By Sheri Kasprzak
Atlanta, Jan. 12 - A week after completing the third tranche of the deal, Advaxis Inc. has closed the final tranche of its private placement for $1.1 million.
The company sold 44 units at $25,000 each to Harvest Advaxis LLC. The investor is a special-purpose entity created only for Advaxis.
The units are comprised of 87,108 shares and warrants for 87,108 shares.
The warrants allow for an additional share at $40 each for five years.
On Tuesday, the company announced the closing of the third tranche of the deal for $128,000 through parent company Great Expectations and Associates Inc.
Advaxis is a Princeton, N.J.-based biopharmaceutical company focused on cancer treatments. The proceeds from the offering will be used to develop a phase I clinical trial for Advaxis's Listeria-based therapeutic vaccine and a phase I clinical trial of Lovaxin C, a cancer vaccine.
| Issuer: | Advaxis Inc.
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| Issue: | Units of 87,108 common shares and warrants
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| Amount: | $1.1 million
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| Units: | 44
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| Price: | $25,000
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| Warrants: | One warrant per unit for 87,108 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.40
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| Announcement date: | Nov. 18
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| Settlement date: | Jan. 12
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