Advaxis Announces Pricing of Its Public Offering of Common Stock and Warrants
September 07 2018 - 9:25AM
Business Wire
Advaxis, Inc. (NASDAQ:ADXS) (“Advaxis” or the “Company”)
announced today the pricing of an underwritten public offering of
16,666,666 shares of its common stock and warrants to purchase up
to 14,166,666 shares of common stock. Each share of common stock is
being sold together in a fixed combination with a warrant to
purchase 0.85 shares of common stock. The warrants will be
exercisable immediately, will expire six years from the date of
issuance and will have an exercise price of $1.50 per share,
subject to anti-dilution adjustments. The gross proceeds of the
offering to the Company are expected to be approximately $20
million, before deducting the underwriting discounts and
commissions and other estimated offering expenses, and excluding
the exercise of any warrants.
The closing of the offering is expected to occur on or about
September 11, 2018, subject to the satisfaction of customary
closing conditions.
Cantor Fitzgerald & Co. and Oppenheimer & Co. Inc. are
acting as joint book-running managers for the offering.
The Company intends to use the net proceeds of the offering to
fund its continued research and development initiatives in
connection with expanding its product pipeline and for other
general corporate purposes, including, but not limited to (i)
progression of ADXS-HOT into clinical research in both monotherapy
and combination therapy; (ii) investment in ongoing clinical
research in ADXS-PSA and ADXS-NEO, both in monotherapy and
combination therapy; and (iii) investment in ongoing clinical
research with axalimogene filolisbac in head and neck cancer and
other HPV associated cancers, including any wind down costs
associated with ongoing trials.
The securities described above were offered by the Company
pursuant to a "shelf" registration statement (File No. 333-226988)
previously filed with the Securities and Exchange Commission (the
"SEC") on August 23, 2018 and declared effective by the SEC on
August 30, 2018.
A preliminary prospectus supplement relating to the offering was
filed with the SEC on September 6, 2018 and is available on the
SEC's website at http://www.sec.gov. The final prospectus
supplement relating to the offering will be filed with the SEC and
also will be available on the SEC’s website. Before investing in
the offering, you should read each of the prospectus supplement and
the accompanying prospectus in their entirety as well as the other
documents that Advaxis has filed with the SEC that are incorporated
by reference in the prospectus supplement and the accompanying
prospectus, which provide more information about the Company and
the offering. Copies of the final prospectus supplement and
accompanying prospectus relating to this offering, when available,
may be obtained from Cantor Fitzgerald & Co., Attention:
Capital Markets, 499 Park Ave., 6th Floor, New York, New York
10022, or by email at prospectus@cantor.com; or Oppenheimer &
Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad
Street, 26th Floor, New York, New York 10004, Telephone: (212)
667-8055, Fax: (212) 667-6141 or by email at
equityprospectus@opco.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
About Advaxis, Inc.
Advaxis (NASDAQ:ADXS) 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
are believed to be a significant advancement in immunotherapy as
they 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 preclinical development: HPV-associated
cancers, neoantigen therapy, hotspot/ cancer antigens and prostate
cancer.
Forward-Looking Statements
This press release contains forward-looking statements that
involve a number of risks and uncertainties, including but not
limited to: statements regarding the closing and the anticipated
use of proceeds for the proposed offering. For those statements, we
claim the protection of the safe harbor for forward-looking
statements contained in the Private Securities Litigation Reform
Act of 1995. The factors that could cause our actual results to
differ materially from such forward-looking statements include:
market and other conditions and other risk factors identified from
time to time in our reports filed with the SEC. Any forward-looking
statements set forth in this press release speak only as of the
date of this press release. We do not intend to update any of these
forward-looking statements to reflect events or circumstances that
occur after the date hereof.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180907005245/en/
Investors:LHA Investor RelationsMiriam Weber Miller,
212-838-3777mmiller@lhai.comorAdvaxis, Inc.Ranya Dajani,
609-250-7559dajani@advaxis.com
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