News
February 6, 2006
Advaxis Inc. Completes $3 Million Institutional Financing
North Brunswick, NJ � February 6, 2006 -- Advaxis, Inc. (OTCBB: ADXS), a developer of live cancer vaccines, has closed a financing arrangement with Cornell Capital Partners, LP (�Cornell�), providing the company with $3 million in capital.
Under the terms of the agreement, signed February 2, 2006, Cornell has committed to provide $3 million of funding in the form of secured convertible debentures having a term of three years. $1.5 million less certain fees and expenses was funded at the first closing of the transaction and an additional $1.5 million less certain fees and expenses will be funded immediately prior to the filing by the Company with the Securities and Exchange Commission of a registration statement covering the shares of Advaxis common stock issuable on conversion of the debentures and underlying the warrants issued to Cornell. The debenture bears 6% interest and will convert into common shares at the lesser of $0.287 per share or ninety five percent (95%) of the lowest volume weighted average price of the Advaxis common stock during the thirty trading days preceding the conversion date. Cornell will also receive 4,200,000 warrants exercisable on a cash basis to the company at $0.287 per share and an additional 300,000 warrants exercisable on a cash basis to the company at $0.344 per share. Under the terms of the financing Cornell is permitted to convert up to $300,000 of the convertible debenture per month.
Roni Appel, President and CEO of Advaxis Said: "This financing will strengthen the company�s balance sheet and accelerate its clinical development. As Lovaxin C, our first Listeria cancer immunotherapy, enters Phase I/II testing in cervical cancer patients, this infusion of capital will help to ensure that our trial proceed in accordance with our business plan and will facilitate the acceleration of additional indications including breast, prostate and ovarian cancers."
About Advaxis
Based in North Brunswick, New Jersey, Advaxis is developing proprietary Listeria cancer vaccines based on technology developed by Dr. Yvonne Paterson, professor of microbiology at the University of Pennsylvania, and chairperson of Advaxis' Scientific Advisory Board. Advaxis' is developing therapeutic cancer vaccines that enhance the immune system's cancer-fighting abilities through its proprietary Listeria monocytogenes based system, which utilizes two immunological mechanisms (Innate and Classical Immunity) to develop safer and more effective Listeria based cancer vaccines. Advaxis is the exclusive licensee of a patented broadly enabling Listeria platform technology that can elicit effective anti-tumor responses. Advaxis' lead Listeria vaccine candidate, Lovaxin C, targets cervical and head and neck cancers. Further Listeria vaccines in development target breast, ovarian and lung cancers. Advaxis has entered a Phase I/II clinical trial. The Listeria platform will also have applications in the fields of infectious disease and autoimmune disorders.
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. Forwardlooking 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:
Advaxis, Inc.
Roni Appel, 201-750-2347
Investor Relations/Public Relations Contact:
Erik Lux/Adam Holdsworth, Investor Relations
Janet Vasquez, Public Relations
212-825-3210