Advaxis Announces Pricing of Its Public Offering of Common Stock

PRINCETON, N.J.–(BUSINESS WIRE)–Advaxis, Inc. (Nasdaq: ADXS) (the “Company”), a late-stage
biotechnology company focused on the discovery, development and
commercialization of immunotherapy products, today announced the pricing
of an underwritten public offering of 2,500,000 shares of its common
stock at a price to the public of $4.00 per share. The gross proceeds to
Advaxis, Inc. from this offering are expected to be approximately
$10,000,000, before deducting underwriting discounts and commissions and
other estimated offering expenses. The offering is expected to close on
April 5, 2019, subject to satisfaction of customary closing conditions.

A.G.P./Alliance Global Partners is acting as the sole book-running
manager for the offering.

The Company intends to use the net proceeds from this offering to fund
its continued research and development initiatives in connection with
its product pipeline including, but not limited to, (i) investment in
its ADXS-HOT program in both monotherapy and combination therapy and new
cancer types; (ii) investment in ongoing clinical research in ADXS-PSA
and ADXS-NEO, in combination therapy; and (iii) general corporate
purposes.

This offering was made pursuant to an effective shelf registration
statement on Form S-3 (No. 333-226988) previously filed with the U.S.
Securities and Exchange Commission (the “SEC”) and declared effective by
the SEC on August 30, 2018. A preliminary prospectus supplement and
accompanying prospectus describing the terms of the proposed offering
were filed with the SEC on April 2, 2019 and are available on the SEC’s
website at www.sec.gov.
The final prospectus supplement and accompanying prospectus related to
the proposed offering will be filed and made available on the SEC’s
website. Electronic copies of the preliminary prospectus supplement and
the final prospectus supplement may be obtained, when available, from
A.G.P./Alliance Global Partners, 590 Madison Avenue, 36th Floor, New
York, NY 10022 or via telephone at 212-624-2060 or via email at [email protected].
Before investing in this offering, interested parties should read in
their entirety the prospectus supplement and the accompanying prospectus
and the other documents that the Company has filed with the SEC that are
incorporated by reference in such prospectus supplement and the
accompanying prospectus, which provide more information about the
Company and such offering.

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.

About Advaxis

Advaxis is a late-stage biotechnology company focused on the discovery,
development and commercialization of proprietary Lm-based
antigen delivery products. These immunotherapies are based on a platform
technology that utilizes live attenuated Listeria monocytogenes (Lm)
bioengineered to secrete antigen/adjuvant fusion proteins. These Lm-based
strains are believed to be a significant advancement in immunotherapy as
they integrate multiple functions into a single immunotherapy and are
designed to access and direct antigen presenting cells to stimulate
anti-tumor T cell immunity, activate the immune system with the
equivalent of multiple adjuvants, and simultaneously reduce tumor
protection in the tumor microenvironment to enable T cells to eliminate
tumors. Advaxis has four programs in various stages of clinical
development: ADXS-HPV for cervical cancer; ADXS-NEO, a personalized
neoantigen-directed therapy for multiple cancers; ADXS-503 for non-small
cell lung cancer, from its ADXS-HOT off-the-shelf neoantigen-directed
program; and ADXS-PSA for prostate cancer.

Forward-Looking Statements

This press release contains forward-looking statements that are made
pursuant to the safe harbor provisions within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking statements
are any statements that express the current beliefs and expectations of
management, including but not limited to statements related to the
anticipated closing of, and intended use of net proceeds from, the
public offering. These and other risks are discussed in the Company’s
filings with the SEC, including, without limitation, its Annual Report
on Form 10-K, filed on January 11, 2019, and its periodic reports on
Form 10-Q and Form 8-K, as well as the risks identified in the
registration statement and the preliminary prospectus supplement
relating to the offering. Any statements contained herein that do not
describe historical facts are forward-looking statements that are
subject to risks and uncertainties that could cause actual results,
performance and achievements to differ materially from those discussed
in such forward-looking statements. The Company cautions readers not to
place undue reliance on any forward-looking statements, which speak only
as of the date they were made. The Company undertakes no obligation to
update or revise forward-looking statements, except as otherwise
required by law, whether as a result of new information, future events
or otherwise.

Contacts

LHA Investor Relations
Miriam Weber Miller
(212) 838-3777
[email protected]