Israeli Biopharmaceutical Firm Vascular Biogenics Ltd. To Establish U.S. Presence in Cleveland; BioEnterprise to Provide Business Development Services.

CLEVELAND -- Vascular Biogenics, Ltd. (VBL), an Israeli biopharmaceutical firm developing novel approaches to the treatment of cancer and heart disease, has signed a business development agreement with BioEnterprise Corporation. BioEnterprise will provide a range of business development services to the company, including support for U.S. fundraising activities, said Jim Scozzie, Ph.D., BioEnterprise Senior Vice President. Additionally, Eric Topol, M.D., chairman of the Department of Cardiovascular Medicine at The Cleveland Clinic, has agreed to become the chairman of Vascular Biogenics' Clinical Advisory Board.

VBL is involved in cutting-edge research and development focused on vascular therapeutics. The company will begin human clinical trials in 2005 in two areas: a unique anti-inflammatory approach to atherosclerosis and a targeted, gene-mediated therapeutic delivery system for the treatment of solid tumor cancers.

"VBL presents an opportunity to introduce a first-in-class therapeutic for the prevention and treatment of atherosclerosis," said Scozzie. "We are excited about working with them and Dr. Topol at the Clinic."

"Cleveland was our first choice for the clinical development of our atherosclerosis product because it is home to The Cleveland Clinic, the leading heart center in the U.S.," said Dror Harats, M.D., CEO of VBL. "We are pleased to be able to complement that capability with business services that can be provided by BioEnterprise."

VBL was founded in 2000, and is currently located on the outskirts of Tel Aviv. The company employs 20 people in Israel. VBL's management team is headed by Prof Harats, director of the Lipid Institute at the Sheba Medical Center. Prof Harats is considered a worldwide reference in atherosclerosis and vascular biology.

BioEnterprise's Israeli recruitment program is supported by the United States-Israel Science and Technology Foundation (USISTF), a non-government organization charged with managing and carrying out strategic programs developed by the United States-Israel Science and Technology Commission (USISTC). The USISTF, an independent 501(c)(3) non-profit corporation, implements and administers programs that foster the broadest possible range of collaborative opportunities for American and Israeli entities for the mutual benefit of both nations' high technology sectors.

About VBL

Vascular Biogenics Ltd. (VBL) is a biopharmaceutical company dedicated to the development of innovative therapies targeting the vascular wall. Based on more than 10 years of academic research in one of the leading medical centers in Israel, VBL's products introduce novel approaches to the fight against cancer and cardiovascular diseases. VBL's vision is to develop safe and simple solutions based on in depth understanding and on mimicking of natural processes occurring within the vascular wall. Visit the VBL website at www.vbl.co.il.

About BioEnterprise Corporation

BioEnterprise Corporation is a business formation, recruitment, and acceleration company committed to supporting the growth of bioscience companies. BioEnterprise provides mission-critical senior management and support services to early stage and emerging growth companies. The BioEnterprise management team is comprised of executives with extensive experience in growing bioscience and technology companies.

Located in Cleveland, Ohio, its founders and equal partners are Case Western Reserve University, The Cleveland Clinic Foundation, and University Hospitals Health System, Inc. Additional regional technology partners include the NASA Glenn Research Center, Cleveland State University, and NorTech.