Following the failure of its ovarian cancer gene therapy candidate, VBL Therapeutics is selling its manufacturing facility in Modiin, Israel for $7.1 million. With $22 million in support from the Israel Innovation Authority of the Ministry of Economy, VBL opened the 20,000 square foot facility in October 2017 to produce its gene therapy candidate, ofranergene obadenovec (VB-111). However, in July 2022, the biotech announced the candidate did not meet the primary endpoints of achieving a statistically significant improvement in a…

Life sciences companies are struggling to find qualified CDMOs with sufficient manufacturing capacity, according to a survey of CFOs undertaken by consultancy firm BDO. BDO’s 2023 Life Sciences CFO Outlook Survey polled 100 life sciences chief financial officers (CFOs) in October 2022 in efforts to explore the industry’s challenges and opportunities with development and manufacturing. The respondents comprised of biopharmaceuticals/biotech, traditional pharma, medtech/medical device, and contract manufacturers/suppliers from firms with revenues ranging from $100 million to over $3 billion, in…