Post by icemandios on Jun 28, 2018 0:03:28 GMT
MabVax Therapeutics Receives Superseding Letter Related to the Late Filing of Form 10-Q
The Nasdaq notice has no immediate effect on the listing or trading of the Company's common stock on The Nasdaq Capital Market. However, under the Nasdaq's rules, the Nasdaq has accelerated the timeline for the Company to submit a plan to Nasdaq to regain compliance with Nasdaq's listing rules. If a plan is submitted and accepted, the Company could be granted up to 180 days from the Form 10-Q's due date, or until November 12, 2018, to regain compliance. While we are exercising efforts to maintain the listing of our common stock on The Nasdaq Capital Market and efforts to enable filing of the Form 10-Q with respect to the number of shares of common stock outstanding, the weighted average number of shares used in calculating earnings per share and related per share figures, there can be no assurance that the Company will complete a plan in a timely manner, if at all, or that Nasdaq will accept any plan or that if a plan is accepted, Nasdaq will grant the Company any grace period in which to comply with the Rule. Also, as previously disclosed, as of December 31, 2017, the Company did not meet the minimum stockholders' equity of $2,500,000 required for continued listing on The Nasdaq Stock Market as set forth in Nasdaq listing rule 5550(b)(1), and on June 1, 2018, we submitted a plan to meet the stockholders' equity requirement. There can also be no assurance that we will again be in a position to file the Form 10-Q or any other periodic Exchange Act report or that the Nasdaq will accept either of our plans to meet the minimum stockholders' equity of $2.5 million or for filing the Form 10-Q.
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.
