Company sells 3,068,095 common shares at $7.50 per share through deal
By Devika Patel
Knoxville, Tenn., Feb. 18 – Advaxis Inc. said it plans a $23.01 million registered direct offering of stock.
The company will sell 3,068,095 common shares at $7.50 apiece. The price per share is identical to the Feb. 17 closing share price.
Adage Capital Management, LP, Broadfin Capital LLC, Sectoral Asset Management, Cormorant Asset Management and funds and accounts managed by T. Rowe Price Associates, Inc. will participate. Adage will own about 19% of Advaxis after this sale.
Proceeds will be used for clinical development of Advaxis's 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: | $23,010,713
|
| Shares: | 3,068,095
|
| Price: | $7.50
|
| Warrants: | No
|
| Investor: | Adage Capital Management, LP, Broadfin Capital LLC, Sectoral Asset Management, Cormorant Asset Management and funds and accounts managed by T. Rowe Price Associates, Inc.
|
| Pricing date: | Feb. 18
|
| Stock symbol: | Nasdaq: ADXS
|
| Stock price: | $7.50 at close Feb. 17
|
| Market capitalization: | $203.1 million
|
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