Vical announces review of potential strategic transactions
Vical announced that its Board of Directors plans to explore a range of strategic options to enhance shareholder value. The company has retained MTS Health Partners, L.P. as its financial advisor to assist in the strategic review process. Vical is currently developing its novel anti-fungal drug VL-2397, which is currently in a Phase 2 clinical trial, and, in addition, has a preclinical program focused on a novel approach to chronic HBV infections. The Company anticipates ending 2018 with a minimum of $40M, which, in the absence of a strategic transaction, Vical believes to be sufficient to fund operations through the announcement of top-line data from its Phase 2 program, expected in 2020. There is no set timetable for the review process and there can be no assurance that the process will result in a transaction. There will be no further disclosures regarding the evaluation process unless a transaction is approved by the Board of Directors, or is otherwise deemed appropriate.