VBL falls on Phase III glioblastoma miss

Vascular Biogenics Ltd. (NASDAQ:VBLT) was off $4.15 (61%) to $2.65 on Thursday, losing over $120 million in market cap, after reporting that ofranergene obadenovec (VB-111) missed the primary endpoint of improving overall survival (OS) in the Phase III GLOBE trial to treat recurrent glioblastoma.

The open-label, international trial enrolled about 252 patients to receive IV VB-111 every two months plus Avastin every two weeks or Avastin alone. VBL has an SPA from FDA for the trial...