Advaxis Announces $11.4 Million in Financial Commitments
Advaxis, Inc.Diana Moore, 609-452-9814Director, Investor Relations & Business Development
., a leader in developing the next generation of immunotherapies for cancer and infectious diseases, announced today that it has secured $10 million in equity financing from Magna Group, LLC through its flagship Equity Enhancement Program, with an additional $1.4 million in financial commitments from a combination of sources as detailed below.
“This financing comes at an excellent time. At the recent SITC 2012 Annual Meeting we presented an update to the preliminary data from our ongoing Phase 2 trial in patients with recurrent/refractory cervical cancer in India. We continue to see patients who are experiencing complete responses, partial responses, and stable disease with ADXS-HPV,” commented Thomas Moore, Chairman and CEO of Advaxis. “In addition, it is particularly gratifying to see the Company’s scientific founder, a board member, and a senior employee decide to invest.”
Joshua Sason, CEO of Magna Group notes, “We approach our financial partnership with Advaxis with great excitement and optimism. We are pleased to have made a long-term commitment to support Advaxis's on-going clinical progress.”
Highlights of the financing are below. A summary of the transactions will be included in the Company's current report on Form 8-K to be filed with the Securities and Exchange Commission.
“The combination of the $10 million Equity Enhancement Program, debt assumption and funding short term capital needs matches the Company’s current requirements and improves our balance sheet,” commented Mark Rosenblum, Chief Financial Officer of Advaxis.
Magna Group is a leading alternative investment firm that makes innovative structured investments and provides financial partnership to its portfolio companies; public and private, domestic and international. With a focus on the small and lower-middle markets, Magna Group has completed successful transactions into over 150 public and private entities since inception in 2009. As a financial partner, Magna Group prioritizes relationship and works closely with portfolio companies to develop customized equity, debt and hybrid investment solutions.
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Advaxis is a clinical-stage biotechnology company developing the next generation of immunotherapies for cancer and infectious diseases. Advaxis immunotherapies are based on a novel platform technology using live, attenuated bacteria that are bio-engineered to secrete antigen/adjuvant fusion protein(s) designed to redirect the powerful immune response all human beings have to the bacteriumto the cancer itself.
In April 2012, Advaxis’s lead construct, ADXS-HPV, was selected as the Best Therapeutic Vaccine (approved or in development) at the 5th Annual Vaccine Industry Excellence (ViE) Awards by the vaccine industry and the journal Expert Reviews of Vaccines. The ViE awards, sponsored by Novartis Vaccines and Diagnostics, were created to recognize the accomplishments and contributions of companies and individuals in the vaccine industry over the previous 12 months. Additional information is available at the .
ADXS-HPV is being evaluated in four clinical trials that are open for enrollment for HPV-associated diseases: CIN 2/3 (US study, Clinical Trials.gov Identifier NCT01116245), locally advanced cervical cancer (GOG/NCI US study, Clinical Trials.gov Identifier NCT01266460), recurrent/refractory cervical cancer (India), and head & neckcancer (University of Liverpool/CRUK UK study, Clinical Trials.gov Identifier NCT0CT01598792). Over 15 distinct constructs are in various stages of development, developed directly by the Company and through strategic collaborations with recognized centers of excellence such as: the , , the , the , the , the , and others. For more information please visit .