Advaxis Announces Closing of Its Public Offering of Common Stock and Warrants
September 11 2018 - 9:20AM
Business Wire
Common stock and warrants were sold together in
fixed combination at $1.20 per unit, totaling approximately $20
million in gross proceeds
Advaxis, Inc. (NASDAQ: ADXS) (“Advaxis” or the
“Company”) announced today the closing of its previously announced
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 was sold together in a fixed
combination with a warrant to purchase 0.85 shares of common stock
at a combined offering price of $1.20 per share and related
warrant. 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 were approximately $20 million, before
deducting the underwriting discounts and commissions and other
estimated offering expenses, and excluding the exercise of any
warrants.
Cantor Fitzgerald & Co. and Oppenheimer & Co. Inc. acted
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 prospectus supplement relating to the offering was filed with
the SEC on September 10, 2018 and is available on the SEC's website
at http://www.sec.gov. Copies of the final prospectus
supplement and accompanying prospectus relating to this offering,
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 anticipated use of proceeds
for the 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20180911005225/en/
Investors:LHA Investor RelationsMiriam Weber Miller,
212-838-3777mmiller@lhai.comorAdvaxis, Inc.Ranya Dajani,
609-250-7559dajani@advaxis.com
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