Brief: Ayala Pharmaceuticals And Advaxis Enter Into Merger Agreement

Ayala Pharmaceuticals

19/10/2022 11:37

Oct 19 (Reuters) - Advaxis Inc  ADXS.PK :
    * AYALA PHARMACEUTICALS AND ADVAXIS ENTER INTO MERGER
AGREEMENT
    * AYALA PHARMACEUTICALS INC - AYALA AND ADVAXIS STOCKHOLDERS
WILL
RESPECTIVELY OWN APPROXIMATELY 62.5% AND 37.5%
    * AYALA PHARMACEUTICALS INC - COMBINED COMPANY TO SEEK
UPLISTING
TO NASDAQ
    * AYALA PHARMACEUTICALS INC - LEAD CANDIDATE AL102 BEING
EVALUATED
IN ONGOING PHASE 2/3 RINGSIDE STUDY, A POTENTIAL REGISTRATION
TRIAL IN DESMOID TUMORS
    * AYALA PHARMACEUTICALS - NO FRACTIONAL SHARES WILL BE
ISSUED IN
CONNECTION WITH MERGER AND ADVAXIS WILL PAY CASH IN LIEU OF ANY
SUCH FRACTIONAL SHARES
    * AYALA PHARMACEUTICALS INC - EXECUTIVE OFFICERS OF COMBINED
COMPANY WILL INCLUDE MR. KENNETH A. BERLIN, PRESIDENT, CHIEF
EXECUTIVE OFFICER AND DIRECTOR
    * AYALA PHARMACEUTICALS - BOARD OF DIRECTORS OF COMBINED CO
EXPECTED TO CONSIST OF 7 MEMBERS: 2 DESIGNATED BY ADVAXIS, 4
DESIGNATED BY AYALA, AND BERLIN
    * AYALA PHARMACEUTICALS INC - COMBINED CO'S COMMON STOCK IS
EXPECTED TO BEGIN TRADING ON OTCQX AT EFFECTIVE TIME OF MERGER
    * AYALA PHARMACEUTICALS INC - EXECUTIVE OFFICERS OF COMBINED
COMPANY WILL INCLUDE ANDRES GUTIERREZ, M.D., PH.D., CURRENT
CHIEF MEDICAL OFFICER OF ADVAXIS
    * AYALA PHARMACEUTICALS INC - EXECUTIVE OFFICERS OF COMBINED
COMPANY WILL INCLUDE IGOR GITELMAN, INTERIM CHIEF FINANCIAL
OFFICER OF ADVAXIS
    * AYALA PHARMACEUTICALS - BOARD OF COMBINED CO IS EXPECTED
TO
CONSIST OF SEVEN MEMBERS: TWO DESIGNATED BY ADVAXIS, FOUR
DESIGNATED BY AYALA, AND BERLIN
    * AYALA - MERGER WOULD RESULT IN COMBINED CO THAT WILL FOCUS
ON
DEVELOPMENT & COMMERCIALIZATION OF CO'S AL102 PROGRAM AND
ADVAXIS'S CANDIDATE ADXS-504

Source text for Eikon:  ID:nGNX8NlsqH 
Further company coverage:  ADXS.PK 
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