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8-K - CURRENT REPORT - MABVAX THERAPEUTICS HOLDINGS, INC. | mbvx8kapr2018.htm |
Exhibit 99.1
MabVax Therapeutics Receives Continued Listing Deficiency Notice
for Nasdaq’s Minimum Stockholders’ Equity
Requirements
- No immediate effect on the Company's Nasdaq listing or the
trading of its common stock -
SAN
DIEGO, CA (April 13, 2018) – MabVax Therapeutics
Holdings, Inc. (NASDAQ: MBVX),
a clinical-stage oncology drug
development company, today announced that it received a letter from
the Listing Qualifications Department of the NASDAQ Stock Market
(the “Staff”) notifying the Company that the
stockholders’ equity of $1.1 million as reported in the
Company’s Annual Report on Form 10-K for the year ended
December 31, 2018, was below 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). This notice
has no immediate effect on the Company's Nasdaq listing or the
trading of its common stock.
The decline in the Company’s stockholders’ equity was
largely a result of planned expenditures related to continuation of
Phase 1 clinical trials of the Company’s therapeutic antibody
MVT-5873 in combination with nab-paclitaxel and gemcitabine to
patients newly diagnosed with CA19-9 positive pancreatic cancer and
continued enrollment in MVT-1075 as a radioimmunotherapy for
pancreatic cancer. MabVax completed an aggregate of $2.7 million in
financing in February 2018 and had encouraging results from both
Phase 1 studies, and is seeking to complete one or more strategic
transactions in the second quarter of 2018.
The Company has been provided 45 calendar days, or until May 29,
2018, to submit a plan (the “Plan”) to regain
compliance with the Rule. If the Plan is accepted, the Staff may
grant an extension of up to 180 calendar days from the date of the
notification letter (the “Maximum Extension”) to
evidence compliance with the Rule.
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 is underway for our lead development program in Phase 1
clinical study of the Company's radioimmunotherapy product
MVT-1075. Our human antibody targeting Tn and sTn is in preclinical
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, including statements
relating to the Company's receipt from the NASDAQ Listing
Qualifications Department of the notice of deficiency regarding the
$2.5 million minimum stockholders’ equity requirement and
plans to complete one or more strategic transactions in the second
quarter 2018. There can be no assurance that the Staff will accept
the Plan or that if the Plan is accepted, the Maximum Extension
will be granted or that the Company will be able to regain
compliance with the Rule. Further, there can be no
assurance that the Company will be able to achieve one or more
strategic transactions in the second quarter 2018. 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, 2017, as
amended and supplemented from time to time and the Company's
Quarterly 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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