Advaxis, Inc. (NASDAQ:ADXS) (the "Company"), a clinical-stage biotechnology company focused on the discovery, development and commercialization of immunotherapy products, today announced the closing of its previously announced underwritten public offering of (i) 10,650,000 shares of common stock together with common stock warrants (the "common warrants") to purchase 7,987,500 shares of common stock and (ii) 13,656,000 pre-funded warrants, with each pre-funded warrant exercisable for one share of common stock, together with common warrants to purchase 10,242,000 shares of common stock, which included the exercise in full of the over-allotment option to purchase additional shares of common stock and warrants.
The gross offering proceeds to the Company from the offering, before deducting the underwriting discounts and commissions and other estimated offering expenses, and excluding the exercise of any warrants, are expected to be approximately $17 million.
The Company intends to use the net proceeds from this offering to fund its continued research and development initiatives in connection with its product pipeline including, but not limited to (i) investment in its ADXS- HOT program in both monotherapy and combination therapy and new cancer types, (ii) investment in ongoing clinical research in ADXS-NEO and ADXS-PSA, in combination therapy; and (iii) general corporate purposes.
A.G.P./Alliance Global Partners acted as sole book-running manager for the offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
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