Brief: Advaxis And Biosight Announce Entry Into Definitive Merger Agreement

Ayala Pharmaceuticals

06/07/2021 11:10

July 6 (Reuters) - Advaxis Inc  ADXS.O :
    * ADVAXIS AND BIOSIGHT ANNOUNCE ENTRY INTO DEFINITIVE MERGER
AGREEMENT
    * ADVAXIS INC - FOLLOWING CLOSE, ADVAXIS WILL BE RENAMED
BIOSIGHT
THERAPEUTICS AND IS EXPECTED TO TRADE ON NASDAQ UNDER TICKER
SYMBOL "BSTX"
    * ADVAXIS - CO WILL ACQUIRE ALL  OUTSTANDING SHARE CAPITAL
OF
BIOSIGHT IN EXCHANGE FOR ISSUANCE OF NEWLY ISSUED SHARES OF CO'S
COMMON STOCK UPON CLOSING
    * ADVAXIS INC - COMBINED COMPANY WILL BE WELL-FUNDED WITH
CASH
POSITION OF APPROX $50 MILLION EXPECTED AT CLOSING
    * ADVAXIS INC - UPON COMPLETION OF MERGER, ADVAXIS'S
THEN-CURRENT
EQUITY HOLDERS WILL OWN ABOUT 25% OF ADVAXIS'S COMMON STOCK
    * ADVAXIS INC - UPON COMPLETION OF MERGER, FORMER BIOSIGHT
EQUITY
HOLDERS WILL OWN ABOUT 75%  OF ADVAXIS'S COMMON STOCK
    * ADVAXIS INC - EFFECTIVE AS OF CLOSING OF TRANSACTION, KEN
BERLIN
WILL BE PRESIDENT AND CHIEF EXECUTIVE OFFICER OF COMBINED
COMPANY
    * ADVAXIS INC - SENIOR LEADERSHIP OF COMBINED COMPANY WILL
INCLUDE
ROY GOLAN, AS CHIEF FINANCIAL OFFICER
    * ADVAXIS INC - MULTIPLE CLINICAL AND REGULATORY PIPELINE
MILESTONES PLANNED FOR COMBINED COMPANY OVER NEXT 12-18 MONTHS

Source text for Eikon:  ID:nGNXXM8T2 
Further company coverage:  ADXS.O 

 ((Reuters.Briefs@thomsonreuters.com;))