SAN DIEGO, Nov. 20, 2012 /PRNewswire/ -- MabVax Therapeutics, Inc., a privately held clinical stage biotechnology company focused on the development of proprietary immunotherapies to address the unmet medical need of preventing recurrent cancer, today announced the closing of the first tranche in their Series B financing. Numoda Capital Innovations led the round and was joined by existing investors Burrill Capital Fund IV and RTP Venture Fund for an aggregate investment of $5.25 million. The additional capital will allow MabVax to continue the development of its phase 2 vaccine aimed at preventing recurrent sarcoma and its 5B1 antibody program targeting metastatic pancreatic cancer.
The phase 2 clinical trial of the sarcoma vaccine has reached the targeted enrollment of 134 stage IV sarcoma patients in a randomized, multicenter, double-blind study of a vaccine specifically developed to elicit a targeted antibody response intended to kill residual circulating cancer cells and micrometastases that can cause recurrent sarcoma. The primary efficacy result of progression free survival (PFS) is expected to be reported in the second half of 2013. The financing provides MabVax access to Numoda's advanced and patented clinical trial information technologies and management systems. These technologies will enable MabVax to move through the clinical trial process efficiently while providing visibility for reporting early assessments and timely trial results.
The financing will also allow MabVax to continue development of the 5B1 antibody program targeting an antigen that is widely expressed in pancreatic cancer. The company has discovered and completed preclinical testing of a fully human IgG1 antibody with high affinity and exquisite specificity for the antigen and remarkable in vivo efficacy in a series of pancreatic and other cancer cell lines in SCID mice. MabVax is planning to begin GMP manufacturing of this antibody early in 2013. The company anticipates that it will enter phase 1 clinical trials in 2014. Derivatives of the 5B1 antibody are under also under development as a radiolabeled imaging agent to provide a significant advance in the diagnosis, staging, and treatment assessment of pancreatic cancer.
About MabVax Therapeutics, Inc.
MabVax Therapeutics, Inc. is a clinical stage biotechnology company focused on the development of vaccine and antibody based therapies to address the unmet medical need of preventing recurrent cancer. The company believes that passively administered or vaccine induced antibodies against selected tumor cell surface antigens are ideally suited for eradication of free tumor cells and micrometastases that remain after initial treatment and cause cancer recurrence. The company is based in San Diego. MabVax has closed two Series A rounds of venture financing in February 2008 and August of 2009.
Philadelphia-based Numoda is a leading provider of clinical trial information and logistics services to promising life sciences companies. Numoda's services strengthen the business case for new therapies by ensuring efficient deployment of funds and immediate reporting for early assessment of progress to improve conditions for the acquisition of funding, licensing and partnering money for future success. The business offerings include business evaluation, budget projections and oversight, in conjunction with comprehensive management of clinical trials using patented information systems. Through Numoda Capital Innovations, LLC, life sciences companies are further supported with financing and strategic services. For more information visit: www.numodacapital.com
About Burrill & Company
Founded in 1994, Burrill & Company is a diversified global financial services firm focused on the life sciences industry. With $1.5 billion in assets under management, the firm's businesses include venture capital/private equity, merchant banking, and media. By leveraging the scientific and business networks of its team, Burrill & Company has established unrivaled access and visibility in the life sciences industry. This unique combination of resources and capabilities enables the company to provide life sciences companies with capital, transactional support, management expertise, insight, market intelligence, and analysis through its investments, conferences, and publications. Headquartered in San Francisco, the company oversees a global network of offices throughout the United States, Latin America, Europe, and Asia. For more information visit: www.burrillandco.com.
Forward Looking Statements
This press release contains "forward-looking statements" regarding matters that are not historical facts, including statements associated with MabVax's expectations regarding the timing and availability of results from its clinical trial as well as the timing of commencement of GMP manufacturing and additional clinical trials. 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" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon MabVax's current expectations 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.
SOURCE MabVax Therapeutics, Inc.