MabVax Therapeutics board authorizes exploration of strategic alternatives
MabVax Therapeutics announced that following authorization from the Board of Directors, it plans to engage an independent financial advisory firm to assist the company in exploring and evaluating strategic options with the goal of maximizing shareholder value. "We continue to work in earnest to advance our clinical programs and validate our platform technology, including the recent commencement of patient dosing in our Phase 1 MVT-1075 Radioimmunotherapy clinical trial for the treatment of pancreatic, colon and lung cancers, and we remain committed to this continued progression. As part of our ongoing evaluation and prioritization of our portfolio of assets, and in response to inbound inquiries, we plan to engage an industry-leading firm to advise us on potential alternatives and strategies that will have the potential to unlock shareholder value," said David Hansen, MabVax's President and Chief Executive Officer. The financial advisory firm will be assisting the Company in evaluating transaction options currently being considered, which could include the acquisition of MabVax by another company, the sale or divestiture of specific assets, merging with another company, licensing of selected technologies or a combination of selected divestitures followed by a reverse merger. MabVax does not have a defined timeline for the exploration of strategic alternatives and is not confirming that the evaluation will result in any strategic alternative being announced or consummated. The Company does not intend to discuss or disclose further developments during this process unless and until its Board of Directors has approved a specific action or otherwise determined that further disclosure is appropriate.