Advaxis slides on direct stock deal

Ayala Pharmaceuticals

21/01/2020 14:16

** Advaxis Inc  ADXS.O  shares down 14% premarket after
cancer drug developer raises equity
    ** Co says sold 10 mln shares to two institutional investors
at $1.05/sh, 13% discount to stock's Fri close  urn:newsml:reuters.com:*:nGNX523MNk
    ** Also sells in concurrent private placement warrants to
buy 5 mln shares of common; 5-yr warrants exercisable beginning
in 6 months and have exercise price of $1.25
    ** Advavis to use net proceeds to fund continued R&D for its
product pipeline including ADXS-HOT program and potential new
studies for its ADXS-PSA drug candidate
    ** A.G.P./Alliance Global Partners acted as sole placement
agent for offering
    ** Advaxis has 50.2 mln shares outstanding, per Refinitiv
data
    ** ADXS shares up 41.1% so far this year, including 21.5%
jump on Jan 7 after US FDA gave green light to ADXS-504, co's
experimental treatment for prostate cancer  urn:newsml:reuters.com:*:nGNXDwzqY
    ** Co's stock fell 70% in 2019

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