SOURCE: MabVax Therapeutics Holdings, Inc.

MabVax Therapeutics Holdings, Inc.

October 08, 2015 08:00 ET

OPKO Health, Inc. Participates in Latest Round of Financing for MabVax Therapeutics

SAN DIEGO, CA--(Marketwired - October 08, 2015) - MabVax Therapeutics Holdings, Inc. (OTCQB: MBVX) ("MabVax" or "Company"), a clinical-stage cancer immunotherapy company, previously announced that it has closed its public offering of 2,500,000 shares of its common stock and warrants to purchase up to 1,250,000 shares of its common stock. OPKO Health (NYSE: OPK) participated in the financing and was one of the largest investors in the round. This is the second investment made by OPKO Health, Inc. this year in MabVax.

Commenting on the continued investment in MabVax, Dr. Phillip Frost, CEO and Chairman of OPKO Health, Inc., stated, "This supplemental financing will provide MabVax with additional funds to advance the Company's lead antibody program into early clinical trials next year potentially reaching key milestones by mid-year next year.

David Hansen, President and CEO of MabVax said, "We are proud to have the continued support of OPKO Health. MabVax intends to use the proceeds from the financing to file two INDs in 2015 and initiate two Phase 1 trials for its HuMab 5B1 antibody program in early 2016." Currently the HuMab 5B1 antibody is being developed as both a diagnostic and therapeutic product targeting metastatic pancreatic and colon cancer.

About HuMab 5B:

In preclinical research MabVax's HuMab 5B1 antibody has demonstrated high specificity, affinity and lack of cross-reactivity with closely related antigens. The antibody has also shown potent cancer cell killing capacity and efficacy in animal models of pancreatic, colon and small cell lung cancer. When combined with a radio-label as a novel PET imaging agent, 89Zr-HuMab 5B1 has demonstrated high image resolution of tumors in established xenograft animal models, making it attractive as a companion diagnostic for the therapeutic product.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About MabVax:

MabVax Therapeutics Holdings, Inc. is a clinical-stage biotechnology company focused on the development of vaccine and antibody-based products and vaccines to address unmet medical needs in the treatment of cancer. MabVax has discovered a pipeline of human monoclonal antibody products based on the protective immune responses generated by patients who have been immunized against targeted cancers with the Company's proprietary vaccines. MabVax also has the exclusive license to the therapeutic vaccines from Memorial Sloan Kettering Cancer Center. MabVax has two cancer vaccines targeting recurrent sarcoma and ovarian cancer in proof-of-concept Phase II multicenter clinical trials, and a vaccine targeting neuroblastoma that will be ready for a Phase II clinical trial in 2016. Additional information is available at www.mabvax.com.

Forward Looking Statements

This press release contains "forward-looking statements" regarding matters that are not historical facts, including statements relating to the Company's development pipeline. We have no assurance that all of the product development pipeline will be fully developed by the Company. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as "anticipates," "plans," "expects," "intends," "will," "potential," "hope" 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 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, 2014, as amended and supplemented from time to time and the Company's Quarter Reports on Form 10-Q and other filings submitted by the Company to the SEC, copies of which may be obtained from the SEC's website at www.sec.gov. The parties do not undertake any obligation to update forward-looking statements contained in this press release.

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