News
January 12, 2005
Advaxis, Inc. Completes an additional US$1.1 Million Private Placement Financing
Princeton, NJ � January 10, 2005 -- Advaxis, Inc. (Symbol: GXPT.PK), a Colorado corporation ("Company"), today announced that it had completed its private placement sale of 44 Units at $25,000 per Unit to Harvest Advaxis, LLC totaling $1,100,000. Each Unit consists of 87,108 shares of the Company�s common stock and 87,108 warrants of which each warrant is exercisable for one share of common stock at an exercise price of US$0.40. Harvest Advaxis, LLC is a special purpose entity, specifically created to invest only in Advaxis. Soldano Ferrone, M.D.,Ph.D., Chairman of the Department of Immunology, Roswell Park Cancer Institute, Buffalo, New York, acted as scientific advisor for Harvest Advaxis, LLC in the transaction. Net proceeds from the private placement will be used to support clinical trials for Lovaxin C (TM) and general corporate purposes.
The common stock sold as part of the Units, including those issuable upon the exercise of the warrants, cannot be re-sold in the public markets unless and until either (a) a registration statement has been filed and declared effective by the U.S. Securities and Exchange Commission (�SEC�) covering such shares of common stock or (b) an exemption from the registration requirements of the Securities Act of 1933 is available for their resale. The Company has undertaken to file a registration statement covering all such common stock with the SEC.
"We�re very pleased to see the continuing support of the investor community in our drug development program� said J. Todd Derbin, President and Chief Executive Officer of the Company. �We anticipate that the proceeds of this financing will enhance and accelerate the development of our proprietary and innovative Listeria based cancer vaccines"
Robert Harvey, Manager of Harvest Advaxis, LLC said: �Following our pre IPO venture investment in CancerVax (CNVX), we are keenly enthusiastic about the future prospects for Advaxis. The Company�s Listeria technology platform has the potential of creating efficacious vaccines for various forms of cancer as well as AIDS.
This press release does not represent an offer to buy or to sell any securities.
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