VBI Vaccines
VBI Vaccines was a Cambridge-based biopharmaceutical company developing vaccines and immunotherapies, including the hepatitis B vaccine PreHevbrio and experimental coronavirus candidates.
Last updated August 31, 2026
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Overview
VBI Vaccines, formally associated with Variation Biotechnologies Inc., was a biopharmaceutical company headquartered in Cambridge, Massachusetts, with research and development operations in Ottawa, Ontario, and research and manufacturing capabilities in Rehovot, Israel. The company focused on vaccine technologies and immune-based treatments, particularly products using its enveloped virus-like particle, or eVLP, platform. The platform was intended to present viral antigens in a configuration that could stimulate an effective immune response while supporting scalable manufacturing. The business developed a portfolio spanning licensed and experimental products. Its most commercially advanced product was PreHevbrio, a three-antigen hepatitis B vaccine for adults. The vaccine received approval from the United States Food and Drug Administration in 2021 and represented the principal late-stage commercial achievement of the company. VBI also pursued investigational programs in hepatitis B immunotherapy, oncology, and infectious diseases. These included VBI-2601, an experimental immunotherapeutic program for chronic hepatitis B, and VBI-1901, an investigational therapeutic vaccine candidate studied in glioblastoma. During the COVID-19 pandemic, VBI worked with Canada's National Research Council to develop eVLP-based coronavirus vaccine candidates. VBI-2900 was the broader development program, while VBI-2901 was described as a trivalent candidate targeting SARS-CoV-2, SARS-CoV, and MERS-CoV spike proteins, and VBI-2902 as a monovalent SARS-CoV-2 candidate. The Canadian government provided CA$56 million in support for preparation of the program and clinical development. The company began an early-stage clinical study of VBI-2902 in 2020, but the program did not become a commercial COVID-19 vaccine. VBI's development model depended on external financing, government support, partnerships, and the ability to advance a relatively broad pipeline. The company had received Canadian public-sector support before the pandemic and was backed by life-sciences investors including Clarus Ventures, ARCH Venture Partners, and 5AM Ventures. Despite scientific and platform potential, it experienced substantial operational and financial pressure. Public accounts and commentary from former employees described repeated restructuring, strategic inconsistency, resource-allocation concerns, and dissatisfaction with senior management and internal communication. These criticisms are allegations and perspectives rather than independently established findings. The company ultimately entered bankruptcy proceedings in 2024 after continuing financial and organizational difficulties. Those proceedings marked the end of VBI Vaccines as an operating public biopharmaceutical brand in its prior form. Because the supplied reference material does not establish the final disposition of every asset, product, or corporate subsidiary, the post-bankruptcy ownership and continuing status of individual programs remain unspecified here.
History
VBI Vaccines developed from Variation Biotechnologies, a vaccine-focused biotechnology company with operations in Canada and the United States. Before the company became widely associated with pandemic vaccine development, it received support from Canadian public institutions, including the National Research Council of Canada's Industrial Research Assistance Program, Innovation, Science and Economic Development Canada, and Investissement Quebec. Its early financing included life-sciences investors such as Clarus Ventures, ARCH Venture Partners, and 5AM Ventures. The company's central scientific approach was the enveloped virus-like particle platform. eVLPs are designed to imitate important structural features of viruses while presenting selected antigens to the immune system. VBI applied this technology across preventive vaccines and therapeutic immune programs. Its research and manufacturing footprint included a Cambridge headquarters, an Ottawa research facility, and a Rehovot, Israel site. VBI's most significant commercial milestone was the development of PreHevbrio, a three-antigen hepatitis B vaccine for adults. The product gained United States FDA approval in 2021, giving the company a regulated commercial product after years of platform and pipeline development. Alongside PreHevbrio, VBI continued to pursue experimental programs in chronic hepatitis B and oncology. VBI-2601 was investigated as an immune-based treatment intended to address chronic hepatitis B, while VBI-1901 was studied as a therapeutic vaccine candidate for glioblastoma. The COVID-19 pandemic redirected substantial attention toward VBI's coronavirus work. In collaboration with the National Research Council of Canada, the company developed the VBI-2900 program. VBI described VBI-2901 as a trivalent pan-coronavirus candidate targeting SARS-CoV-2, SARS-CoV, and MERS-CoV, and VBI-2902 as a SARS-CoV-2-specific candidate. Canada provided CA$56 million to help prepare the program for clinical trials. An early Phase 1/2 study of VBI-2902 began in 2020. Company leadership also argued that the candidate could be less expensive to manufacture than some competing vaccines, although the program did not produce an approved commercial COVID-19 product. The company later faced financial and organizational strain. The supplied reference material describes criticism from former employees concerning management quality, strategic inconsistency, resource allocation, restructuring, morale, and communication between senior leadership and staff. Such comments help document the internal context reported around the company's decline but should not be treated as adjudicated findings. VBI's financial difficulties continued despite its approved hepatitis B product and development pipeline. In 2024, VBI Vaccines entered bankruptcy proceedings. This brought the company to the end of its previous operating phase and raised uncertainty about the disposition of its corporate assets, commercial rights, and research programs. The available reference does not establish a complete post-bankruptcy ownership history, so later asset transfers and the continuing status of individual candidates are not stated as facts here.
- 2024
Bankruptcy proceedings
[1]VBI Vaccines entered bankruptcy proceedings after significant financial and organizational difficulties.
- 2021
PreHevbrio receives United States FDA approval
[1]VBI's three-antigen adult hepatitis B vaccine, PreHevbrio, received FDA approval.
- 2020
Coronavirus vaccine program advances
[1]VBI worked with the National Research Council of Canada on eVLP-based coronavirus candidates and began early clinical development of VBI-2902.
- 2020
Canadian government grants CA$56 million
[1]The Government of Canada provided CA$56 million to support preparation and clinical development of VBI's COVID-19 vaccine program.
- 2007
Canadian public-sector support documented
[1]VBI had received support from Canadian innovation and research programs, including NRC's Industrial Research Assistance Program, ISED Canada, and Investissement Quebec.
Products and positioning
A platform-oriented biopharmaceutical developer focused on vaccines and immune therapies, with particular emphasis on eVLP technology and infectious-disease applications.
Hepatitis B vaccine · 2021
PreHevbrio
PreHevbrio is a three-antigen recombinant hepatitis B vaccine developed for adults. It was VBI's principal commercial product and received approval from the United States Food and Drug Administration in 2021. The product reflected the company's broader strategy of using its virus-like particle technology to develop vaccines intended to generate broad immune recognition.
Coronavirus vaccine program · 2020
VBI-2900
VBI-2900 was the company's broader eVLP-based coronavirus vaccine program developed with Canada's National Research Council during the COVID-19 pandemic. The program included candidates directed at SARS-CoV-2 and at multiple coronaviruses. It received Canadian government financial support and progressed into early clinical development through related candidates.
Pan-coronavirus vaccine candidate · 2020
VBI-2901
VBI-2901 was described as a trivalent pan-coronavirus eVLP vaccine candidate expressing spike proteins from SARS-CoV-2, SARS-CoV, and MERS-CoV. Its design sought to address more than one coronavirus rather than focusing only on the virus responsible for COVID-19.
COVID-19 vaccine candidate · 2020
VBI-2902
VBI-2902 was a monovalent eVLP vaccine candidate expressing the SARS-CoV-2 spike protein. An initial Phase 1/2 study began in 2020 with collaboration and support from Canadian public research institutions. The candidate did not become an approved commercial COVID-19 vaccine.
Chronic hepatitis B immunotherapy
VBI-2601
VBI-2601 was an experimental immune-based program aimed at chronic hepatitis B. It represented the therapeutic side of VBI's pipeline, complementing the company's preventive hepatitis B vaccine and seeking to stimulate immune control of persistent infection.
Cancer therapeutic vaccine
VBI-1901
VBI-1901 was an investigational therapeutic vaccine candidate studied in glioblastoma. It was part of VBI's oncology research effort and used the company's immune-stimulation expertise in an attempt to generate anti-tumor responses.
Controversies
Former-employee criticism of leadership and organizational management
Some former employees criticized senior management, including the chief executive, chief financial, chief scientific, and broader leadership teams, alleging poor communication, inconsistent strategy, repeated restructurings, weak resource allocation, and inadequate support for employee development and retention. These are reported allegations and employee perspectives, not established legal conclusions.
Brand decisions
2024
Enter bankruptcy proceedingsOtherBackground
VBI faced sustained financial, operational, and organizational pressure despite its approved hepatitis B product and research pipeline.
Action taken
The company entered bankruptcy proceedings.
Aftermath
The proceedings ended VBI Vaccines' prior operating phase and left the later ownership and status of some assets and programs uncertain in the available sources.
2021
Commercialize the PreHevbrio hepatitis B vaccineProduct launchBackground
After developing its hepatitis B vaccine technology, VBI pursued regulatory approval for a three-antigen adult hepatitis B vaccine.
Action taken
The company obtained United States FDA approval for PreHevbrio.
Aftermath
PreHevbrio became VBI's principal approved commercial product while the company continued to carry experimental infectious-disease and oncology programs.
2020
Advance eVLP coronavirus vaccine candidates into clinical developmentProduct launchBackground
The COVID-19 pandemic created an urgent need for vaccines, and VBI's eVLP platform was adapted to coronavirus antigens through work with Canada's National Research Council.
Action taken
VBI advanced the VBI-2900 program, including the SARS-CoV-2-specific VBI-2902 candidate, toward clinical testing.
Aftermath
VBI-2902 entered an initial Phase 1/2 study, but the program did not result in an approved commercial COVID-19 vaccine.
Canadian government support. CA$56 million (2020)
Recent events
- 2024
VBI Vaccines enters bankruptcy proceedings[1]
Bankruptcy
VBI Vaccines faced bankruptcy proceedings after prolonged operational, financial, and organizational difficulties.
- 2020
VBI receives Canadian government support for COVID-19 vaccine development[1]
Other
The Government of Canada committed CA$56 million to support VBI's coronavirus vaccine program and preparation for clinical testing.
- 2020
VBI begins early clinical development of VBI-2902[1]
Product launch · Product generation
VBI advanced its eVLP-based SARS-CoV-2 vaccine candidate into an initial Phase 1/2 study during the COVID-19 pandemic.
Sources3 sources
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