Mabvax Therapeutics (OTCMKTS:MBVX) Sinking Lower And Lower
[[tagnumber 0]][[tagnumber 1]]Mabvax Therapeutics (OTCMKTS:MBVX) had a pretty decent run in the beginning of this year that led the ticker to prices above the $4.50 per share mark in April, but it has been sliding ever since, having lost more than 60% by the beginning of this month.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]The initial boost was caused by the vote of confidence from Dr. Phillip Frost of Opko Health, Inc (NYSE:OPK) fame. Earlier this year he and the company he founded made an investment in [[tagnumber 6]]MBVX[[tagnumber 7]] that totaled $12 million. This has strengthened the positions of [[tagnumber 6]]MBVX[[tagnumber 7]] and the most recent financial report is a testament to that.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 13]] [[tagnumber 14]]cash: $7.18 million[[tagnumber 15]] [[tagnumber 14]]current assets: $7.56 million[[tagnumber 15]] [[tagnumber 14]]current liabilities: $2.93 million[[tagnumber 15]] [[tagnumber 14]]revenues: $0[[tagnumber 15]] [[tagnumber 14]]quarterly net loss: $6.39 million[[tagnumber 15]] [[tagnumber 24]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Still, it seems that [[tagnumber 6]]MBVX[[tagnumber 7]] is burning through its cash reserves rather fast and it will need further financing in order to continue research and development. It is absolutely certain that the company won’t be able to commercialize a product only with the current assets.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Meanwhile, the company stock continues to slide down the charts. Yesterday [[tagnumber 6]]MBVX[[tagnumber 7]] recorded a 9.32% loss and closed the session at $1.07 with a total of 1.02 million traded shares and a daily dollar volume of $1.11 million.[[tagnumber 2]] [[tagnumber 0]] [[tagnumber 2]] [[tagnumber 0]]Today we see that the ticker is making small steps down once again and it might very well drop below the $1 per share mark by the end of the week, so be sure to do your due diligence and weigh out the risks before putting any money on the line.[[tagnumber 2]]
