On Tuesday, MABVAX THERAPEUTICS (OTCMKTS:MBVX) released a press release announcing the appointment of Tom Varvaro to its Board of Directors. Varvaro joined the Board as an Independent Director, taking the total count of directors to seven. The company updated that Varvaro was earlier associated with ChromaDex Corp (OTCQX:CDXC) as a CFO since January 2004, while he served the same company in the capacity of director from March 2006 to May 2010.
New board member
Varvaro dealt with the matters of accounting, intellectual property, IT and human resources at ChromaDex. MABVAX THERAPEUTICS (OTCMKTS:MBVX) added that Varvaro had also worked with Fast Heat Inc and Maple Leaf Bakery Inc in various roles before taking the assignment at ChromDex. The company emphasized on Varvaro’s quality of experience with business process improvement and extensive process mapping. The company said that Varvaro’s addition to the board will help it in the areas of accounting, intellectual property, and capital markets.
Addition by Opko
Other than this, a firm named BioStocks.com has released a report claiming that Opko Health (NYSE:OPK) and its CEO Dr. Phillip Frost has added MABVAX THERAPEUTICS (OTCMKTS:MBVX) into their portfolios. The position taken for as much as $12 million by Opko holds significance given its track record of investing into high-value stocks. Nearly all of the investments by Opko has fetched it superior returns and thus, its recent position in MABVAX THERAPEUTICS (OTCMKTS:MBVX) could not be overlooked.
Also, one could not deny that array of licensing deals that MABVAX THERAPEUTICS (OTCMKTS:MBVX) maintains under its belt. The company has already associated with Juno Therapeutics (NASDAQ:JUNO) and Sloan-Kettering, which are reputed names in the oncology space.
BioStocks.com pointed out that Opko’s position in MABVAX THERAPEUTICS (OTCMKTS:MBVX) could just be beginning, and investors could hear more on this front. The stock of MABVAX THERAPEUTICS (OTCMKTS:MBVX) settled at $3.10, shedding 1.27%. The average volume of shares on the day was 71,655.