Ayala Pharmaceuticals Inc (ADXS)

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Jc, hard to tell, I could be wrong but I just don't see what's happening as a deal on AXAL. IMO the signals point to either a sale or some kind of change of control. If they wanted to stay independent they would have already hired a permanent CEO or made TL permanent. They could have gotten rid of those execs as part of finalizing a deal (acquirer may have wanted ADXS to tighten the ship so the buyer doesn't look like it's taking an ax to jobs post buyout). Also, at the annual meeting an imvestor reported TL alluded to AXAL getting old and a small market. I don't think AXAL would command the kind of upfront cash ADXS needs to stay independent without having to do more destructive dillution. The has a Phase 3 asset and attractive platform but value has eroded due poor management. I think the BOD recognized that and put TL to sell the company.