VBLT piper

At the ASCO 2016, on June 6, Vascular Biogenics Ltd VBLT reported the updated response rate and mOS results for the ongoing Phase I/II trials of VB-111 in platinum-resistant ovarian cancer.

Piper Jaffray’s Charles C. Duncan reiterated an Overweight rating on the company, with a price target of $14.

Encouraging Phase I/II Data

The data presented by Vascular Biogenics showed a 60 percent response rate through CA-125 biomarker reduction.

Duncan mentioned that this strengthens confidence in the platform and “VB-111’s potential to demonstrate efficacy in a second, challenging indication in addition to GBM.”

In the high dose arm, subjects with ovarian cancer achieved a significant mOS over those on low dose.

With regard to safety, VB-111 was “well tolerated,” with no DLTs being reported, although they “observed possibly drugrelated SAEs, which are to-date unconfirmed.”

“On these results, VBLT traded higher, but our KOL diligence points to investigator interest in the differentiated MOA and hypothesis generating data,” Duncan stated.

The analyst expects a favorable outcome around the imminent EPO2 meeting for ovarian cancer with the FDA, expected in 3Q16, while rGBM Phase 3 enrollment updates offer platform visibility in 2H16.