Advaxis, Inc. (ADXS) saw a decline of 5.00% in the premarket today without a specific reason. However, the last trading session closed at $0.6 with an increase of 28.15%.
What’s going on?
ADXS did not publish any latest press release or news on today’s date. But there are certain press releases recently updated by the company. Let’s have a look at them.
Third Quarter 2021 Financial Results
ADXS announced Third Quarter 2021 financial results on 10th September 2021. In the third quarter of the fiscal year 2021, research and development costs were $1.70 million. The $1.76 million drop was largely due to a significant reduction in expenditures connected with the winding down of clinical trials.
Firstly, for the three months ended July 31, 2021, general and administrative costs were $2.68 million. Secondly, increases in legal and consulting fees accounted for the majority of the $0.3 million raise. It was somewhat offset by staff expenses, and expenditures linked to the abandonment of non-strategic intellectual property.
Thirdly, the Company has about $45.3 million in cash and cash equivalents as of July 31, 2021.
Nasdaq Grants ADXS, Inc. an Extension to Regain Compliance
During the ADXS’s hearing before the Nasdaq Hearings Panel, the Panel decided to give the Company an extension until November 22, 2021. This will help to comply with Nasdaq’s $1.00 Minimum Bid Price Rule and complete its previously announced merger transaction with Biosight, Ltd.
Moreover, ADXS announced a merger deal with Biosight on July 6, 2021. The merged company will have to fulfill all applicable initial listing criteria. This will include the $4 per share price requirement, upon the merger’s completion, according to the Nasdaq Listing Rules.
Furthermore, the Company thinks it will be able to complete the merger and demonstrate compliance with all applicable criteria for an initial listing on The Nasdaq Capital Market on or before November 22, 2021.
ADXS Announces Initiation of Phase 1 Clinical Trial of ADXS-504
On 15th July 2021, executives have approved ADXS-504 for use in individuals with biochemically recurrent prostate cancer in Phase 1 clinical trial. The research is the first clinical investigation of ADXS-504.
ADXS’ off-the-shelf neoantigen immunotherapy medication candidate for early prostate cancer. Last but not the least, the study’s primary investigator is Mark Stein, M.D., an associate professor of medicine in Columbia University’s Vagelos College of Physicians and Surgeons’ Division of Hematology/Oncology.
