MABVAX THERAPEUTICS (OTCMKTS:MBVX) provided latest corporate update and announced financial results for 1Q2015. David Hansen, the CEO said that it has been a strong year as the company recorded stable progress in its capital formation measures and drug development initiatives. It completed an equity financing amounting to $11.7 million in the quarter.

The equity financing

The important equity financing was supported by Opko Health Inc. (NYSE:OPK) and Dr. Phillip Frost who is Chairman and Chief Executive Officer of OPKO. Mr. Hansen expressed his delight and said that they are proud to have Dr. Frost and OPKO lead equity financing. The insights of Dr. Frost will be valuable as the company works on its strategic plans. The reported financing has provided with adequate capital to support the Phase 1 clinical study of HuMab 5B1 antibody. Dr. Frost stated that the company’s drug candidate addresses significant medical problems requiring better therapeutic solutions. The initial data for HuMab 5B1 is encouraging.

The study

MABVAX reported that the clinical advancement program for HuMab 5B1 comprises two Phase 1 clinical studies to commence late this year. One of the trials will assess the potential utility and safety of drug in enrollments with metastatic pancreatic cancer either in single agent or administered with the current standard of treatment. The second plan will be carried out to assess the effectiveness of 89Zr-HuMab 5B1, as a next-gen PET imaging agent for the identification and treatment of pancreatic cancer.

The plans

The CEO further added that MABVAX THERAPEUTICS (OTCMKTS:MBVX) recently reported promising non-human primate safety findings for HuMab 5B1. The encouraging data supports company’s plan of starting Phase I clinical studies by year-end. Also, MABVAX has commenced GMP manufacturing of clinical components for upcoming clinical trials.

In last trading session, the stock price of MBVX declined 0.43% to close the trading session at $2.32. The decline came at a share volume of 227,182 compared to average share volume of 55,984.