Vaxil Announces Changes to Senior Management and Provides Updates on Current Research and Development Work

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NESS-ZIONA, Israel, Aug. 04, 2021 (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 announce that Dr. Yuval Avnir, PhD a translational scientist with expertise in the fields of immunology, infectious diseases, and cancer has been appointed as the Company's interim chief executive officer ("CEO") while the Company's board of directors (the "Board") continues to search for a CEO, as a result of David Goren’s previously announced resignation. Dr. Avnir has been the Company's head of research and development since September 2020.

The Company further updates that Mr. Gadi Levin, a director and current CFO of the Company will replace Mr. Goren as Chairman of the Board.

"We are pleased to have Dr. Avnir transition from his current role in the Company as the head of research and development to interim chief executive officer. His knowledge of the Company on one hand and the potential of our portfolio of our broad family of patents on the other hand, are key to the process of assisting the board to find the right full time CEO to drive the Company forward.” said Gadi Levin, Vaxil’s new chairman and CFO. He continued, “on behalf of the shareholders and the board of Vaxil, I would like to thank David for his role as chairman and chief executive officer for the last two years and wish him the best of success in his future endeavors."

ABOUT YUVAL AVNIR, PHD – HEAD OF R&D

Dr. Yuval Avnir is a translational scientist with expertise in the fields of immunology, infectious diseases, and cancer who has successfully led numerous novel immunological therapeutic scientific projects. He is an author of peer reviewed scientific papers and co-inventor of patents that encompass diverse scientific fields and detail his broad technical expertise. He did his postdoctoral training at the Harvard University-affiliated Dana-Farber Cancer Institute, and he received his doctorate degree from the Department of Biochemistry at the Hebrew University of Jerusalem.

Mr. Goren will continue to serve as a director on the Board.

Vaxil’s strategy remains focused on finding ways to deliver long-term value based on the unique benefits of Signal Peptides ("SPs"). In that regard, Vaxil is working to develop an effective oral delivery mechanism to distinguish its platform for treatment in oncology and infectious diseases. Vaxil is currently working independently, as well as in partnership with an established oral delivery company, on the development of SP oral formulations. If SP oral formulation candidates are obtained, these will be tested in laboratory animals for their ability to induce systemic immune response.

In addition, Vaxil is continuing to progress the licensed P-Esbp polymer invented by Prof. Ayelet David, Head of the Drug Targeting and Nanomedicine Laboratory, Department of Clinical Biochemistry and Pharmacology from Ben-Gurion University of the Negev. P-Esbp is a drug carrying polymer that targets with high affinity The cell adhesion molecule E-selectin, which is an important component in metastasis and tumor growth processes. Prof. Ayelet’s previous work demonstrated therapeutic efficacy of P-Esbp in animal models for cancer, and Vaxil together with Prof. Ayelet’s laboratory, are continuing to explore the therapeutic efficacy of P-Esbp in other types of cancer as part of the decision process for the clinical program.

As noted previously, Vaxil has put its COVID-19 vaccine work on temporary hold as a result of how the COVID-19 vaccine market has evolved and the success of early entrants.

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 for which it received orphan drug status from the FDA and EMA. The Company aims to continue to develop ImMucin™, a COVID-19 and a tuberculosis vaccine / treatment that has demonstrated promising preliminary results with further preclinical evaluation planned. 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 signal peptides 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.

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.

Disclaimer: The Company cautions that COVID-19 Vaccine Development is still under early-stage 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 and has neither approved nor disapproved the contents of this press 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:

Gadi Levin, CFO -- info@vaxil-bio.com, 647-558-5564


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