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8-K - CURRENT REPORT - MABVAX THERAPEUTICS HOLDINGS, INC. | mbvx8k_oct162018.htm |
Exhibit 99.1
MabVax Therapeutics Audited Financial Statements
Reinstated
San Diego, CA, October 16, 2018
– MabVax Therapeutics Holdings,
Inc. (OTC: 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, announces today that the
Company’s audited financial statements for 2017 and 2016 have
been re-instated and brought current in quarterly filings with the
Securities and Exchange Commission (the “SEC”). The
re-instatement of audited financial statements was made possible
through the combined efforts of the Company working with its prior
auditors to bring current their procedures through last Friday, a
requirement necessary to reinstate the audited financial
statements. What made the re-instatement possible is that the Court
of Chancery of the State of Delaware (the “Court”) on
September 20, 2018, granted the Company’s Verified Petition
for Relief Under 8 Del.
C. § 205,
captioned In re: MabVax
Therapeutics Holdings, Inc., C.A. No. 2018-0549-TMR (the
“Delaware Petition”), as submitted, and entered an
order validating (i) conversions of the Company’s
preferred stock into common stock that occurred between June 30,
2014 and February 12, 2018 and (ii) corporate acts that occurred
during the same time period that we believed were approved by our
stockholders but that, for reasons described in the Delaware
Petition, may not have been approved by the requisite percentage of
stockholder voting power during the same time period.
David
Hansen, the Company’s President and CEO, commented,
“The re-instatement of audited financial statements was an
important step in enabling us to file our financial reports and
becoming a current reporting company, which included our filing of
both our annual report and our first and second quarter 10-Qs
yesterday. Our next step will be to submit our application to the
OTCQB market place. We remain focused on achieving our objectives,
which are to continue overcoming recent challenges faced by the
Company and to build shareholder value that will attract the
interest of new potential partners.”
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. The Company
completed a preclinical asset sale and license agreement with
Boehringer Ingelheim in July 2018, and a license agreement for a
cancer vaccine to Y-mAbs Therapeutics in June 2018. The Company
received nearly $5 million in upfront payments from these two
transactions to begin the third quarter, with an additional $7.6
million in downstream milestones the Company expects to receive
based either on reaching an anniversary date of entering the
agreement, or upon reaching a milestone.
Our
lead development product, MVT-5873, is a fully human IgG1
monoclonal antibody (mAb) that targets sialyl Lewis A (sLea), an
epitope on CA19-9. MVT-5873 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 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. The Company also has a
radioimmunotherapy product, designated as MVT-1075, that is also in
Phase 1 clinical development. 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. Words described in
the section “About MabVax” and the Company’s
plans to apply to the OTCQB market place include such words as
“will be,” “continue overcoming,”
“build,” “expects,”
“demonstrated,” “becoming,”
“enabling,” “goal,” and
“early,” and similar expressions, and 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. There can be no assurance that the Company will be
listed on the OTCQB in a timely manner, if at all. 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 prior
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, as amended. We undertake no
obligation to update forward-looking statements contained in this
press release.
MabVax Investor Contact:
Email: MabVaxIR@mabvax.com
Phone:
858-259-9405