Ayala Pharmaceuticals Inc (ADXS)

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On July 2, 2014, Advaxis, Inc. (the “Company”) issued a press release to announce that a request for a product license from the United States Department of Agriculture (“USDA”) has been filed for ADXS-cHER2 by Aratana Therapeutics, Inc. (“Aratana”). The Company previously granted Aratana an exclusive worldwide license to develop and commercialize ADXS-cHER2 for pet therapeutics. While the USDA has no specific obligation to respond within a prescribed timeframe, the Company expects that a response from the USDA to the filing will occur over the next 12 to 18 months. If approval is granted by the USDA, the Company will be entitled to a cash royalty payment by Atarana with respect to the sale of ADXS-cHER2.