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8-K - CURRENT REPORT - MABVAX THERAPEUTICS HOLDINGS, INC. | mbvx8k_nov142017.htm |
Exhibit 99.1
MabVax Therapeutics Regains Compliance with Nasdaq’s Minimum
Stockholders’ Equity Listing Requirements
SAN
DIEGO (November 16, 2017) – MabVax Therapeutics
Holdings, Inc. (NASDAQ: MBVX),
a clinical-stage oncology drug
development company focused on the development of antibody-based
products to address unmet medical needs in the treatment of cancer,
today announced that it received a letter from the Listing
Qualifications Department of the NASDAQ Capital Market notifying
the Company that it has regained compliance with the Nasdaq Listing
Rule (the "Rule") requiring companies to maintain a minimum of
$2,500,000 in stockholders' equity for continued listing as of
September 30, 2017. The Company regained compliance with the
stockholders’ equity requirement as a result of the
completion of successful financings totaling $4.75 million during
the third quarter of 2017.
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,
HonorHealth 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, 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 on announcing that the Company has required
compliance with the stockholders’ equity requirement 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
stockholders’ equity requirement 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: +1 (908) 938-1475
Email: jtc@jenenethomascommunications.com
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