Advaxis Prices $20.0 Million Public Offering of Common Stock
February 22 2018 - 9:15AM
Business Wire
Advaxis, Inc. (NASDAQ:ADXS), a late-stage
biotechnology company (“Advaxis” or the “Company”) focused on the
discovery, development and commercialization of cancer
immunotherapies, announced today the pricing of its previously
announced underwritten public offering of 10,000,000 shares of its
common stock at a public offering price of $2.00 per share. The
gross proceeds from the offering, before deducting the underwriting
discounts and commissions and other estimated offering expenses
payable by Advaxis, are expected to be $20.0 million. In addition,
Advaxis has granted the underwriters a 30-day option to purchase up
to 807,697 additional shares of Advaxis common stock at the public
offering price, less the underwriting discounts and commissions.
The offering is expected to close on or about February 26, 2018,
subject to customary closing conditions.
Jefferies and Guggenheim Securities are acting as joint
book-running managers for the offering.
Advaxis intends to use the net proceeds from the public offering
to fund its continued research and development initiatives in
connection with expanding the Company’s product pipeline and for
other general corporate purposes. This includes, but is not limited
to (i) investment in ongoing clinical research with Axalimogene
Filolisbac, ADXS-PSA and ADXS-NEO, both in monotherapy and
combination therapy; (ii) expansion of research with Axalimogene
Filolisbac, ADXS-PSA and ADXS-NEO to additional indications and
collaborations; and (iii) progression of pre-clinical constructs,
including but not limited to ADXS-HOT, into clinical research in
both monotherapy and combination therapy.
The offering may be made only by means of a prospectus
supplement and accompanying prospectus forming part of a shelf
registration statement on Form S-3 (File No. 333-216008) previously
filed and declared effective by the Securities and Exchange
Commission (SEC) on March 20, 2017. The preliminary prospectus
supplement and accompanying base prospectus relating to and
describing the terms of the offering were filed with the SEC on
February 21, 2018. The final prospectus supplement and the
accompanying prospectus will be filed with the SEC and will be
available on the SEC's website at www.sec.gov, copies of which may
be obtained, when available, from Jefferies LLC, Attention: Equity
Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New
York, New York, 10022, or by telephone at 877-547-6340, or by email
at prospectus_department@jefferies.com or Guggenheim Securities,
LLC, Attention: Equity Syndicate Department, 330 Madison, 8th
Floor, New York, New York, 10017, or by telephone at (212)
518-9658, or by email to
GSEquityProspectusDelivery@guggenheimpartners.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Advaxis, Inc.
Advaxis, Inc. is a late-stage biotechnology company focused on
the discovery, development and commercialization of proprietary
Lm-based antigen delivery products. These immunotherapies are based
on a platform technology that utilizes live attenuated Listeria
monocytogenes (Lm) bioengineered to secrete antigen/adjuvant fusion
proteins. These Lm-based strains integrate multiple functions into
a single immunotherapy, and are designed to access and direct
antigen presenting cells to stimulate anti-tumor T-cell immunity,
activate the immune system with the equivalent of multiple
adjuvants and simultaneously reduce tumor protection in the tumor
microenvironment to enable the T cells to eliminate tumors. Advaxis
has four franchises in various stages of clinical and near-clinical
development: HPV-associated cancers, individualized neoantigen
immunotherapy, cancer-specific hotspot mutation immunotherapies and
prostate cancer.
Forward-Looking Statements
This press release contains forward-looking statements,
including, but not limited to: statements regarding the closing and
the anticipated use of proceeds from the offering. These
forward-looking statements are subject to a number of risks,
including market and other conditions, and the risk factors set
forth from time to time in Advaxis’ SEC filings, including but not
limited to its report on Form 10-K for the fiscal year ended
October 31, 2017, which is available at http://www.sec.gov, as
well as the risks identified or incorporated by reference in the
registration statement and the prospectus supplement relating to
the offering. Advaxis undertakes no obligation to publicly release
the result of any revision to these forward-looking statements,
which may be made to reflect the events or circumstances after the
date hereof or to reflect the occurrence of unanticipated events,
except as required by law. You are cautioned not to place undue
reliance on any forward-looking statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20180222005828/en/
Company:Advaxis, Inc.Noelle Heber, (609) 250-7575Sr.
Director Corporate Communications and Government
AffairsHeber@advaxis.comorMedia:Stern Strategy GroupBrian
Hyland, (908) 325-3891Bhyland@sternstrategy.comorRachel Auerbach,
(908) 325-3898Rauerbach@sternstrategy.comInvestors:LHA
Investor RelationsAnne Marie Fields, (212)
838-3777afields@lhai.com
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