Advaxis, a Phase 1 biotech developing neoantigen-directed immunotherapies for cancer, withdrew its plans for an initial public offering on Monday. It had filed in May 2022 and had most recently planned to raise $9 million by offering 2.5 million units at a price of $3.70, the June 8 close of its shares on the OTCQX (ADXSD).
Because the company had planned to offer warrants and was expected to have a post-IPO market cap less than $50 million, Advaxis' withdrawal will not be counted in Renaissance Capital's 2022 IPO stats.
Advaxis believes that its current pipeline evaluating off-the shelf, neoantigen-directed immunotherapies can address significant unmet needs in the current oncology treatment landscape. The first drug from this program is ADXS-503, which has been designed to treat non-small cell lung cancer. In July 2021, the company announced the initiation of a Phase 1 study evaluating the second drug from this program, ADXS-504, in patients with biochemically recurrent prostate cancer.
The Monmouth Junction, NJ-based company was founded in 1987 and planned to list on the Nasdaq under the symbol ADXS. A.G.P. was set to be the sole bookrunner on the deal.
