Telik Reports Progress Toward Multiple Early Stage Milestones in the Development of a Novel Antibody-based Therapeutic Agent for Gastrointestinal Cancers

SAN DIEGO, Aug. 28, 2014 /PRNewswire/ -- Telik, Inc. (OTCQB: TELK), a clinical stage oncology drug development company that merged with MabVax Therapeutics, Inc. on July 8, 2014, announced today it has made significant progress related to the development of its lead antibody program designated 5B1.  The fully-human antibody was recovered using the Company's internally developed antibody discovery platform.  These preclinical test results demonstrate the potential for multiple antibody based therapeutic and diagnostic products based on this lead antibody development candidate.

MabVax Therapeutics, Inc., the wholly owned subsidiary and primary business unit of Telik, Inc., discovered the fully-human antibody from the natural immune response produced by a cancer patient who was vaccinated with a sialyl-Lewis^a (sLe^a) anti-cancer vaccine licensed to the Company from Memorial Sloan-Kettering Cancer Center (MSKCC).  The 5B1 antibody which specifically targets the sialyl-Lewis^a antigen is an IgG1 isotype with very desirable binding, specificity, and affinity characteristics.  The carbohydrate antigen sialyl-Lewis^a presents an attractive molecular target since it is expressed on pancreatic, colon and stomach cancer cells at high levels where it is used as a tumor biomarker.

J. David Hansen, Chief Executive Officer of Telik said, "The results from our preclinical development efforts with the antibody justified engaging a leading bio-manufacturing company for the production of clinical supplies for a Phase 1 clinical trial we anticipate starting in the second half of 2015."

The Company has also successfully demonstrated the feasibility of using this antibody as the targeting component for both an antibody drug conjugate (ADC) and an imaging agent.

Mr. Hansen continued, "We recently received both the in vitro and in vivo results from experiments conducted by a third-party to determine the feasibility of linking the 5B1 antibody to a toxin payload.  We observed that the antibody was internalized by multiple human pancreatic cancer cell lines, and that the toxin payload significantly increased the potency of the antibody. The 5B1-based ADC was reasonably well tolerated in animal studies, and produced a measurable reduction in tumor burden in the animals.  These results were very encouraging and led us to believe that the antibody could be utilized as an ADC product.  A plan to develop this potential product is being created and the 5B1-based ADC will be positioned as a follow-on product to the full-length antibody. "

The Company's early work in combining the 5B1 antibody with a radiolabel for development of a novel Positron Emission Tomography (PET) imaging agent for detection and assessment of pancreatic cancer was published as the cover article in the Journal of Nuclear Medicine (J Nucl Med 3013;54:1-7). The work described in this article was the basis for the Company's successful National Cancer Institute contract award of $1.5 Million that the Company announced on August 25, 2014. 

About Telik and MabVax, Post-Merger

On July 8, 2014, Telik, Inc. merged with MabVax Therapeutics, Inc., a clinical stage biotechnology company focused on the development of vaccine and antibody based therapies to address unmet medical needs in the treatment of cancer.  MabVax has discovered a pipeline of human monoclonal antibody products based on the protective immune responses generated by patients who have been immunized against targeted cancers. Therapeutic vaccines under development were discovered at MSKCC and are exclusively licensed to MabVax prior to the merger.  The post-merger company is currently evaluating development programs under way at Telik prior to the merger, in addition to plans to continue developing the existing pipeline at MabVax.  Additional information about the company is available at www.telik.com.

Forward Looking Statements

This press release contains "forward-looking statements" regarding matters that are not historical facts, including statements relating to diagnostic applications, pre-clinical and clinical development programs, and merger with MabVax Therapeutics, Inc.  Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements.  Words such as "anticipates," "plans," "expects," "intends," "will," "potential," "hope" and similar expressions are intended to identify forward-looking statements.  These forward-looking statements are based upon current expectations of the Company and involve assumptions that may never materialize or may prove to be incorrect.  Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties.  Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release relating to the Company may be found in Telik's periodic filings with the Securities and Exchange Commission, including the factors described in the section entitled "Risk Factors" in its annual report on Form 10-K for the fiscal year ended December 31, 2013 and in the Proxy Statement dated July 25, 2014, as amended and supplemented from time to time.  The parties do not undertake any obligation to update forward-looking statements contained in this press release.

Non-Solicitation

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval.  Investors and security holders will be able to obtain free copies of documents about the company filed with the Securities and Exchange Commission (the "SEC") and by Telik through the website maintained by the company and the SEC at www.sec.gov. Copies of the documents filed with the SEC by Telik will also be available free of charge on Telik's website at www.telik.com.  These documents can be obtained free of charge from the sources indicated above.

SOURCE Telik, Inc.