Why Vascular Biogenics Stock Is Plunging

Vascular Biogenics Ltd VBLT shares are falling Wednesday after the company announced that the data from its Phase 3 OVAL trial of ofra-vec in platinum-resistant ovarian cancer did not meet the primary endpoints.

Vascular Biogenics said the trial did not achieve a statistically significant improvement in progression-free survival or overall survival.

"Based on this outcome, we plan to discontinue the OVAL trial and will review the data from our ongoing Phase 2 trials in metastatic colorectal cancer and recurrent glioblastoma multiforme to determine next steps with the ofra-vec program," said Dror Harats, CEO of Vascular Biogenics.

The company said it anticipates that current cash on hand will be sufficient to fund planned operations for at least the next 12 months.

Vascular Biogenics is a biotechnology company developing targeted medicines for cancer and immune-inflammatory diseases.

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VBLT Price Action: Vascular Biogenics shares are making new 52-week lows on Wednesday.

The stock was down 79.5% at 42 cents at press time, according to data from Benzinga Pro.

Photo: PublicDomainPictures from Pixabay.