SAN DIEGO, Sept. 22, 2017 /PRNewswire/ -- 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 it has agreed to sell approximately 2.0
million shares of its common stock for gross proceeds of
approximately $1.25 million.
Each share of common stock is being sold at a price of $0.62 per share.
In issuing common stock in this offering at $0.62 per share the Company has eliminated the
previously agreed anticipated sale of $750,000 of new debt and reduced the overall
amount of debt sought in the note offering from $7.75 million to $5.8
million of new 4% junior convertible notes with a conversion
price of $0.60 as agreed September 11, 2017. The sale of the common stock
effectively reduces the notes to be outstanding and improves
stockholders' equity, enabling the exchange to consist only of
outstanding F, G and H Preferred Stock for notes and is expected to
close on or about September 29, 2017.
The shares of common stock were offered and are being sold to
certain accredited investors in a registered direct offering. The
net proceeds from the offering, after deducting estimated offering
expenses, will be approximately $1.2
million. The offering is expected to close on or about
September 27, 2017.
MabVax intends to use the net proceeds of the offering to fund
continuing clinical development of its HuMab 5B1 antibody
designated MVT-5873 in combination with gemcitabine and
nab-paclitaxal in first line therapy for the treatment of patients
newly diagnosed with pancreatic cancer. The Company has treated two
cohorts of patients for a total of six patients to date in this
study; and these funds will enable the Company to enroll an
additional cohort of patients with the objective of confirming
early observations. The additional funding will also support the
continued clinical development of the Company's radioimmunotherapy
product designated as MVT-1075 for the treatment of locally
advanced or metastatic pancreatic cancer patients. MabVax
initiated the phase I study of MVT-1075 in June 2017 and intends to treat additional
patients to continue to assess the safety and potential efficacy of
this treatment. Funds will also be used for general corporate
purposes.
The securities were offered by means of a shelf registration
statement on Form S-3 (File # 333-219291) which was declared
effective on July 27, 2017, by the
Securities and Exchange Commission, or SEC. A prospectus
supplement and accompanying base prospectus relating to the
offering of the securities will be filed with the SEC and will be
available on the SEC web site at www.sec.gov. Alternatively, MabVax
will arrange to send you the prospectus supplement and accompanying
base prospectus if you request it by calling MabVax at
858-259-9405. In addition, electronic copies of the prospectus
supplement and accompanying base prospectus may also be obtained
from Laidlaw & Company (UK) Ltd., Attention: Syndicate
Department, 546 Fifth Avenue, New York,
NY 10036, by telephone at (212) 953-4900 or by email at
syndicate@laidlawltd.com.
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 closing of our registered
direct offering 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.
Investor Contact:
Jenene Thomas
Jenene Thomas Communications, LLC
Phone: +1 (908) 938-1475
Email: jtc@jenenethomascommunications.com
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SOURCE MabVax Therapeutics Holdings, Inc.