SAN DIEGO, Jan. 16, 2018 /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 provided an update on its business strategy initiatives.
In September 2017, MabVax
announced its engagement with Greenhill & Co. (NYSE: GHL) to
serve as an advisor to assist the Company in exploring and
evaluating strategic options with the goal of maximizing
stockholder value. With the assistance of Greenhill, MabVax is
currently in advanced discussions with a variety of interested
parties for potential multiple transaction proposals as well as
continuing to identify new opportunities.
In parallel with the strategic initiatives efforts led by
Greenhill & Co., MabVax continues to advance its Phase 1
clinical programs including the MVT-1075 radioimmunotherapy
clinical trial for the treatment of pancreatic, colon and lung
cancers, and the MVT-5873 clinical trial in combination with a
standard of care chemotherapy as a first line therapy for patients
newly diagnosed with pancreatic cancer. In addition, the
Company's lead research program, HuMab-Tn, has generated
significant interest and continues as part of its discussions with
external parties.
David Hansen, MabVax's President
and Chief Executive Officer, commented, "Over the course of 2017,
our management team has been highly focused on advancing our
corporate, clinical and research strategies, and I am pleased to
report that we have made great strides on all fronts. Our
engagement with Greenhill, whose sole mandate has been to provide
MabVax with opportunities in exploring and evaluating strategic
options, is progressing extremely well. We are now in advanced
discussions with several third parties regarding potential
partnering of certain antibody assets for defined fields of
use. At the end of this process, MabVax expects to retain
rights to key aspects of our antibody development program to build
value for our shareholders by advancing on our own some of these
assets. We are very optimistic that we will successfully
conclude this process early this year."
"Further, following our pipeline review and prioritization
process last year, we identified our lead development programs and
have focused all of our resources on advancing MVT-1075 and
MVT-5873 in a meaningful way throughout the year. We are on
track to report interim data from both Phase 1 studies before the
end of the first quarter of this year. Our goal has been to
propel MabVax to its next stage of growth and unlock significant
value for our shareholders. I believe we are well prepared to
achieve this and have positioned MabVax for a transformational
year," added Mr. Hansen.
The Company's lead product candidate, MVT-1075, a human
antibody-based radioimmunotherapy ("RIT") product is currently
being evaluated in a Phase 1 clinical trial for the treatment of
pancreatic, colon and lung cancer. In December 2017, the Company announced completion
of enrollment and dosing of all patients in the initial cohort of
the Phase 1 trial. MabVax plans to continue its clinical
development of MVT-1075 by completing additional cohorts of
patients in a dose escalation safety trial to continue to assess
the safety and response data for this treatment, and remains on
track to report results in the first quarter of 2018.
Clinical development of MVT-5873, the Company's therapeutic
product being evaluated in a Phase 1 clinical study in combination
with gemcitabine and nab-paclitaxel in first line therapy for the
treatment of newly diagnosed patients with pancreatic cancer,
remains ongoing. MabVax has treated a total of nine patients in two
cohorts since September. The Company initiated an additional
expanded cohort of the Phase 1 trial evaluating MVT-5873 in
combination with standard of care chemotherapy and announced the
completion of enrollment and initial patient dosing in that
expanded cohort in December 2017. The
Company remains on track to announce interim safety and response
data in the first quarter of 2018.
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 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 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. Our HuMab-Tn program is our
most advanced research program and expands the potential to provide
treatment for unmet therapeutic need for the treatment of ovarian
and triple negative breast cancers. 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 clinical trials of MVT-1075,
MVT-5873, and MVT-2163 and research programs including our HuMab-Tn
program. We have no assurance that all the research and 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 because 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
Media Contact
Travis Kruse, Ph.D.
Russo Partners LLC
Phone: 212-845-4272
Email: travis.kruse@russopartnersllc.com
View original content with
multimedia:http://www.prnewswire.com/news-releases/mabvax-therapeutics-holdings-inc-provides-business-strategy-update-300582828.html
SOURCE MabVax Therapeutics Holdings, Inc.