MabVax Therapeutics, a privately held cancer immunotherapy company, and Telik, a clinical stage oncology drug development company, have agreed to merge. MabVax and Telik will be combined into a publicly traded company focused on the development of proprietary immunotherapy-based products to diagnose and treat cancer.
The boards of directors of both companies have approved the merger and the stockholders of MabVax also have approved the merger. The merger is subject to the approval of the Telik stockholders as well as other customary conditions.
Telik will be re-named MabVax Therapeutics Holdings, and will operate under the leadership of the MabVax management team with J. David Hansen, president and CEO of MabVax, as the president, CEO and chairman of the board. Michael M. Wick, M.D., Ph.D., who currently is president and CEO of Telik, will remain on the board.
Telik will own 15% of the combined company and MabVax will own 85%. Certain accredited investors have agreed to invest $2.5 million in Telik in support of the merger.
David Hansen, president and CEO of MabVax, said, "Through this transaction we hope to expand our current clinical platform as we pursue our lead monoclonal antibody product, 5B1, and clinical stage cancer vaccine programs. We hope to see several of our programs achieve significant milestones in the next 24 to 30 months. Through this transaction, our combined company will have an expanded pipeline, including a phase III-ready drug with FDA orphan designation available for licensing, as well as access to public markets and added financial resources."