Vascular Biogenics Ltd. (VBL), a 2000 start-up developing drugs for cancer and inflammatory diseases, added its name to the initial public offering (IPO) queue, filing an F-1, as an emerging growth company, to raise a proposed $75 million.

The number of shares and price have not yet been disclosed. Upon pricing, shares would list on Nasdaq under "VBLX."

VBL is the third Israeli biotech to seek a Nasdaq listing. Tel Aviv-based Galmed Pharmaceuticals Ltd., working on drugs for liver diseases, priced 3.3 million shares at $13.50 apiece in March for gross proceeds of $44.1 million, while Bioblast Pharma Ltd., also Tel Aviv, has a pending F-1 on file, aiming to raise $37.5 million for its rare and ultra-rare genetic disease pipeline. (See BioWorld Today, Feb. 11, 2014.)

Or Yehuda-based VBL, which had about $10.8 million in cash as of Dec. 31, said proceeds from the offering will fund development of its lead programs, as well as preclinical and early clinical work for follow-on compounds. The company is looking to begin a pivotal phase III trial in the first quarter of 2015 for VB-111, a gene-based biologic, in recurrent glioblastoma multiforme, for which it has fast-track and orphan designations. Special protocol assessment discussions with the FDA are ongoing.

VB-111 is based on VBL's Vascular Targeting System, which uses genetically targeted therapy to destroy newly formed blood vessels. Currently, the firm is in the middle of an open-label, adaptive-design phase I/II study testing VB-111 as both a monotherapy and in combination with Avastin (bevacizumab, Roche AG). Interim analyses showed dose-dependent attenuation of tumor growth and an increase in median overall survival.

The lead anti-inflammatory program, VB-201, an oral small molecule, is in phase II testing in psoriasis and ulcerative colitis, with results expected in the first quarter of next year. That candidate emerged from the firm's Lecinoxoid platform, designed to produce small molecules that are structurally and functionally similar to naturally occurring molecules known to modulate inflammation.

VBL's investors include Keffi Group, Aurum Ventures, Pitango Ventures and J.J.D. Holdings. To date, the company has raised more than $100 million, with funds coming from venture investors and government grants.

Underwriters for the proposed offering include Deutsche Bank Securities LLC, Wells Fargo, JP Morgan and Oppenheimer.