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| 8-K - CURRENT REPORT - MABVAX THERAPEUTICS HOLDINGS, INC. | mbvx8k_oct62017.htm |
Exhibit 99.1
MabVax Stockholders Approve Remaining Proposal at Special Meeting
of Stockholders
Recent Capital Raises Enable Continued Advancement of Clinical
Programs to Key Data Milestones
San Diego, October 6, 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 the remaining proposal on the ballot for the Special
Meeting of Stockholders, which re-convened on October 6, 2017 (the
“Special Meeting”). Five other proposals were approved
previously by the stockholders at the Special Meeting after
achieving a quorum on October 2, 2017.
The
resolution approved on Friday, October 6, 2017, at the Special
Meeting gives the Board of Directors the authority, if necessary,
to implement a reverse stock split of the Company’s issued
and outstanding common stock by a ratio of not less than
one-for-two and not more than one-for-twenty at any time prior to
September 28, 2018, with the exact ratio to be set at a whole
number within this range as determined by the Board of Directors.
The stockholders provided an affirmative vote of over 50% of the
issued and outstanding voting power of MabVax's outstanding voting
shares.
The Benefit of Achieving Stockholder Approval
The
stockholders’ approval of the proposal is important given the
value of being listed on the NASDAQ Capital Market. If the Company
is unable to achieve and maintain a minimum bid price of $1.00 per
share for a minimum of ten consecutive trading days, on its own
without a reverse split prior to March 5, 2018, then the Company
has the authority to implement a reverse stock split for the
purpose of maintaining compliance with continued
listing.
As
background, on September 6, 2017, the Company received a letter
from the Listing Qualifications Department of the NASDAQ Capital
Market (the “Staff”) notifying the Company that it had
not maintained the minimum bid price of $1.00 per share, based on
the prior 30 consecutive days, as required for continued listing on
the NASDAQ Capital Market. The Company has been provided 180
calendar days, or until March 5, 2018, to regain compliance with
the Rule.
The
Company believes the stock price decline resulted from the market
anticipating that the Company would have to raise capital to
continue funding the Company’s lead clinical development
program for a radioimmunotherapy product designated as MVT-1075,
and MVT-5873 in combination with chemotherapy in first line
patients. The Company has taken appropriate action as evidenced by
the fact that in the 30 trading days leading up to the
Staff’s letter, through September 30, 2017, the Company
raised approximately $4.6 million through one public offering and
two registered direct offerings.
Continuing Clinical Development Plans for 2017
MVT-1075 Radioimmunotherapy Product – We intend to
continue clinical development of MVT-1075 for the treatment of
locally advanced or metastatic pancreatic cancer patients. We
intend to treat additional patients to continue to assess the
safety and potential efficacy of this
treatment.
MVT-5873 in Combination with gemcitabine and nab-paclitaxal
– We intend to continue clinical development of MVT-5873 in
combination with gemcitabine and nab-paclitaxal in first line
therapy for the treatment of patients newly diagnosed with
pancreatic cancer. We have treated two cohorts of patients for a
total of six patients through September 22, 2017 in this study; and
we plan to enroll an additional cohort of patients with the
objective of confirming early observations.
Efforts to Maximize Stockholder Value
In
early September, the Company announced that it
had engaged Greenhill & Co.
(NYSE: GHL) to serve as a financial advisor to assist the Company
in exploring and evaluating strategic options with the goal of
maximizing shareholder value. Several options are being
considered, including identifying new opportunities which could
include the acquisition of MabVax by another company, the sale or
divestiture of specific assets coupled with a reverse merger,
merging with another company, or licensing of selected
technologies. MabVax does not have a defined timeline for the
exploration of strategic alternatives and is not confirming that
the evaluation will result in any strategic alternative being
announced or consummated.
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,
clinical development plans, and plans to use an investment banker
to assist in pursuing options to improve shareholder value 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.
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Investor Contact:
Jenene
Thomas
Jenene
Thomas Communications, LLC
Phone:
+1 (908) 938-1475
Email: jtc@jenenethomascommunications.com