Press Release
Source: Advaxis, Inc.
On Thursday June 18, 2009, 4:36 pm EDT
Buzz up! 0 Print.Companies:Advaxis inc
NORTH BRUNSWICK, N.J.--(BUSINESS WIRE)--Advaxis, Inc. (OTCBB: ADXS - News), has received approximately $1.0 million in gross proceeds through a debt financing transaction.
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ADXS.OB 0.1100 -0.0050
In the financing, senior secured promissory notes (Notes) were issued at an original issue discount of 15% whereby each Note had a $1,000 face value per every $850 invested. All Notes mature on December 31, 2009. If there is a qualified equity financing in place at maturity, the Notes can be converted into the same securities sold in the qualified equity financing at a discounted per share conversion price equal to 90% of the per share purchase price of the securities sold in the qualified equity financing. Warrants were also issued to the Note holders at a rate of 2½ warrants per every US dollar invested and at a strike price of $0.20 per share.
Further, Advaxis has granted an option for an additional investment of about $1.0 million and will file an 8-K upon said activity’s completion.
“Today’s financing will enable us to progress phase II clinical trial activity without further delay,” commented Advaxis CEO Thomas A. Moore. “The investment environment today is very challenging but we are pleased by the significant investor interest in our company.”
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