Advaxis Stock Shoots Higher On Reverse Merger Agreement With Biosight

Advaxis Inc ADXS and privately-held Biosight Ltd have entered into a merger agreement to create a public company that will prioritize the clinical advancement and commercialization of Biosight's lead product aspacytarabine (BST-236).
Aspacytarabine is currently being investigated as a single agent in a Phase 2b trial for the first-line treatment of acute myeloid leukemia.
The combined company is expected to have approximately $50 million in cash, cash equivalents, and marketable securities at closing.
Following the closing, which is expected to occur in the second half of 2021, Advaxis will be renamed Biosight Therapeutics and will trade on NASDAQ under the symbol BSTX.
Upon completing the merger, Advaxis's equity holders will own approximately 25%, and Biosight equity holders will hold about 75% of the new entity.
After the agreement is complete, Ken Berlin will lead the combined company and serve as the President and Chief Executive Officer.
The senior leadership of the combined company will also include Roy Golan (Chief Financial Officer), Andres Gutierrez & Darrel Cohen as Chief Medical Officers.
Additionally, the Board of Directors of the combined company will include nine directors: six designated by Biosight and two to be represented by Advaxis, and David Sidransky will be nominated as Chairman of the Board.
Biosight and Advaxis will host a conference call and webcast today at 8:30 am E.T.
Price Action: ADXS shares are up 48.5% at $0.71 during the premarket session on the last check Tuesday.

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