NEW YORK, NY / ACCESSWIRE / July 10, 2018 / Shares of MabVax as well as Cel-SCI Corporation were on a gaining frenzy in Monday's trading session as each company presented positive developments. MabVax shares rose on the news that the company has signed an asset acquisition and related agreements with Boehringer Ingelheim. Shares of CEL-SCI Corporation were heading higher after the company issued a positive shareholder letter.
RDI Initiates Coverage on:
MabVax Therapeutics Holdings, Inc.
MabVax Therapeutics Holdings, Inc. shares closed up nearly 147.5% on about 22 million shares traded compared to an average trading volume of just around 435,000 shares. The stock skyrocketed after the company announced that it has signed an asset acquisition and related agreements centered on MabVax's program targeting a glycan commonly overexpressed on multiple solid tumor cancers, with Boehringer Ingelheim. As part of the agreement, MabVax will receive a total of US $11 million in upfront and near-term milestones as well as downstream regulatory milestone payments plus further earn-out payments. CEO of MabVax Therapeutics, David Hansen, stated, "We are very pleased to have Boehringer Ingelheim as a major industry partner to further develop one of our preclinical antibody assets based on our proprietary HuMab technology. This agreement with Boehringer Ingelheim recognizes the value of our innovative approach to discovering novel antibodies to diagnose and treat cancer. We have been committed since the founding of the Company to discovering and developing unique fully human antibodies to diagnose and treat patients with cancers where there remain significant unmet medical needs."
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CEL-SCI Corporation shares closed up a little over 44% on Monday on about 6.8 million shares traded. The stock saw its shares rise after the company issued an encouraging letter to shareholders. CEL-SCI, whose mission is to improve the treatment of cancer and other diseases by utilizing the immune system, the body's natural defense system, wrote, "We have won the arbitration against the clinical research organization (CRO) inVentiv that ran our Phase 3 head and neck cancer study from 2011-2013. We also raised $12 million in new equity capital this year to strengthen our financial position. Our singular goal is to get to the final data readout of the Phase 3 trial to establish the utility of our investigational immunotherapy Multikine." The letter also read, "CEL-SCI is a cancer immunotherapy company that has a market cap of about $20 million. In the past 18 months, several successful Phase 3 cancer immunotherapy companies were sold for $7 billion to almost $12 billion. They had positive survival data from their pivotal studies, but had not yet received FDA approval. Recently, one cancer immunotherapy company with not yet completed Phase 3 studies was sold for about $1.6 billion." It added, "Should the CEL-SCI Phase 3 study be successful, the potential market for our drug will be substantially larger than the markets of the multi-billion dollar companies mentioned above. If we receive FDA approval, one could expect that we should become part of the standard of care (SOC) since the study endpoint of “improvement in overall survival” is the gold standard for cancer drug approval."
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