MATEON THERAPEUTICS, INC. (NASDAQ:MATN) Files An 8-K Submission of Matters to a Vote of Security Holders

Item5.07

(a) As previously reported, on November 11, 2016, Mateon
Therapeutics, Inc. (the Company) held a Special Meeting of the
stockholders of the Company (the Special Meeting) which was
adjourned to November 22, 2016 to allow further solicitation of
votes in favor of a proposal regarding a reverse stock split of
the Companys common stock.

(b) At the Special Meeting held on November 22, 2016, of the
26,544,934 shares of the Companys common stock entitled to vote,
17,093,808 shares were represented at the meeting in person or by
proxy, constituting a quorum. The voting results relating to the
reverse stock split are as set forth below. This proposal is
described in further detail in the Companys definitive proxy
statement filed with the Securities and Exchange Commission on
October 3, 2016 (the Proxy Statement).

The stockholders did not approve a proposal authorizing the
filing of an amendment to the Companys Restated Certificate of
Incorporation to effect a reverse stock split of the Companys
common stock, at a ratio in the range of 1:2 to 1:4, such ratio
to be determined by the Board of Directors consistent with the
guidelines described in the Proxy Statement, and the filing of
such amendment to be implemented, if at all, not later than
November 27, 2016. Passage of this proposal required approval of
the holders of a majority of the issued and outstanding capital
stock, or 13,272,468 for votes.

In light of the non-approval of the proposal regarding the
reverse stock split, the Company anticipates receiving a
delisting determination from the NASDAQ Stock Market on or about
November 28, 2016 for failure of the Companys closing stock price
to comply with the $1.00 minimum bid price requirement set forth
in NASDAQ Marketplace Listing Rule 5810(c)(3)(A). The Company
anticipates that it will not appeal the delisting determination
and that the delisting of its common stock from the NASDAQ Stock
Market will take place approximately one week following the
receipt of the delisting determination from the NASDAQ Stock
Market. Following the delisting, the Company anticipates that its
common stock will trade on the OTCQX Market under the same ticker
symbol which it traded on while listed on the NASDAQ Stock
Market: MATN.

About MATEON THERAPEUTICS, INC. (NASDAQ:MATN)

Mateon Therapeutics, Inc., formerly OXiGENE, Inc., is a biopharmaceutical company. The Company is focused on the development of vascular disrupting agents (VDAs) for the treatment of cancer. The Company is engaged in developing two clinical stage investigational drugs: VDAs-CA4P and OXi4503. Its lead compound is CA4P, which is also known as combretastatin A4-phosphate, fosbretabulin tromethamine, fosbretabulin and ZYBRESTAT. VDAs selectively targets the vasculature of cancer tumors and obstructs a tumor’s blood supply without disrupting the blood supply to normal tissues. VDAs are in a class of drugs called vascular targeted therapies (VTTs), which also includes anti-angiogenic agents (AAs). CA4P is a reversible tubulin binding agent that selectively targets the endothelial cells that make up the blood vessel walls in solid tumors. The Company is pursuing the development of a product candidate, OXi4503, which is a dual-mechanism VDA.

MATEON THERAPEUTICS, INC. (NASDAQ:MATN) Recent Trading Information

MATEON THERAPEUTICS, INC. (NASDAQ:MATN) closed its last trading session 00.000 at 0.500 with 200,733 shares trading hands.