SAN DIEGO, July 27, 2018 /PRNewswire/ -- MabVax Therapeutics Holdings, Inc. (OTC: MBVX), a clinical-stage biotechnology company with a fully human antibody discovery platform focused on the development of antibody-based products to address unmet medical needs in the treatment of cancer, today filed a Verified Petition for Relief Under 8 Del. C. § 205 (the "Delaware Petition") in the Court of Chancery of the State of Delaware (the "Court"), captioned In re: MabVax Therapeutics Holdings, Inc.
The Delaware Petition seeks an order of the Court validating (i) conversions of the Company's preferred stock into common stock that occurred between June 30, 2014 and February 12, 2018, and (ii) corporate acts that may not have been approved by the requisite percentage of stockholder voting power during the same time period. A copy of the Delaware Petition, omitting the exhibits thereto, can be found on the Company's website at the following link:
The Court has not yet set a hearing date with respect to the Delaware Petition. Once a hearing date is fixed, we intend to inform stockholders of that hearing date by issuing a subsequent press release.
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, Honor Health and Imaging Endpoints, we have treated more than 56 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 contains "forward-looking statements" regarding matters that are not historical facts. There can be no assurance that the Court will grant the relief requested in the Delaware Petition or that we will again be in a position to file our Exchange Act Reports. Words such as "demonstrated," and "early," 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 prior 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. We undertake no obligation to update forward-looking statements contained in this press release.
MabVax Investor Contact:
Russo Partners LLC
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SOURCE MabVax Therapeutics Holdings, Inc.
Released July 27, 2018