MabVax Therapeutics Holdings Inc. raised $2.1 million via the sale of company shares to accredited investors.
The shares were sold at 75 cents each and came bundled with 0.7 of a purchase warrant. Each whole warrant can be exercised into a share of a company for 90 cents apiece.
The San Diego-based biotechnology company will use proceeds to continue development of its potential cancer treatments MVT-5873 and MVT-1075.
The MabVax board also approved a 1-for-3 reverse stock split to help the company regain compliance with Nasdaq's $1 minimum closing bid price requirement.
MabVax's stockholders approved the reverse stock split in October 2017.
