New Delaware Chapter 11 Filing – MabVax Therapeutics Holdings, Inc. et al.
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.
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.
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