a-
With that I will return the call back to the operator for the Q&A portion of this morning's call. Thank you.
At this time.
Yeah.
And answer session.
If you would like to ask a question. Please press star one on your telephone keypad.
star 1 on your telephone keypad. A confirmation film will indicate your line is in the question queue. You may press star 2 to remove your question from the queue.
Some of them.
Line is in the question queue, you May press Star two.
From the queue for participants using speaker equipment it may be necessary.
For you to pick up your handset before pressing the star keys, one moment, while we poll for.
step before pressing the star keys. One moment while we poll for questions.
Questions I have.
The first question comes from Jonathan Ashoff with Ross Capital Parton.
First question comes from the line of Jonathan Aschoff.
With Roth Capital Partners you May proceed with your question.
Hi guys, thank you. Good morning. Drugling a few 830 calls. My only question is, and maybe you've answered it, is how much of the 17 and a half million euros is over is baked into the 1 Q2 2 cash?
Oh, Hi, guys. Thank you good morning, I'm juggling, a few 830 calls here and my only question is and maybe you've answered. It is how much of the 17 and a half million euros or is baked into the <unk> 22 cash number.
So none of that is baked into the number. So as you'll see in our 6K, we are in the process of going through the procedures in order to get those funds. And we do expect both the grand portion as well as the equity portion in the coming months.
So none of that is baked into the numbers. So as youll see in our 6K, we are in the process of going through the going through the you know the procedures in order to get those funds and we do expect both the grand portion as well as the equity portion in the coming months.
OK, so as projected before, the two and a half million euros just didn't make it in by the end of March, but should be in far sooner than the equity component, right?
Okay. So as projected before the two and a half million euros, just didnt make it in by the end of March but it should be in far sooner than the equity component right.
Correct. I mean, we think that they're working on a relatively similar track all of the equity is going to be slightly behind the grand portion.
Correct I mean, we think that they're working on a relatively similar travel or the equity is gonna be slightly behind the grand portion.
Okay. Thank you very much.
Thanks, Jonathan.
Our next question comes from the line of.
Kevin.
You May proceed with your question.
Hi, good morning. This is Susan on for Kevin. My first question is, you know, what can you tell us about the scope of the at scope posters?
Hi, Good morning. This is Susan on for Kevin <unk>. My first question is yeah, what can you tell us about the scope of.
Oscar posters, I know theyre embark on that.
Anything.
As they are embargo then we all respect the ESCO.
As they are embargoed and we all respect the ASCO, I can't say much on it, Susan, and thank you for asking. But as you can imagine, because the trials are in progress, you shouldn't expect to see top line results at ASCO.
Can't say, a multiunit Suzanne and thank you for asking but as you can imagine because the trials are in progress you shouldn't expect to see topline results at <unk>.
Okay.
And my follow up on how to think about the op-x spend going forward. We were a little low this quarter. And that was just one.
And my follow up on <unk>.
How do you think about the.
Our opex spend going forward, if we were a little lower this quarter and then I was just wondering.
How do you think about that.
Yeah, so in terms of the effects, obviously, you know, this is going to be a pretty heavy quarter just because of the the old trial and that's really where the primary activity was coming. It's where you have the most
Yeah. So in terms of the Opex. Obviously, you know this is going to be a pretty heavy quarter, just because of the the oval trial and that's really where the primary activity was coming its where you have the most patients on trial the most activity as we get towards.
Patients on trial, the most activity as we get towards data cleaning and clothing outside that have, you know, finished their patients within the trial. So, certainly came in a little bit heavier, but we do expect that over the full year things will start to normalize at least with regard to the oval study, and then we're gonna continue, obviously, to continue, you know, have activities with regard to pre-commercialization activities and preparing for BLA filing in the first half of 23. Got it. Thank you.
Data cleaning and clothing outside instead of finished their patients within the trial. So certainly came in a little bit a little bit heavier, but we do expect that over the full year things will start to normalize at least with regard to the oval study and we're going to continue obviously to continue you know have.
With regard to our pre commercialization activities and preparing for BLA filing in the first half of 'twenty three.
Got it okay that is helpful.
Our next question comes from the line of RK Rama Khan with.
You May proceed with your question.
Bye.
Thank you this is.
or K from its event, right? So, I'm trying to understand what sort of updates would we get between now and your final data from the draw value trial.
Comprehensive Android secure it.
Good.
I'm trying to understand what's sort of updates would be get them.
And your final data from that trial.
Yeah.
Basically, the trial is on track, and the results, we expected them as we are saying in the second half of 22, but we are not going to disclose more data as it's a randomized control double blind study and we don't have any information more than anybody else. So we will all wait patiently to get the results. get down.
And basically that the trial is on.
On truck and the results we expected them.
We are saying in the second half of 'twenty, two but we are not going to disclose more data.
Randomized control double blind study and we don't have any information more than anybody else. So we will all waited patiently to get the results.
Okay. Thank.
Thank you.
Our next question comes from the line of Matthew.
You May proceed with your question.
Hey, good morning, and congrats on the results from the quarter just a couple of short questions for me so regarding the potential launch of overbeck and ovarian cancer.
What's the current nature of his dialogue happening.
At the moment.
Thank you for asking the question.
Thank you for asking the question.
As you can imagine this is a unique drug and when we discuss it with the payers and it wasn't just us we actually were contracted with clear view to do this analysis.
As you can imagine this is a unique drug and.
When we discuss it with the Payors.
And.
It wasn't just as we actually were contracted was clear view to deal to do this analysis.
We realize as we expected that the payers are expecting to pay on the high range for a drug like this and you can make your own calculation as for example for the pop-in-a-bit tours they're paying about 25 grand a month
We realize as we expected that the payers are expecting to pay on the high range for a drug like this and you can make your own calculation as for example for the PARP inhibitors, they're paying about 25 Grand a month.
and this drug is given every eight weeks. So you can do the calculation and see what the payers think about our drug. And even with this price, they were saying that that's a no-brainer for a drug like this, and we heard it from the different payers.
And this drug is given every eight weeks. So you can do the calculation and see what the payer think about our drug.
And even with this price they were saying that that's a no brainer for a drug like this and we heard it from the different payers.
Great. Thanks.
And then also I wanted to ask about VB six of one program. How are you thinking about cadence from that program in terms of data and also our initial target selection.
Indication selection.
So maybe 61 is a unique and really knows.
So Vp601 is a unique and real novel program first, because it's working on monocytes, and that can, because it's working on monocytes in a completely different way. And it's actually a novel biologist we discovered. We discovered the MOSPIT II, and now we discovered the way actually monocytes works.
Program first because it's working on monocytes and that can because it's working and the long sides in a completely different way and it's actually in novel Biology that we discovered we discover that must be the tool and now we discovered the way actually monocytes walk.
When they get outside of the blood vessels and they walk into the inflamed tissue to get to the right place.
When they get outside of the blood vessels and they walk into the inflamed tissue to get to the right place and must be the tool is a critical molecule to enable monocytes to walk and the VEB six one blockade. So this is a completely novel mechanism and whoever know about the chronic immune inflammatory disease.
And MOSPIT II is a critical molecule to enable monocytes to walk and the VB-601 block it. So this is a completely novel mechanism. And whoever know about the chronic immune inflammatory disease know that the science show that monocytes play a major role in the chronic phase of these diseases. And unfortunately, we have no drug on the market that actually targeting monocytes directly.
No that's assigned show that mono science play a major role in the chronic phase of these diseases and Unfortunately, we have no drug on the market that's actually targeting myocytes directly. So we are going to start with a healthy volunteers and have a PK and PD there youre develop.
So we are going to start with the healthy volunteers and have a PK and PD there. We are developing an essay that will enable us to know more than just the dosing, but also the efficacy of the drug. And then the plan right now is to go for a mess and mainly to the chronic phase of a mess and not the relapsing remitting that you have some therapies although it is not ideal.
Ping, an assay that will enable us to no more than just the dosing, but also the efficacy of the drug.
And then their plan right now is to go for a mass and mainly to.
The chronic phase of MFS in up there.
Relapsing remitting that you have some therapies, although it's not a.
Ideal, but we also consider other indications that might help us show the proof of concept relatively early in the development program.
But we also consider other indications that might help us show the proof of concept relatively early in the development program.
This is successful going to be a huge program for any drug company.
This is successful going to be a huge program for any drug company.
Great well that's exciting.
Thanks, Matt.
Ladies and gentlemen, we have reached.
Today's question answer session I would like to turn this call back over to Mr. Doyle for closing remarks.
Thank you all for participating in our call today and have a wonderful day.
Thank you all for participating in our call today and have a wonderful day. This includes today's conversation.
This concludes today's conference you may disconnect. Your lines at this time. Thank you for your participation enjoyed the rest of your day.
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