Earlier this afternoon, Advaxis announced that the over-allotment option granted to the underwriters has been fully exercised. At a public offering price of $4.00 per share and $0.001 per warrant, respectively, underwriters purchased an additional 862,500 shares of its common stock and warrants to purchase an additional 431,250 shares. The warrants have a per share exercise price of $5.00, 125% of the public offering price of the common stock, are exercisable immediately, and expire five years from the date of issuance.
Advaxis, which just graduated from the OTC to NASDAQ, is a clinical-stage biotechnology company developing the next-generation of immunotherapies for cancer and infectious diseases. The company’s immunotherapies are based on a novel platform technology that uses live, bio-engineered bacteria to secrete antigen/adjuvant fusion protein(s) that redirects the powerful immune response all human beings have to the bacteria to fight off cancer and disease. A second effect is to reduce the immune suppressive cells cancer tumors recruit to protect themselves from immune attack by over 80%. It is this combination that makes Advaxis special.
The company has more than fifteen distinct constructs in various stages of development, many in strategic collaborations with recognized centers of excellence such as the National Cancer Institute, Cancer Research – UK, the Wistar Institute, the University of Pennsylvania, the University of British Columbia, the Karolinska Institutet, and others.
For more information, visit www.advaxis.com
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