US immuno-oncology drug developer MabVax Therapeutics (OTC Pink: MBV) on Friday issued a press release announcing the company had entered into discussions and letter of intent with Oncotelic, a privately held cancer immunotherapy firm, on January 3, 2019, regarding exploration of a potential reverse merger transaction between the two companies. The two companies signed a non-binding letter of intent in connection with the discussions.
Oncotelic is developing a unique TGF-b antisense therapy which has demonstrated the ability to break immune tolerance in mid-stage clinical trials for the treatment of glioblastoma and pancreatic cancer.
Under the terms of the letter of intent, Oncotelic will merge with a wholly-owned subsidiary of MabVax in an all-stock transaction and will become a wholly-owned subsidiary of MabVax.
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