Ayala Pharmaceuticals Inc (ADXS)

[Big Barnie]

Don't know if anyone else posted this.



By Anthony Noto
– Reporter, New York Business Journal

Developing new cancer therapies, alone, is a daunting mission. Couple that with a volatile stock market, and companies like Advaxis Inc. are at a big disadvantage.

To secure enough capital to push innovative products through the pipeline, a stock offering may be needed. And that's exactly what the Princeton, New Jersey-based biotech company is doing.

Advaxis (Nasdaq: ADXS), known for the discovery and commercialization of various cancer immunotherapies, is hoping to rake in $20 million in proceeds by offering 10 million shares at $2.00 each. Investment advisory firm Jefferies LLC is managing the process.

Advaxis intends to use the proceeds from the public offering to fund research and development new initiatives in connection with expanding the company’s various products.

The offering is expected to close on or about Feb. 26.

The news comes as numerous hedge funds show confidence in Advaxis, including Capital Analysts LLC which recently bought an additional 66,428 shares in Advaxis during the fourth quarter, growing its stake by more than 2,214 percent.

Other firms that have also upped their stake in Advaxis include Vanguard Group Inc., State Street Corp., Northern Trust Corp., Bank of Montreal Can and Franklin Street Advisors Inc.

Advaxis stock traded at $1.99 per share at the opening bell on Thursday. Its market capitalization hovers just over $77.6 million. The company is expected to report earnings on March 9.