MabVax Raises $1.3M, Hires Investment Banker To Sell Company

San Diego-based MabVax Therapeutics, a biotechnology developer developing antibody-based treatments for cancer, said on Tuesday that it has raised $1.3M in a Series J Convertible Preferred Stock financing, and has engaged an investment banking firm to "explore strategic alternatives" for the company. The publicly held company, which trades on the Nasdaq at MBVX, said the new funding will go toward working capital and general corporate purposes. Sorce of the new funding was not announced. MabVax said it is seeking an acquisition by another company, the sale or divestiture of specific assets, merging with another company, licensing of selected technologies or a combination of selected divestitures followed by a reverse merger.