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NESS-ZIONA, Israel, March 27, 2020 (GLOBE NEWSWIRE) -- VAXIL BIO LTD. (“Vaxil” or the “Company”) (TSX VENTURE: VXL), an innovative immunotherapy biotech company specializing in cancer and infectious diseases, is pleased to provide a update of its COVID-19 research program and other updates.

COVID-19 Vaccine Development

In February 2020 we announced that we believed that we had successfully identified a corona virus (COVID-19) vaccine candidate (“Vaccine Candidate”). The Vaccine Candidate is based on unique and patent protected signal peptide technology, utilizing Vaxil’s proprietary VaxHit™ bioinformatics platform. The Vaccine Candidate is also based on successful in vivo experiments testing a tuberculosis signal peptide vaccine.

We are now pleased to announce that we have non-GMP vaccine material in hand and have begun to execute our preclinical program to test the efficacy of our COVID-19 vaccine candidate.

Additional Patent Application

In early March 2020, we announced our applications for a US patent (U.S 62/987,310) on a coronavirus vaccine intended to provide broad patent protection for novel vaccines, pharmaceutical compositions and methods of treating and preventing infectious disease as well as methods for producing a peptide vaccine against coronaviruses.

We are now also pleased to announce that today, Vaxil has applied for an additional patent in connection with COVID-19. An application for a US patent was filed on March 26, 2020 that is intended to provide coverage for a broader set of vaccine candidates.

Exercise of Warrants

The Company also wishes to announces that to date, we have received aggregate proceeds of $1,047,000 from the exercise of previously issued (January 2018) warrants, having an exercise price of $0.10 per warrant. These funds will be applied to advancing the Company’s research program.

This is a very exciting moment for us, as we begin our lab work, less than six weeks from the first discovery. We are pleased with the progress that we have made to date on the development of our potential COVID-19 vaccine,” said David Goren, Vaxil’s Chairman and Chief Executive Officer, and continued, “During the following weeks, we will work to advance our preclinical research for the development of this much needed vaccine and we look forward to sharing additional information as we progress through our research program.

ABOUT VAXIL
Vaxil is an Israeli immunotherapy biotech company focused on its novel approach to targeting prominent cancer markers and infectious diseases. Its lead product ImMucin™ successfully completed a Phase 1/2 clinical trial in multiple myeloma and received orphan drug status from the FDA and EMA. The company continues to develop ImMucin™ and is also developing a tuberculosis vaccine / treatment that has demonstrated promising preliminary results with further preclinical evaluation underway at a top US academic and research institution. Additional indications and mAb candidates are under evaluation as immuno-oncology and infectious disease treatments alone and in combination with other treatments.

Vaxil exploits the unique properties of signal peptide domains on crucial proteins to develop targeted therapies against cancer targets and infectious disease pathogens. These signal peptide domains are identified by VaxHit™, Vaxil’s proprietary bioinformatic approach. These SPs induce a robust T- and B-cell response across wide and varied HLA subtypes, while acting as true, universal neoantigens. The peptide platform targets these cells by “educating” or specifically activating the immune system to recognize and attack the affected cells. In addition, Vaxil’s mAb platform directly recognizes the target protein expressed on malignant cells and recruits other elements of the immune system to lyse those cells.

Disclaimer: The Company cautions that COVID-19 Vaccine Development is still under early staged research and development and is not making any express or implied claims that it has the ability to eliminate the COVID-19 virus at this time. The TSX Venture Exchange Inc. has in no way passed upon the merits of the Company has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds, the results of financing efforts, the results of exploration activities -- that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This press release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities described herein in the United States or elsewhere. These securities have not been, and will not be, registered in the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States or to U.S. persons unless registered or exempt therefrom.

CONTACT INFORMATION
For further information please visit http://vaxil-bio.com/ or contact:
David Goren, CEO -- david@vaxil-bio.com, +972 (52) 720-6000