Oncotelic Inc. signed a non-binding letter of intent to acquire MabVax Therapeutics Holdings, Inc. (OTCPK:MBVX.Q) in a reverse merger transaction on January 3, 2019. On completion, the current MabVax's stockholders will own 25% stake and Oncotelic stockholders will own 75% stake of the combined entity. Upon closing of the transaction, Oncotelic and MabVax Therapeutics will combine to form a publicly traded entity which will be re-named as Oncotelic, Inc. The combined entity will operate under the leadership of management teams of Oncotelic and MabVax, with Vuong Trieu, Founder of Oncotelic, being appointed as Executive Chairman. Certain current senior management team members at MabVax will remain with the merged entity to fill key operational roles. The transaction is subject to the approval of MabVax's Board of Directors, achieving certain financing objectives and other customary conditions. Objective Capital Partners, LLC acted as financial advisor for MabVax Therapeutics.

Oncotelic Inc. cancelled the acquisition of MabVax Therapeutics Holdings, Inc. (OTCPK:MBVX.Q) in a reverse merger transaction on April 17, 2019. The transaction was cancelled as Oncotelic Inc. entered into an agreement to acquire Mateon Therapeutics, Inc. (OTCPK:MATN) in a reverse merger transaction on April 17, 2019.