MATEON THERAPEUTICS, INC. (OTCMKTS:MATN) Files An 8-K Submission of Matters to a Vote of Security Holders
Item 5.07 Submission of Matters to a Vote of Security Holders.
The corporate actions set forth were proposed to the Stockholders in order to (i) by means of the Name Change, re-brand the Company following the reverse merger with Oncotelic Inc., a Delaware corporation (“Oncotelic”), with the purpose of creating brand awareness regarding the Company’s focus on drug development in the field of oncology, as well as the fact that a majority of the Company’s operations are expected to focus on product candidate developed by Oncotelic; (ii) to make available sufficient shares under the Company’s 2015 Plan to allow for the issuance of stock-based awards to attract and retain the services of executives and other key employees; and (iii) to create additional authorized Common Stock to effect the conversion of the Company’s Series A Preferred Stock, as described below, and support the Company’s ability to finance its operations or to complete any future strategic acquisitions.
As the Company did not have adequate shares of Common Stock to close the reverse merger with Oncotelic, the Company issued 193,713 shares of Series A Preferred to the shareholders of Oncotelic. Further, in November 2019, the Company completed a merger with PointR Data, Inc., a Delaware corporation (“PointR”). As the Company did not have adequate shares of Common Stock to close the merger with PointR, the Company issued the same Series A Preferred to the shareholders of PointR. The Series A Preferred were automatically converted into Common Stock of the Company following Stockholder approval of the Capital Increase.
About MATEON THERAPEUTICS, INC. (OTCMKTS: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.