Attached files
Exhibit
99.1
MabVax
Therapeutics Announces $4.1 Million Public Offering
SAN DIEGO (May 15, 2017) –MabVax
Therapeutics Holdings, Inc. (Nasdaq: MBVX), a clinical-stage
biotechnology company focused on the development of antibody-based
products to address unmet medical needs in the treatment of cancer,
announced today the pricing of its public offering. The offering
consists of 1,342,858 shares of the Company’s common stock
(the “Common Stock”), and an aggregate of
1,000,000 shares of 0% Series G Convertible Preferred Stock (the
“Series G Preferred Stock”) at a public offering price
of $1.75 per share of Common Stock and Series G Preferred Stock.
The Series G Preferred Stock will be sold to certain existing
investors in the Offering who, as a result of their purchases of
common stock, would hold in excess of 4.99% of our issued and
outstanding Common Stock, and elect to receive shares of our Series
G Preferred Stock and is initially convertible into 1,000,000
shares of Common Stock, subject to adjustment for stock splits,
stock dividends, recapitalizations, combinations, subdivisions or
other similar events. The Series G Preferred Stock will not be
separately listed on any securities exchange or other trading
market. We have granted the underwriters an option for a period of
up to 45 days from the date of the Company’s prospectus to
purchase up to an aggregate of 201,428 additional shares of our
common stock at the public offering price of $1.75 per share, less
the underwriting discount, solely to cover overallotments. The
offering is expected to close on May 19, 2017, subject to the
satisfaction of customary closing conditions.
The
total expected gross proceeds of the public offering are $4.1
million before the underwriter’s discount and expenses. The
net proceeds from this offering will be used towards funding three
Phase 1 clinical trials for the Company’s antibody
therapeutic, diagnostic, and radioimmunotherapy candidates;
follow-on antibody development programs; and for working capital
and general corporate purposes.
Laidlaw
& Company (UK) Ltd. is acting as the sole book-running manager
for this offering.
A
registration statement relating to these securities was previously
filed on Form S-1 (333-216016) with the Securities and Exchange
Commission (“SEC”), and was declared effective by the
SEC on May 12, 2017. A final prospectus relating to the offering
may be obtained on the SEC’s website located at www.sec.gov,
and electronic copies of the final prospectus may also be obtained
from Laidlaw & Company (UK) Ltd., Attention: Syndicate
Department, 546 Fifth Avenue, New York, NY 10036, by telephone at
(212) 953-4900 or by email at
syndicate@laidlawltd.com.
This
press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About MabVax:
MabVax
Therapeutics Holdings, Inc. is a clinical-stage biotechnology
company with a fully human antibody discovery platform focused on
the rapid translation into clinical development of products to
address unmet medical needs in the treatment of cancer. Our lead
antibody is directed at an antigen target expressed on more than
90% of pancreatic cancers and a significant amount of other GI and
lung cancers, making the antibody potentially broadly applicable to
a wide variety of patients suffering from difficult to treat
cancers. With our collaborators including Memorial Sloan Kettering
Cancer Center, Rockefeller University, Sarah Cannon, Honor Health
and Imaging Endpoints, we have treated over 50 patients with either
our therapeutic antibody designated as MVT-5873 or our PET imaging
diagnostic product designated as MVT-2163 in Phase I clinical
studies, and demonstrated early safety, specificity for the target
and an early efficacy signal. Results of these trials should be
published by mid-year 2017. Additionally, our Phase I clinical
study of our radioimmunotherapy product designated as MVT-1075 has
been authorized to proceed by the FDA and will soon commence with
patient enrollment. Additional information on MabVax is available
at www.mabvax.com.
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Forward Looking Statements:
This
press release on announcing pricing for our public offering
contains “forward-looking statements” regarding matters
that are not historical facts, including statements relating to the
Company’s clinical trials and product development pipeline.
We have no assurance that all the product development pipeline will
be fully developed by the Company. Because such statements are
subject to risks and uncertainties, actual results may differ
materially from those expressed or implied by such forward-looking
statements. Words such as “anticipates,”
“plans,” “expects,” “intends,”
“will,” “potential,” “hope” and
similar expressions are intended to identify forward-looking
statements. These forward-looking statements are based upon current
expectations of the Company and involve assumptions that may never
materialize or may prove to be incorrect. Actual results and the
timing of events could differ materially from those anticipated in
such forward-looking statements as a result of various risks and
uncertainties. Detailed information
regarding factors that may cause actual results to differ
materially from the results expressed or implied by statements in
this press release relating to the Company may be found in the
Company’s periodic filings with the Securities and Exchange
Commission, including the factors described in the section entitled
“Risk Factors” in its annual report on Form 10-K for
the fiscal year ended December 31, 2016, as amended and
supplemented from time to time and the Company's Quarter Reports on
Form 10-Q and other filings submitted by the Company to the SEC,
copies of which may be obtained from the SEC's website
at www.sec.gov. The parties do not undertake any obligation to
update forward-looking statements contained in this press
release.
Investor Contact:
Jenene Thomas
Jenene Thomas Communications, LLC
Phone: +1 (908) 938-1475
Email: jtc@jenenethomascommunications.com.com
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