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8-K - CURRENT REPORT - MABVAX THERAPEUTICS HOLDINGS, INC. | mbvx8k_mar62018.htm |
Exhibit 99.1
MabVax Therapeutics Regains Compliance with NASDAQ’s $1.00
Minimum Bid Price Maintenance Requirement
SAN DIEGO, March 6, 2018 – 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 that it received a letter from
the Listing Qualifications Department of The NASDAQ Capital Market
notifying the Company that it has regained compliance with Nasdaq
Listing Rule 5550(a)(2) as a result of maintaining the $1.00
minimum closing bid price for at least ten trading days prior to
the March 5, 2018 deadline for continued listing. The Company
regained compliance with the minimum bid price maintenance
requirement as a result of completing on February 16, 2018 its
previously announced 1-for-3 reverse stock
split.
The Company previously received written notification from Nasdaq
regarding its non-compliance with the minimum bid price
requirements set forth in Nasdaq Listing Rule 5550(a)(2) and was
afforded 180 calendar days, or until March 5, 2018, to regain
compliance with Nasdaq Listing Rule 5550(a)(2). As a result of
MabVax regaining compliance with the minimum bid price as of March
5, 2018, Nasdaq has informed MabVax that this matter is now
closed.
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 over 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 that the Company has regained
compliance with the minimum bid price maintenance 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 the Company will be able to maintain the minimum bid
price requirement, or other continued listing requirements, in
future periods without licensing or sales of one or more assets, or
raising additional capital, which could be dilutive to 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:
908-938-1475
Email: MBVX@jtcir.com
Media Contact:
Travis Kruse, Ph.D.
Russo Partners LLC
Phone: 212-845-4272
Email: travis.kruse@russopartnersllc.com