Advaxis Inc. expects to raise gross proceeds of about $20 million from its underwritten public offering of 16,666,666 common shares and warrants to purchase 14,166,666 shares.
Each common share is being sold together in a fixed combination with a warrant to purchase 0.85 common share.
Holders can immediately exercise warrants at $1.50 per share, subject to anti-dilution adjustments. The warrants will expire six years after issuance.
The Princeton, N.J.-based biotechnology company plans to use the funds from the offering for the development of its product pipeline, which includes the experimental cancer treatment ADXS-HOT.
The offering is expected to close Sept. 11, subject to customary closing conditions.
Cantor Fitzgerald & Co. and Oppenheimer & Co. Inc. are acting as joint book-running managers for the offering.