Advaxis Secures $23 Million Financing

Last week, Advaxis, Inc. (a clinical-stage biotechnology company developing cancer immunotherapies on its proprietary Lm-LLO platform technology), announced that a combined $23 million of purchase agreements was raised, worth approximately 3.1 million shares, at a price of $7.50 per share from several institutional investors. The investors include Adage Capital Management, L.P. Broadfin Capital LLC, Sectoral Asset Management, Cormorant Asset Management and funds managed by T. Rowe Price Associates, Inc. Adage Capital Management will own approximately 19% of the outstanding shares of Advaxis. This proceeds will be used mostly to fund the continued clinical development of Advaxis’s cancer immunotherapy pipeline which include a human papillomavirus (HPV)-associated cancer vaccine in clinical trials for three indications: Phase II in invasive cervical cancer, Phase I/II in head and neck cancer, and Phase I/II in anal cancer. Advaxis is also looking into combining their technology with checkpoint inhibitors. The CSO and Executive Vice President, Dr Robert Petit will be addressing the successful use and clinical efficacy of their vaccine in recurrent cervical cancer patients and the potential for combination with checkpoint inhibitors and co-stimulatory agonists at the Cancer & Immunotherapy Vaccines Conference (as part of the 15th World Vaccine Congress taking place on April 7 – 9, Washington DC).

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