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Advaxis Approved to Sell Approximately $300,000 Worth of Net Operating Tax Losses, Research Tax Credits

^{Published on 2009-12-21 07:40:15 - Market Wire}
 

NORTH BRUNSWICK, N.J.--([ BUSINESS WIRE ])--[ Advaxis, Inc ]., (OTCBB: ADXS), the live, attenuated Listeria monocytogenes (Lm) vaccine company, has been preliminarily approved by the State of NJ to sell approximately $300,000 of its Fiscal Year 2008 net operating tax losses (NOL) and research tax credits through the NJ Economic Development Authority (NJEDA) pursuant to the rules, regulations and stipulations set forth by the NJ program. This transaction is expected to be concluded in January 2010.

"This is the second year we have qualified for the NOL program"

"This is the second year we have qualified for the NOL program," commented Advaxis Chairman/CEO Thomas A. Moore. "This non-dilutive financing will help fund our Phase II clinical trial program."

About the NJ Economic Development Authority

The EDA is a state financing and development agency that works to strengthen New Jersey's economy by retaining and growing businesses through financial assistance, by renewing communities, and by promoting the State's strategic advantages to attract domestic and international business. To learn more about opportunities for business growth throughout New Jersey, visit the State's business portal at [ www.newjerseybusiness.gov ].

About the Company

Based in North Brunswick, New Jersey, Advaxis is developing proprietary Listeria monocytogenes (Lm) cancer vaccines based on technology developed by Dr. Yvonne Paterson, professor of microbiology at the University of Pennsylvania and chairperson of Advaxis' scientific advisory board. Advaxis is developing attenuated live Lm vaccines that deliver engineered tumor antigens, which stimulate multiple simultaneous immunological mechanisms to fight cancer.

In a recent Advaxis Phase I clinical trial, a live Lm vaccine directed against the tumor-associated antigen HPV-16-E7 was safely administered to fifteen (15) women with recurrent, advanced, metastatic cancer of the cervix. Although this first trial of an Lm vaccine in humans was not designed or powered to prove efficacy, Advaxis believes an efficacy signal was observed that will be further explored in three (3) planned Phase II trials in the US and India in cervical cancer and its predecessor condition, cervical intraepithelial neoplasia (CIN). Advaxis now has nine (9) distinct cancer fighting constructs in various stages of development, both directly and with academic collaborators. For further information on the Company, please visit: [ www.advaxis.com ].

Forward-Looking Statements

Certain statements contained in this press release are forward-looking statements that involve risks and uncertainties.The statements contained herein that are not purely historical are forward looking statements 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 deal with the Company's current plans, intentions, beliefs and expectations and statements of future economic performance.Forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to differ materially from what is currently anticipated.Factors that could cause or contribute to such differences include those discussed from time to time in reports filed by the Company with the Securities and Exchange Commission.The Company cannot guarantee its future results, levels of activity, performance or achievements.