Company sells common shares at $4.25 per share to lead investor Adage
By Devika Patel
Knoxville, Tenn., Dec. 19 – Advaxis Inc. said it arranged a $16.75 million registered direct offering of stock with lead investor Adage Capital Management, LP.
The company will sell 3,940,801 common shares at $4.25 apiece. The price per share is a 12.55% discount to the Dec. 18 closing share price of $4.86.
Proceeds will be used for clinical development of Advaxis’ cancer immunotherapy pipeline.
Advaxis is a biotechnology company based in Princeton, N.J., that is developing cancer vaccines.
| Issuer: | Advaxis Inc.
|
| Issue: | Common stock
|
| Amount: | $16,748,404
|
| Shares: | 3,940,801
|
| Price: | $4.25
|
| Warrants: | No
|
| Investor: | Adage Capital Management, LP (lead)
|
| Pricing date: | Dec. 19
|
| Stock symbol: | Nasdaq: ADXS
|
| Stock price: | $4.86 at close Dec. 18
|
| Market capitalization: | $109.5 million
|
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