MabVax, Telik deal
The cancer companies will merge in a stock deal to create a publicly traded company named MabVax Therapeutics Holdings Inc. Telik shareholders will own 15% of the combined company, and MabVax shareholders will own the balance. MabVax President and CEO J. David Hansen will serve as president, CEO and chairman of the combined company; and Michael Wick, president and CEO of Telik, will remain on the board. In support of the merger, a group of private investors led by Hudson Bay Capital Management will invest $2.5 million in Telik. The boards of both companies and shareholders of MabVax have approved the deal, which is subject to approval by Telik shareholders at a June meeting.
MabVax develops vaccine and antibody-based therapies for cancer. The company's lead vaccine candidates are in Phase II testing for recurrent sarcoma and ovarian cancer, with overall survival (OS) data expected in 2016. The company's lead antibody candidate, 5B1, is slated to begin Phase I testing next year to treat cancer. 5B1 is a human IgG1 antibody; the sarcoma vaccine includes antigens targeting ganglioside GM2, GD2 and GD3 and conjugated with the keyhole limpet hemocyanin (KLH) plus a saponin adjuvant; and the ovarian cancer vaccine includes an antigen targeting KLH. ...