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EX-10.1 - FORM OF SUBSCRIPTION AGREEMENT - MABVAX THERAPEUTICS HOLDINGS, INC. | ex10-1.htm |
EX-5.1 - OPINION - MABVAX THERAPEUTICS HOLDINGS, INC. | ex5-1.htm |
8-K - CURRENT REPORT - MABVAX THERAPEUTICS HOLDINGS, INC. | mbvx8k_sep222017.htm |
Exhibit 99.1
MabVax Therapeutics Holdings, Inc. Announces $1.25 Million
Registered Direct Offering
SAN DIEGO, September 22, 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 agreed to sell approximately 2.0 million shares of its common
stock for gross proceeds of approximately $1.25 million. Each
share of common stock is being sold at a price of $0.62 per
share.
In
issuing common stock in this offering at $0.62 per share the
Company has eliminated the previously agreed anticipated sale of
$750,000 of new debt and reduced the overall amount of debt sought
in the note offering from $7.75 million to $5.8 million of new 4%
junior convertible notes with a conversion price of $0.60 as agreed
September 11, 2017. The sale of the common stock effectively
reduces the notes to be outstanding and improves
stockholders’ equity, enabling the exchange to consist only
of outstanding F, G and H Preferred Stock for notes and is expected
to close on or about September 29, 2017. The shares of common stock
were offered and are being sold to certain accredited investors in
a registered direct offering. The net proceeds from the offering,
after deducting estimated offering expenses, will be approximately
$1.2 million. The offering is expected to close on or about
September 27, 2017.
MabVax
intends to use the net proceeds of the offering to fund continuing
clinical development of its HuMab 5B1 antibody designated
MVT-5873 in
combination with gemcitabine and nab-paclitaxal in first line
therapy for the treatment of patients newly diagnosed with
pancreatic cancer. The Company has treated two cohorts of patients
for a total of six patients to date in this study; and these funds
will enable the Company to enroll an additional cohort of patients
with the objective of confirming early observations. The additional
funding will also support the continued clinical development of the
Company’s radioimmunotherapy product designated as
MVT-1075 for
the treatment of locally advanced or metastatic pancreatic cancer
patients. MabVax initiated the phase I study of MVT-1075 in June
2017 and intends to treat additional patients to continue to assess
the safety and potential efficacy of this treatment. Funds will
also be used for general corporate purposes.
The
securities were offered by means of a shelf registration statement
on Form S-3 (File # 333-219291) which was declared effective on
July 27, 2017, by the Securities and Exchange Commission, or SEC. A
prospectus supplement and accompanying base prospectus relating to
the offering of the securities will be filed with the SEC and will
be available on the SEC web site at www.sec.gov. Alternatively,
MabVax will arrange to send you the prospectus supplement and
accompanying base prospectus if you request it by calling MabVax at
858-259-9405. In addition, electronic copies of the prospectus
supplement and accompanying base 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.
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 and other
CA19-9 positive tumors. CA19-9 is expressed in over 90% of
pancreatic cancers 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 pancreatic cancer.
With our collaborators including Memorial Sloan Kettering Cancer
Center, 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 and specificity for the target. 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 the closing of our registered direct
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