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Advaxis to raise US$20mln as it looks to advance portfolio of cancer treatments

Last week Advaxis submitted a European marketing application or its lead product Axalimogene Filolisbac in cervical cancer patients, but it wants to develop it further for use in other indications

cancer cell under microscope
The company’s Lm-based immunotherapies work by encouraging bacteria in the body to generate cancer-killing T cells

Junior biotech Advaxis Inc (NASDAQ:ADXS) is looking to raise US$20mln from investors as it looks to develop and expand its pipeline of anti-cancer drugs.

The Princeton, New Jersey-based group is to sell 10mln shares at a price of US$2, a 20% discount to Wednesday’s closing price of of US$2.51.

Advaxis has also granted the underwriters a 30-day option to buy up to a further 807,697 shares at the same price which would bring in another US$1.6mln or so.

The money will be used to fund its various research and development programmes, including its lead product, Axalimogene Filolisbac, for which it submitted a European marketing application last week.

That application was for use as a second-line treatment in women with recurrent or metastatic cervical cancer but Advaxis is also looking to develop the drug for use in other cancer indications and possibly as one part of a combination therapy.

Advaxis shares fell 26.1% to US$1.85 - taking them below the offer price.

Quick facts: Advaxis

Price: 0.4336 USD

NASDAQ:ADXS
Market: NASDAQ
Market Cap: $28.72 m
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