Advaxis, Inc. priced a public announced offering of 10 million shares at $2 each to raise $20 million.

Advaxis plans to use net proceeds to fund the development of its product pipeline.

Jefferies and Guggenheim Securities are acting as joint book-running managers for the offering. The underwriters have an option to purchase up to an additional 807,697 shares.

The Princeton, N.J.- based biotechnology company expects to close the offering by Feb. 26.