MabVax Therapeutics receives listing deficiency notice from Nasdaq
MabVax Therapeutics Holdings announced that it received a letter from the Listing Qualifications Department of the NASDAQ Stock Marke 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. 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 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 to evidence compliance with the Rule.