Ayala Pharmaceuticals Inc (fka ADXS)

[DewDiligence]

The $10M raise, which boosts ADXS’ 4/30/19 (end of FY2Q19) cash to roughly $30M, allows a few months to find a reverse-merger partner and work out the mechanics of a deal.

Since the market is not ascribing any value whatsoever to ADXS’ clinical programs, ADXS may as well try to get some value from a private biotech company looking for an easy way to go public.

This is not to say that a reverse merger is necessarily in the cards, but such an action makes sense.