ADXS - Advaxis and Biosight announce merger deal to create oncology focused public company

Zhanna Hapanovich/iStock via Getty Images Advaxis (ADXS) has climbed ~61.0% after announcing a merger agreement with privately-held Biosight Ltd. for the creation of a public company focused on Biosight’s lead product and experimental blood cancer therapy aspacytarabine (BST-236). The merger expected to close in H2 2021 will see Biosight investors becoming majority shareholders of the combined company with 75% ownership while Advaxis’s current equity holders will own the rest. Following the closure of the merger, Advaxis will be renamed Biosight Therapeutics which will begin trading on the Nasdaq Capital Market with the ticker symbol “BSTX”. The combined company will be headquartered in New Jersey with a continued presence in Israel and expected cash, cash equivalents, and marketable securities of ~$50M at the closing. Milestones anticipated over the next 12 – 18 months include topline results from an ongoing Phase 2 trial of aspacytarabine as a first-line therapy for patients with Acute Myeloid Leukemia.

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Advaxis and Biosight announce merger deal to create oncology focused public company