Published on 19 Oct 2022 on Benzinga via Yahoo Finance
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.
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