Ayala Pharmaceuticals and Advaxis Agree To Combine, Expect Uplisting On NASDAQ
$ADXS
$AYLA
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- 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.