Advaxis, a Phase 1 biotech developing neoantigen-directed immunotherapies for cancer, announced terms for its Nasdaq uplisting on Tuesday.
The Monmouth Junction, NJ-based company plans to raise $8 million by offering 1.5 million units at an assumed offering price of $5.44, the as-converted May 20 close of its shares on the OTCQX (ADXS). Each unit contains one share of common stock and one warrant, exercisable at an undisclosed price. At the proposed price, Advaxis would command a market value of $18 million.
Because the company plans to offer warrants and is expected to have a post-IPO market cap that is less than $50 million, Advaxis will be excluded from Renaissance Capital's 2022 IPO stats.
Advaxis believes that its current pipeline evaluating off-the shelf, neoantigen-directed immunotherapies can address significant unmet needs in the current oncology treatment landscape. The first drug from this program is ADXS-503, which has been designed to treat non-small cell lung cancer. In July 2021, the company announced the initiation of a Phase 1 study evaluating the second drug from this program, ADXS-504, in patients with biochemically recurrent prostate cancer.
Advaxis was founded in 1987 and booked $2 million in revenue for the 12 months ended January 31, 2022. It plans to list on the Nasdaq under the symbol ADXS. A.G.P. is the sole bookrunner on the deal.
