Why Vascular Biogenics Is One of the Biggest Winners From ASCO So Far

As the annual meeting for the American Society of Clinical Oncology (ASCO) is underway, we are starting to see some winners shake out from it. Currently one of the biggest winners is Vascular Biogenics Ltd. (NASDAQ: VBLT).

VBL announced the presentation of updated clinical results from a Phase 1/2 trial of VB-111 in the treatment of patients with recurrent platinum resistant ovarian cancer.

The company presented data at the meeting that demonstrated a statistically significant increase in overall survival for its VB-111. At the same time, VB-111 had a 60% durable response rating (as measured by reduction in CA-125), roughly twice the historical response with Avastin plus chemotherapy in ovarian cancer.

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Overall VB-111 was found to be safe and well tolerated. Eight serious adverse events were reported, and two were considered by the investigator to be possibly related to be VB-111.

Richard Penson, M.D., MRCP, Associate Professor of Medicine, Harvard Medical School, Clinical Director of Medical Gynecologic Oncology, Massachusetts General Hospital, and Primary Investigator for this trial, commented:

The demonstration of improved overall survival with the therapeutic dose, in combination with 60% durable response rate, is particularly impressive, given this trial focused on women with poor prognosis disease.

Dror Harats, M.D., CEO of VBL, commented:

We are excited by this data set from our Phase 1/2 ovarian cancer trial which show durable disease control and responses with VB-111. The data reinforce our confidence in VB-111 as, together with the positive data we have generated in GBM, this is the second cancer indication in which we have observed a significant survival benefit. We are now preparing for an end-of-Phase 2 meeting with the FDA which will guide the next steps in our ovarian cancer clinical program.

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Shares of Vascular Biogenics closed Friday up nearly 5% at $3.97, with a consensus analyst price target of $16.00 and a 52-week trading range of $2.76 to $12.25. Following the release of this ASCO news, the stock was up about 35% at $5.35 in early trading indications Monday.