Advaxis, Inc. (ADXS), a clinical-stage biotechnology company, is seeing a surge within its share price in aftermarket trading session. At the time of writing, ADXS stock is being traded at $0.52, an increase of 11.43%. In Thursday’s trading session, ADXS stock slipped some 1.36%.
ADXS receiving an extension
On 11th of August, ADXS announced that it has received a letter from NASDAQ. According to that, after the company’s hearing in front of NASDAQ hearing panel, the panel would grant the company with an extension up to 22nd November 2021. The extension is meant to comply with Nasdaq’s $1.00 Minimum Bid Price Rule and completion of ADXS merger transaction with Biosight, Ltd. On 6th of July, ADXS announced to have entered into an agreement of merger with Biosight Ltd., a privately held pharmaceutical company. According to NASDAQ listing rules, the combined company would be required to meet all of the applicable initial listing requirements on closure of merger. It includes $4 per share price requirement. The company hoped that it would be able to comply with applicable requirements before the deadline.
Initiation of phase 1 trials
On 15th of July, ADXS announced the initiation of phase 1 clinical trials. The trials would have to evaluate the DXS-504 in patients with biochemically recurrent prostate cancer. The study is the first clinical evaluation of ADXS-504. Mark Stein, M.D. was named as the principal investigator of the study. Dr. Andres Gutierrez, Chief Medical Officer of Advaxis , said that Phase 1 study ouldl evaluate the safety, tolerability, immunogenicity and clinical activity of ADXS-504 in men who have undergone radical prostatectomy or radiotherapy and whose prostate specific antigen (PSA) levels in the blood are rising.
ADXS agreement with Biosight
On 6th of July, ADXS announced that the company had entered into a definitive agreement with the Biosight. The company said that after the agreement, shareholder of Biosight would become the major shareholders of the combined company immediately after the completion of transaction. According to the details, the merger would have to create a public company. The company would prioritize the clinical advancement of aspacytarabine (BST-236), Biosight’s lead product. It was expected that the combined company would have cash and cash equivalents of $50 million. It was expected that during the second half of 2021, ADXS would be renamed Biosight Therapeutics and would be traded under the ticker “BSTX” on NASDAQ capital market. Dr. Ruth Ben Yakar, CEO of Biosight, said that the combined company would have the demonstrated expertise and strong balance sheet to advance its lead programs towards multiple anticipated milestones.
What’s next for ADXS?
According to the details, ADXS is expected to post revenue of $2.99 million during the current fiscal year. During current fiscal year, the EPS of ADXS is expected to increase by 60.30% during the current fiscal. Based on these statistics, it is hoped that the company is on a track to achieve the financial success in near future. So, potential investors should keep a close watch on ADXS stock.
