Advaxis Inc. (NASDAQ:ADXS) jumped 28% after announcing its Q3 2021 financial results and corporate update. During the quarter, the company signed a definitive merger agreement with Biosight Ltd with the proposed merger creating a public company that will operate as Biosight Therapeutics. The combined company will have cash, cash equivalents, and marketable securities of around $50 million at closing.
Over the next 18 months, the combined company expects to report topline results from the second phase aspacytarabine study, which has enrolled 65 acute myeloid leukemia patients. Also, the combined company will initiate a second phase study of aspacytarabine in refractory/relapsed AML patients and high-risk MDS in the US.
Additionally, during the quarter, Advaxis initiated a phase 1 study of ADXS-504 for biochemically recurrent prostate cancer treatment, expanding the ADXS-HOT program for a second indication. Finally, Advaxis announced Nasdaq’s extension to regain the minimum bid price rule compliance by November 2, 2021. At the end of the quarter, the company had $45.3 million in cash. So, in the coming months, ADXS is worth watching.
Market Reaction:
On Friday, ADXS stock soared 28% at $0.60 with more than 83.93 million shares, compared to its average volume of 8.12 million shares. The stock has moved within a range of $0.4550 – 0.6450 after opening the trade at $0.48.
