A clinical-stage biotechnology company in Princeton, New Jersey, has secured commitments of $10 million in equity financing and an additional $1.4 million from the assumption of convertible notes owned by third parties and the purchase of convertible notes by private and institutional investors. Advaxis, Inc. will reportedly use the funds to continue developing the next generation of immunotherapies for cancer and infectious diseases caused by the human papillomavirus. The company recently reported positive preliminary data from a Phase 2 trial of ADXS-HPV in patients with recurrent/refractory cervical cancer in India.
According to a news source, ADXS-HPV was selected as the Best Therapeutic Vaccine at the 5th Annual Vaccine Industry Excellence Awards by the industry and the journal Expert Reviews of Vaccines. The company’s “immunotherapies are based on a novel platform using live, attenuated bacteria that are bioengineered to secrete antigen/adjuvant fusion protein(s) designed to redirect the powerful immune response all human beings have to the bacterium to the cancer itself.” Advaxis is also apparently evaluating ADXS-HPV for head and neck cancers. See Advaxis Press Release, October 31, 2012.