MABVAX THERAPEUTICS (OTCMKTS:MBVX) has announced that it has recently obtained $3.5 million, from the $11.7 million amount escrowed by OPKO Health Inc, on April 10, 2015. In return, OPKO Health gets to nominate two members to the company’s board of directors. The agreement, however, states that the nominees should be qualified enough and should have a track record of good governance and corporate practices, in accordance with the SEC guidelines.
MABVAX is a clinical stage drug development company, which focuses on immune-oncology. Even at this stage, the company holds the rights to 8 different cancer vaccines and has also been able to fully identify human monoclonal antibodies. These are considered to be key players in the fight against cancer. The majority of the company’s vaccines are in the phase-2 of their clinical trials. Additionally, the company has a promising lead drug candidate for breast cancer, in the form of 5B1. A patient was administered with the drug in 2008 and has remained cancer free from then on. Furthermore, this same drug is being developed further to work as an imaging agent, an antibody therapeutic and a drug conjugate.
MABVAX also host a complete library of antibodies, which has been attracting attention from an oncology giant, Juno Therapeutics, for use CAR-T cells. Unfortunately, the company’s amazing run of a series of upward movements in April has come to an end. The stock touched the $4.5 stock price in April, but has now declined to less than $2.5. The main reason for April’s performance was the opening of a private position by Dr. Phillip Frost. However, the hype has since died down and the company’s own product and corporate updates fail to have a similar effect on the share value. The current funding will, however, provide the company with a much needed boost to push some of its lead drug candidates out of the pipeline.
MABVAX THERAPEUTICS (OTCMKTS:MBVX) registered a decline of 9.27% by the end of the July 7 session to close at a share price of $2.35, after trading 325,537 shares in the market.