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Ayala Pharmaceuticals and Advaxis Agree To Combine, Expect Uplisting On NASDAQ

Published 19/10/2022, 17:29
© Reuters. Ayala Pharmaceuticals and Advaxis Agree To Combine, Expect Uplisting On NASDAQ

  • Ayala Pharmaceuticals Inc (NASDAQ: AYLA) and Advaxis Inc (OTC: ADXS) have announced a merger agreement.
  • The merger would result in a combined company focusing predominantly on developing and commercializing Ayala's lead program AL102 to treat desmoid tumors and Advaxis's candidate ADXS-504 in development for prostate cancer.
  • Ayala's lead candidate, AL102, is currently being investigated in the Phase 2/3 RINGSIDE study in desmoid tumors.
  • The combined company has the cash to advance the combined portfolio through key milestones in 2023.
  • Each Ayala share will be converted into the right to receive Advaxis shares. Combined Company to Seek Uplisting to Nasdaq.
  • Upon completion of the merger, Ayala stockholders will own approximately 62.5% of the combined company, and Advaxis stockholders will own approximately 37.5%.
  • The board of directors of the combined company is expected to consist of seven members: two designated by Advaxis, four by Ayala, and Kenneth Berlin, President & CEO of Advaxis.
  • The management will include - Kenneth Berlin, President, CEO & Director; Andres Gutierrez, current Chief Medical Officer of Advaxis; Igor Gitelman, Interim Chief Financial Officer of Advaxis.
  • Roni Mamluk, Founder & CEO of Ayala, and Yossi Maimon, CFO of Ayala, will resign.
  • Gary Gordon, Chief Medical Officer of Ayala, will also resign but is expected to continue in an advisory role for some time.
  • Price Action: AYLA shares are down 28.70% at $0.65 on the last check Wednesday.

Read the original article on Benzinga

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