Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - MABVAX THERAPEUTICS HOLDINGS, INC. | mbvx8k_june212018.htm |
Exhibit 99.1
MabVax Therapeutics Receives Superseding Letter Related to the Late
Filing of Form 10-Q
San
Diego, CA, June 27, 2018 –MabVax Therapeutics Holdings, Inc.
(Nasdaq: MBVX), a
clinical-stage biotechnology company with a fully human antibody
discovery platform focused on the development of antibody-based
products to address unmet medical needs in the treatment of cancer,
announced today the Company received a superseding letter
from Listing Qualifications Department of The Nasdaq Stock Market
LLC (“Nasdaq”)
regarding the Company not yet filing its Form 10-Q for the period
ended March 31, 2018 (the “Filing”) reiterating that
the Company is not in compliance with Nasdaq Listing Rule
5250(c)(1) (the “Rule”), which requires timely filing
of periodic reports with the U.S. Securities and Exchange
Commission, and accelerated the date on which the Company must
submit a plan for regaining compliance to no later than June 28,
2018. The June 21, 2018 letter was sent as a result of the
Company's continued delay in filing its Quarterly Report on Form
10-Q for the period ended March 31, 2018 (the “Form
10-Q”), and the Company’s previous disclosure that its
independent auditor had withdrawn its audit reports included in the
Form 10-K for the years ended December 31, 2014 through 2017. The
Company intends to provide Nasdaq with the requested
information.
The
Nasdaq notice has no immediate effect on the listing or trading of
the Company's common stock on The Nasdaq Capital Market. However,
pursuant to Nasdaq’s Listing Rules, Nasdaq has accelerated
the timeline for the Company to submit a plan to Nasdaq to regain
compliance with the Rule. If a plan is submitted and accepted, the
Company could be granted up to 180 days from the Form 10-Q’s
due date, or until November 12, 2018, to regain compliance. While
we are exercising efforts to maintain the listing of our common
stock on The Nasdaq Capital Market and efforts to enable filing of
the Form 10-Q with respect to the number of shares of common stock
outstanding, the weighted average number of shares used in
calculating earnings per share and related per share figures, there
can be no assurance that the Company will complete a plan in a
timely manner, if at all, or that Nasdaq will grant the Company any
extension period in which to comply with the Rule. Also, as
previously disclosed, as of December 31, 2017, the Company did not
meet the minimum stockholders’ equity of $2,500,000 required
for continued listing on The Nasdaq Capital Market as set forth in
Nasdaq Listing Rule 5550(b)(1), and on June 1, 2018, we submitted a
plan to meet the stockholders’ equity requirement. There can
also be no assurance that we will again be in a position to file
the Form 10-Q or any other periodic Exchange Act report or that the
Nasdaq will accept either of our plans to meet the minimum
stockholders’ equity requirement of $2.5 million or for
filing the Form 10-Q.
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 positivetumors.
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, Rockefeller University,
Sarah Cannon Research Institute, Honor Health and Imaging
Endpoints, we have treated more than 56 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 contains "forward-looking statements" regarding
matters that are not historical facts, including statements
relating to the ability of the Company to timely file its periodic
Exchange Act reports and the ability of the Company to regain and
maintain compliance with Nasdaq continued listing requirements. We
have no assurance that we will present a plan acceptable to the
staff of the Nasdaq or that we will be granted any additional grace
period. 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 "could," "plans," "expects," "will," "potential," 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 theresults 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, 2017 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.
MabVax Investor Contact:
Email: MabVaxIR@mabvax.com
Phone:
833-208-6789
Media Contact:
Russo
Partners LLC
Phone:
212-845-4272
Email: travis.kruse@russopartnersllc.com