News
January 10, 2005
Great Expectations and Associates, Inc. Completes US$3,848,000 Private Placement Financing and changes its name to Advaxis, Inc.
Princeton, NJ � January 10, 2005 -- Great Expectations and Associates, Inc. (Symbol: GXPT.PK), a Colorado corporation ("Company"), and the parent company of Advaxis, Inc, today announced that it had completed the third tranche of an equity financing through its private placement sale of $128,000 of equity on January 5, 2004. Previously on November 12, 2004, the Company closed on the initial tranche of the private placement of US$3,520,000 and on December 9, 2004 it closed a second tranche of US$200,000. Net proceeds from the private placement will be used to support clinical trials for Lovaxin C (TM) and general corporate purposes.
J. Todd Derbin, President and Chief Executive Officer of the Company said: "The proceeds of this equity financing will allow the Company to aggressively continue the development of its proprietary Listeria based cancer vaccines and complete a Phase I trial in cervical cancer patients using the Company's lead vaccine candidate Lovaxin C.
In addition, on December 23, 2004, the Company filed the Amended and Restated Articles of Incorporation with the Secretary of State of the State of Colorado. The Amended and Restated Articles of Incorporation (i) change the name of the Company to Advaxis, Inc., (ii) change the par value of the common stock of the Company from no par value to par value $.001 per share, and (iii) added 5,000,000 shares of �blank check preferred� to the authorized capital of the Company, the rights, privileges and powers of which may be designated by the board of directors of the Company from time to time.
About Advaxis
Advaxis is based in Princeton, New Jersey. Advaxis focuses on commercializing the innovative vaccine technology developed by Dr. Yvonne Paterson in the Department of Microbiology at the University of Pennsylvania. Advaxis is developing therapeutic cancer vaccines that enhance the immune system�s cancer-fighting abilities. Advaxis, through its proprietary Listeria Monocytogenes based system, is utilizing two immunological mechanisms (Innate and Classical Immunity) to develop safer and more effective cancer vaccines. Advaxis is the exclusive licensee of a patented broadly enabling innate immunity platform technology, which is based on the usage of the attenuated bacteria Listeria Monocytogenes, that, when combined with classical antibody and cellular immune mechanisms, can elicit more effective anti-tumour responses. Advaxis� lead vaccine candidate, Lovaxin C, targets cervical and head and neck cancers. Further vaccines in development target breast, ovarian and lung cancers. Advaxis is presently in the pre-clinical stage of development with Lovaxin C and anticipates this vaccine will enter Phase I clinical trials in early 2005. The Listeria platform will also have applications in the fields of infectious disease and autoimmune disorders. 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