SAN DIEGO, April 13, 2018 /PRNewswire/ -- 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.
Media Contact:
Travis Kruse, Ph.D.
Russo Partners LLC
Phone: 212-845-4272
Email: travis.kruse@russopartnersllc.com
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SOURCE MabVax Therapeutics Holdings, Inc.