Advaxis, Inc. [NASDAQ: ADXS] disclosed on Tuesday that it has inked a merger agreement with Biosight Ltd in accordance with which the shareholders of Biosight will become the majority holders of the merged company immediately after the completion of the transaction. The suggested merger will make a public firm that will focus on the clinical development and marketing of the lead products, aspacytarabine of Biosight.
The merged firm is intending to move forward with its pipeline through multiple clinical studies. The topline results from the continuing Phase 2 trial of aspacytarabine, which has executed enlistment, as first-line therapy in AML sufferers who are ineligible for standard chemotherapy. The latest data submitted at ASCO have demonstrated that aspacytarabine attained complete remission (CR) rates of 39% across all assessable patients with 63% of cases with negative minimal residual disease.
Furthermore, it has been revealed that the merged firm is anticipated to have nearly $50 million in cash, cash equivalents, and marketable securities at closing. After the execution of the deal, which is anticipated to occur in the second half of 2021, Advaxis shall be designated as the Biosight Therapeutics. Moreover, it is anticipated to trade on the Nasdaq Capital Market under the ticker symbol “BSTX”.
Shares of Advaxis surged +55.10% with a trading volume of 5.63 million at the time of writing on Tuesday. The news of a merger between Advaxis and Biosight has sent the stock of Advaxis soaring as it has gained +0.23 during the pre-market trading session of Tuesday. Additionally, it has been revealed that after the execution of the merger, Advaxis’s then-current equity holders will hold nearly 25% and the former Biosight equity holders will hold nearly 75% percent of Advaxis’s common stock, computed on a fully diluted basis.