News
November 12, 2004
Great Expectations and Associates, Inc. Acquires Advaxis, Inc. and Successfully Completes $3,520,000 Equity Financing Friday November 12, 1:15 pm ET
Princeton, NJ � November 12, 2004 -- GREAT EXPECTATIONS AND ASSOCIATES, INC., a Colorado corporation ("GXPT" or the "Company")(Ticker symbol GXPT. PK) announced the acquisition of Advaxis, Inc., a Delaware corporation ("Advaxis"). Furthermore, GXPT announced it has successfully completed an equity financing through a private placement of $2,925,000 to a group of institutional and other private investors. Additionally, $595,000 of bridge notes were converted into equity securities of the Company on the same terms as all of the other investors in the private placement. The proceeds of the private placement will be used by the Company to fund further development of a patented and proprietary Listeria based therapeutic vaccine and a Phase I clinical trial in Lovaxin C, its lead cancer vaccine.
"We're very pleased to see the institutional support and confidence from new high quality investors in our Listeria based drug development" said J. Todd Derbin, President and Chief Executive Officer of the Company. "We anticipate that the proceeds of the equity financing will allow the Company to aggressively continue the development of its cancer vaccines and provide it with sufficient funding to complete a Phase I trial in cervical cancer patients using the Company's lead vaccine candidate Lovaxin C by the end of 2005."
About Advaxis
This news release does not constitute an offer to sell or the solicitation of an offer to buy any security. The securities issued in the private placement have not been registered under the Securities Act of 1933, as amended, or applicable state securities laws and may not be offered or sold in the United States absent registration under the Securities Act of 1933, as amended, and applicable state securities laws or an applicable exemption from registration requirements. The Company has agreed to file a registration statement covering the resale of the securities issued in the private placement.
Forward-Looking Statements
Certain statements contained in this press release are forward-looking statements that involve risks and uncertainties. The statements contained herein that are not purely historical are forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements deal with the Company's current plans, intentions, beliefs and expectations and statements of future economic performance. Forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to differ materially from what is currently anticipated. Factors that could cause or contribute to such differences include those discussed from time to time in reports filed by the Company with the Securities and Exchange Commission. The Company cannot guarantee its future results, levels of activity, performance or achievements.
Company Contact:
J. Todd Derbin
CEO & President
Advaxis, Inc.
212 Carnegie Center
Princeton, NJ 08540
derbin@advaxis.com
(609) 895-7150
Jennifer K. Zimmons, Ph.D.
Investor Relations
Strategic Growth International
150 East 52nd St., 22nd Fl.
New York, NY 10021
jzimmons@sgi-ir.com
(212) 838-1444