MBVX: Will Not Seek Compliance with Nasdaq Listing Standards

icemandios
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MBVX: Will Not Seek Compliance with Nasdaq Listing Standards Jul 2, 2018 13:27:46 GMT stcks and c2crusher like this

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Post by icemandios on Jul 2, 2018 13:27:46 GMT

MabVax Therapeutics Decides Not to Submit Plan to Regain Compliance with Nasdaq Listing Standards

SAN DIEGO, July 2, 2018 /PRNewswire/ -- MabVax Therapeutics Holdings, Inc. (Nasdaq: 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, announced today the Company's board of directors voted on June 29, 2018 not to submit a plan to the Listing Qualifications Department of The Nasdaq Stock Market to regain compliance with Nasdaq Listing Rule 5250(c)(1) regarding filing its Form 10-Q with the Securities and Exchange Commission for the period ended March 31, 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, 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.

sgard434
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MBVX: Will Not Seek Compliance with Nasdaq Listing Standards Jul 2, 2018 16:26:30 GMT icemandios likes this

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Post by sgard434 on Jul 2, 2018 16:26:30 GMT

I certainly hope this decision is because the board of directors have another plan for MBVX assets and not that they're throwing in the towel. As a shareholder I vote to sell the company or at the very least, sell the most valuable assets. Something, anything to bring some value to shareholders.

Last Edit: Jul 2, 2018 16:27:20 GMT by sgard434

icemandios
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MBVX: Will Not Seek Compliance with Nasdaq Listing Standards Jul 2, 2018 17:40:53 GMT sgard434 likes this

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Post by icemandios on Jul 2, 2018 17:40:53 GMT

Jul 2, 2018 16:26:30 GMT sgard434 said:

I certainly hope this decision is because the board of directors have another plan for MBVX assets and not that they're throwing in the towel. As a shareholder I vote to sell the company or at the very least, sell the most valuable assets. Something, anything to bring some value to shareholders.

An 8-K was filed related to the PR. In the 8-K, there is language that removes the tone of finality.

" Item 3.01

Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

As previously disclosed in a Current Report on Form 8-K filed on May 21, 2018, MabVax Therapeutics Holdings, Inc., (“we”, “us”, or the “Company”) notified the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) that we would not be timely filing our Quarterly Report on Form 10-Q for the period ended March 31, 2018 (the “Form 10-Q”) as required for continued listing on Nasdaq, in accordance with Nasdaq Listing Rule 5250(c)(1). Also, as previously disclosed in the May 21, 2018 Current Report, we disclosed we had received a letter on May 21, 2018 (the “May 21, 2018 Letter”), issued pursuant to Nasdaq Listing Rule 5810(c)(2), from the Staff, stating that due to the delay in filing the Form 10-Q, we do not satisfy Nasdaq Listing Rule 5250(c)(1), and had been granted 60 calendar days from the date of the May 21, 2018 Letter to submit a plan to regain compliance with the filing requirement (the “Plan”). Finally, on June 27, 2018, we disclosed in the June 27 Current Report that we had received a letter from the Staff that supersedes the May 21, 2018 Letter stating that the Staff has determined to apply more stringent criteria and shorten the time period for the Company to submit its Plan, pursuant to the Nasdaq’s discretionary authority set forth in Nasdaq Listing Rule 5101, and revised the date for the Company to submit its Plan to no later than June 28, 2018 (the “Superseding Letter”). The Staff stated the reason was based on the Company’s statement in the May 21, 2018 Current Report that the independent auditor withdrew its audit reports included in the Form 10-K for the years ending December 31, 2014, through 2017.

On June 29, 2018, the Board of Directors, after review of various factors voted not to submit its Plan at this time. There can be no assurance that the Staff will grant any grace period or hearing before delisting the Company."

Last Edit: Jul 2, 2018 17:41:37 GMT by icemandios

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MBVX: Will Not Seek Compliance with Nasdaq Listing Standards

Post by icemandios on Jul 2, 2018 13:27:46 GMT

Post by sgard434 on Jul 2, 2018 16:26:30 GMT

Post by icemandios on Jul 2, 2018 17:40:53 GMT

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