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8-K - CURRENT REPORT - MABVAX THERAPEUTICS HOLDINGS, INC. | mbvx8k_july22018.htm |
Exhibit 99.1
MabVax Therapeutics Receives Nasdaq Delist
Determination
San Diego, CA, July 5, 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 that as a result
of the Company’s decision not to submit a plan to
regain compliance with Nasdaq’s filing requirement, which
decision was announced by the Company in a press release on July 2,
2018, on that same date, the Listing Qualifications Staff (the
“Staff”) of The Nasdaq Stock Market LLC
(“Nasdaq”) notified the Company of its determination to
delist the Company’s securities from Nasdaq. The Staff
indicated that the determination was based upon the Company’s
non-compliance with the filing requirement as well as the
Company’s non-compliance with the $2.5 million
stockholders’ equity requirement for continued listing on The
Nasdaq Capital Market.
The Company does not intend to appeal the Staff’s
decision and, as a result, trading of the Company’s
common stock will be suspended on
Nasdaq at the open of business on Wednesday, July 11, 2018. Nasdaq
will thereafter take action to formally remove the Company’s
securities from listing and registration on Nasdaq via the filing
of a Form 25 with the Securities and Exchange
Commission.
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, 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
relist on the Nasdaq or any other exchange, if it decides to do so,
and if so, whether the Company will meet the initial listing
requirements. We have no
assurance that we will ever attempt to relist on The Nasdaq Capital
Market, or any other market, or that if we do attempt to relist
that we will be accepted. 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 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, 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:
858-500-8468
Media Contact:
Russo
Partners LLC
Phone:
212-845-4272
Email: travis.kruse@russopartnersllc.com