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8-K - CURRENT REPORT - MABVAX THERAPEUTICS HOLDINGS, INC. | mbvx8k_dec12017.htm |
Exhibit
99.1
MabVax Stockholders Approve Proposals at Special Meeting of
Stockholders
San Diego, December 1, 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 its stockholders
approved all proposals at a Special Meeting of Stockholders
re-convened on December 1, 2017 (the “Special
Meeting”), after achieving a quorum on the proposals to be
approved.
The
following proposals were voted upon and approved by the
stockholders on December 1, 2017:
1.
To
approve the potential issuance of up to an aggregate of 9,666,667
shares of common stock, in excess of 19.99% of the number of shares
of common stock that were issued and outstanding on October 17,
2017, upon the conversion of 58,000 shares of the Company’s
newly authorized Series L Convertible Preferred Stock, which were
issued to certain holders of the Company’s Preferred Stock
pursuant to Exchange Agreements dated October 18,
2017;
2.
To
ratify the issuance of up to an aggregate of 2,900,000 restricted
shares of common stock to certain investors in the Company’s
May 2017 public offering, in excess of 19.99% of the number of
shares of common stock that were issued and outstanding on May 3,
2017, including 1,968,664 shares of common stock underlying the
Company’s Series I Convertible Preferred Stock;
and
3.
To authorize
an amendment to the Company’s Fifth Amended and Restated
2014 Employee, Director and Consultant Equity Incentive Plan to
increase the number of shares available for issuance thereunder to
10,128,406 shares from 6,128,406 shares, representing an increase
of 4,000,000 shares, to increase the number of shares available for
issuance under the “evergreen” provision and to
increase the number of shares issuable to any one participant in
any fiscal year to 3,600,000 shares, representing an
increase of 2,600,000 shares.
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 results of our special meeting of
stockholders held on December 1, 2017, 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