MabVax Therapeutics Holdings, Inc., along with its wholly owned subsidiary, MabVax Therapeutics, Inc., has filed a petition for relief under chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 19-10603). MabVax, headquartered in San Diego, CA, is a clinical-stage biotechnology company focused on the development of antibody-based products to address unmet medical needs in the treatment of cancer and pancreatitis, and has three products in Phase 1 clinical trials. According to the First Day Declaration, MabVax has filed as a result of certain investors engaging in an alleged “pump and dump” scheme, which has spawn a multitude of litigations, including the filing of a complaint by the SEC against those investors. The Debtors enter chapter 11 with a stalking horse bidder, and intend to sell substantially all of their assets under section 363 of the Bankruptcy Code. No claims and noticing agent has been proposed. The cases have been assigned to the Honorable Chief Judge Christopher S. Sontchi.
Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter.