Advaxis Announces Pricing of Its Public Offering of Common Stock
April 03 2019 - 7:30AM
Business Wire
Advaxis, Inc. (Nasdaq: ADXS) (the “Company”), a
late-stage biotechnology company focused on the discovery,
development and commercialization of immunotherapy products, today
announced the pricing of an underwritten public offering of
2,500,000 shares of its common stock at a price to the public of
$4.00 per share. The gross proceeds to Advaxis, Inc. from this
offering are expected to be approximately $10,000,000, before
deducting underwriting discounts and commissions and other
estimated offering expenses. The offering is expected to close on
April 5, 2019, subject to satisfaction of customary closing
conditions.
A.G.P./Alliance Global Partners is acting as the sole
book-running manager for the offering.
The Company intends to use the net proceeds from this offering
to fund its continued research and development initiatives in
connection with its product pipeline including, but not limited to,
(i) investment in its ADXS-HOT program in both monotherapy and
combination therapy and new cancer types; (ii) investment in
ongoing clinical research in ADXS-PSA and ADXS-NEO, in combination
therapy; and (iii) general corporate purposes.
This offering was made pursuant to an effective shelf
registration statement on Form S-3 (No. 333-226988) previously
filed with the U.S. Securities and Exchange Commission (the “SEC”)
and declared effective by the SEC on August 30, 2018. A preliminary
prospectus supplement and accompanying prospectus describing the
terms of the proposed offering were filed with the SEC on April 2,
2019 and are available on the SEC’s website at www.sec.gov. The
final prospectus supplement and accompanying prospectus related to
the proposed offering will be filed and made available on the SEC’s
website. Electronic copies of the preliminary prospectus supplement
and the final prospectus supplement may be obtained, when
available, from A.G.P./Alliance Global Partners, 590 Madison
Avenue, 36th Floor, New York, NY 10022 or via telephone at
212-624-2060 or via email at prospectus@allianceg.com. Before
investing in this offering, interested parties should read in their
entirety the prospectus supplement and the accompanying prospectus
and the other documents that the Company has filed with the SEC
that are incorporated by reference in such prospectus supplement
and the accompanying prospectus, which provide more information
about the Company and such offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy 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
Advaxis 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 T cells to eliminate tumors. Advaxis has
four programs in various stages of clinical development: ADXS-HPV
for cervical cancer; ADXS-NEO, a personalized neoantigen-directed
therapy for multiple cancers; ADXS-503 for non-small cell lung
cancer, from its ADXS-HOT off-the-shelf neoantigen-directed
program; and ADXS-PSA for prostate cancer.
Forward-Looking Statements
This press release contains forward-looking statements that are
made pursuant to the safe harbor provisions within the meaning
of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
Forward-looking statements are any statements that express the
current beliefs and expectations of management, including but not
limited to statements related to the anticipated closing of, and
intended use of net proceeds from, the public offering. These and
other risks are discussed in the Company’s filings with
the SEC, including, without limitation, its Annual Report on
Form 10-K, filed on January 11, 2019, and its periodic reports
on Form 10-Q and Form 8-K, as well as the risks identified in the
registration statement and the preliminary prospectus supplement
relating to the offering. Any statements contained herein that do
not describe historical facts are forward-looking statements that
are subject to risks and uncertainties that could cause actual
results, performance and achievements to differ materially from
those discussed in such forward-looking statements. The Company
cautions readers not to place undue reliance on any forward-looking
statements, which speak only as of the date they were made. The
Company undertakes no obligation to update or revise
forward-looking statements, except as otherwise required by law,
whether as a result of new information, future events or
otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20190403005424/en/
LHA Investor RelationsMiriam Weber Miller(212)
838-3777mmiller@lhai.com
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