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VBI Press Release Exhibit 99.1 VBI Vaccines Announces New Preclinical Data and Initiation of VBI - 2905 Clinical Study Targeting Broadened Immunity Against COVID - 19 and Variants of Concern New preclinical data demonstrate VBI - 2905 induced robust neutralizing and antibody binding activity , as a 2 - dose course and as a single booster dose , against COVID - 19 and variants of concern including Beta and Delta Data also demonstrate trivalent VBI - 2901 induced robust and consistent levels of immunity against the ancestral COVID - 19 strain and a panel of variants including Beta , Delta , Kappa , and Lambda First subject dosed in Phase 1b portion of ongoing study to assess VBI - 2905 as ( i ) a 1 - dose booster in individuals previously immunized with an mRNA vaccine , and ( ii ) a primary 2 - dose series in unvaccinated individuals Initial VBI - 2905 data expected early Q1 2022 , subject to speed of enrollment Conference call to be held on Wednesday , September 29 at 8:30 am ET to discuss preclinical data , Phase 1b study design , and VBI's COVID - 19 and betacoronavirus development strategy CAMBRIDGE , Mass . ( September 29 , 2021 ) - VBI Vaccines Inc. ( Nasdaq : VBIV ) ( VBI ) , a biopharmaceutical company driven by immunology in the pursuit of powerful prevention and treatment of disease , today announced positive results from multiple preclinical studies against several COVID - 19 variants of concern as well as the initiation of dosing in the Phase 1b portion of the ongoing clinical study of VBI's SARS - CoV - 2 vaccine candidates in approximately 80 adults age 18-54 . VBI's coronavirus pipeline , which includes multiple vaccine candidates developed using the Company's proprietary enveloped virus - like particle ( eVLP ) technology platform , is being developed with the objective to increase the breadth of protection against known and emerging variants of COVID - 19 . The lead vaccine candidates include : • • • VBI - 2902 : eVLP candidate expressing the prefusion ancestral SARS - CoV - 2 spike protein - as previously announced in June 2021 , demonstrated robust immunogenicity and a clean safety profile in the Phase la portion of the clinical study VBI - 2905 : eVLP candidate expressing a modified prefusion spike protein of the SARS - CoV - 2 Beta variant of concern - in current , ongoing Phase 1b clinical study VBI - 2901 : Trivalent eVLP candidate , expressing the prefusion spike protein of ancestral SARS - CoV - 2 , in addition to the spike proteins from SARS - CoV , and MERS - CoV- first clinical study is expected to initiate H1 2022 Bill Cameron , M.D. , Medical Director of Clinical Research at the Ottawa Hospital Research Institute , Infectious Disease Specialist at The Ottawa Hospital , Professor at the University of Ottawa , and Principal Investigator of the ongoing Phase la / lb study , commented : " The significant number of COVID - 19 infections on a global scale contributes to increasing numbers of mutations and thus emergence of new viral variants . Some are associated with increased transmissibility , like Alpha and Delta variants , and some with escape from natural or vaccine acquired immunity , like Beta , Mu , Lambda , and Kappa variants . These vaccine - escape variants have shown to be associated with decreased immunogencity of licensed COVID - 19 vaccines , which are based on expression of various forms of the S protein using the unmutated reference sequence from the ancestral strain . Development of an effective booster strategy or new vaccines that are able to broaden protection against more than one variant will be important for the public health management of COVID - 19 . In - line with that effort , we look forward to seeing the data from this next phase of VBI's clinical study . " Jeff Baxter , VBI's president and CEO commented : “ These new preclinical data continue to demonstrate the potential of our vaccine candidates to broaden immunity to coronaviruses and specifically to SARS - CoV - 2 variants of concern through a number of different ways , including through the particulate expression of multiple spike proteins in our eVLPs , as well as through heterologous prime - boost vaccination regimens capable of inducing cross - reactive antibodies . We are excited to have kicked off the Phase 1b study of VBI - 2905 as both a 2 - dose regimen and as a single dose prime - boost regimen , and look forward to initiating the first clinical study of the trivalent VBI - 2901 . We believe that with VBI's eVLP platform , both in terms of efficacy and tolerability , our candidates have the potential to be part of a global solution to SARS - CoV - 2 and coronaviruses more broadly . " Preclinical Data Highlights Data is expected to be available later this week on the online pre - print server , bioRxiv , and will be submitted for peer - review to a scientific journal . The new preclinical data assesses different vaccine regimens in mice and Syrian golden hamsters , including : ( i ) 2 doses of VBI - 2902 , ( ii ) 2 doses of VBI - 2905 , ( iii ) heterologous prime - boost regimen of 1 dose of VBI - 2902 followed by 1 dose of VBI - 2905 , and ( iv ) 2 doses of trivalent VBI - 2901 . Preclinical Mouse Data : Neutralizing Activity : о 2 doses of VBI - 2902 induced high levels of neutralizing antibody response against the ancestral strain , but were reduced against the Beta variant By contrast , 2 doses of VBI - 2905 induced antibodies that neturalized both ancestral and Beta strains at similar levels о о о о Heterologous boosting with VBI - 2905 after a single VBI - 2902 immunization induced robust and balanced neutralization potency against both ancestral and Beta strains Trivalent VBI - 2901 elicited neutralizing titers that were higher against the ancestral strain compared to 2 doses of either VBI - 2902 or VBI - 2905 , and comparable titers against Beta compared to VBI - 2905 Additionally , neutralization of both Delta and Kappa variant - pseudotyped particles confirmed broadened neutralizing immunity elicited by VBI - 2901 , with titers ~ 3x higher than those induced by VBI - 2902 • Antibody Binding : ○ In - line with neutralizing activity , VBI - 2902 induced high antibody binding titers against ancestral and Delta strains , but titers were reduced against Beta VBI - 2905 induced similarly robust binding titers against ancestral and Beta strains , but titers were reduced against Delta ○ ° ○ Heterologous prime - boost regimen had similar reactivity to ancestral and Delta strains compared to VBI - 2902 and similar reactivity to the Beta strain compared to VBI - 2905 Consistent with neutralizing activity , VBI - 2901 induced higher and more consistent levels of antibody binding among all variants evaluated , including Beta , Delta , and Lambda VBI - 2902 / VBI - 2905 Syrian Golden Hamster COVID - 19 Beta Variant Challenge Data : • SARS - CoV - 2 infection in Syrian golden hamsters resembles features found in humans with moderate COVID - 19 infection and is characterized by rapid weight loss • In the placebo group , hamsters began losing weight the date after infection and continued until day 6-8 Hamsters who received VBI - 2905 , either a 2 - dose regimen or as a booster to VBI - 2902 , exhibited transient weight loss up to day 2-3 and then rapidly regained weight Phase 1b Study Design and Objectives The objectives of the study will be to evaluate the safety , tolerability , and immunogenicity of ( i ) a 1 - dose booster regimen of VBI - 2905 adjuvanted with aluminum phosphate in