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8-K - CURRENT REPORT - MABVAX THERAPEUTICS HOLDINGS, INC. | mbvx8k_aug142017.htm |
Exhibit 99.1
MabVax Therapeutics Holdings, Inc. Announces Pricing of Registered
Direct Offering
SAN DIEGO, August 14, 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, today
announced that it has entered into securities purchase agreements
with investors providing for the registered sale of approximately
$1,312,500 of shares of Series J Convertible Preferred Stock,
representing approximately 2,386.36 shares at a purchase price of
$550 per share. The preferred stock shall be convertible into
2,386,364 shares of the Company’s common stock, based on a
fixed conversion price of $0.55 per share and a stated value of
$550 per share.
The
closing of the sale of securities is expected to take place on or
about August 16, 2017, subject to certain customary closing
conditions.
The
Company intends to use the net proceeds from this offering for
working capital and general corporate purposes.
The
shares of Series J Convertible Preferred Stock, and the shares of
common stock issuable upon conversion of the Series J Convertible
Preferred Stock, are being offered and sold to the public under the
Company’s shelf registration statement on Form S-3 (File No.
333-219291) initially filed with the Securities and Exchange
Commission (the “Commission”) on July 14, 2017 and
declared effective on July 27, 2017. A final prospectus supplement
will be filed with the SEC and will form a part of the effective
registration statement.
This
press release does not and shall not constitute an offer to sell or
the solicitation of an offer to buy any securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such an offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities law of
any such state or jurisdiction. Additional information can be found
in the Company's filings with the SEC available
at www.sec.gov and
on the Company's website at www.mabvax.com
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
antibody MVT-5873, is a fully human IgG1 monoclonal antibody (mAb)
that targets sialyl Lewis A (sLea), an epitope on CA19-9, and is
currently in Phase 1 clinical trials as a therapeutic agent for
patients with pancreatic cancer (PDAC) and other CA19-9 positive
tumors. CA19-9 is expressed in over 90% of PDAC and in other
diseases including small cell lung and GI cancers. CA19-9 plays an
important role in tumor adhesion and metastasis, and is a marker of
an aggressive cancer phenotype. CA19-9 serum levels are considered
a valuable adjunct in the diagnosis, prognosis and treatment
monitoring of PDAC. With our collaborators including Memorial Sloan
Kettering Cancer Center, Rockefeller University, Sarah Cannon
Research Institute, Honor Health and Imaging Endpoints, we have
treated 50 patients with either our therapeutic antibody designated
as MVT-5873 or our PET imaging diagnostic product designated as
MVT-2163 in Phase 1 clinical studies, and demonstrated early
safety, specificity for the target and a potential efficacy signal.
Patient dosing has commenced for our lead development program in
Phase 1 clinical study of the Company's radioimmunotherapy product
MVT-1075. For additional information, please visit the
Company's website, www.mabvax.com.
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