Advaxis Inc (NASDAQ:ADXS) shares fell 8.65% to $8.77 and were unchanged in after-hours trading. Shares have been trading in a 52-week range of $6.47 to $16.30. The company has a market cap of $366.37 at 40.12 million.
Advaxis Inc a clinical-stage biotechnology company focused on the discovery, development and commercialization of Listeria monocytogenes (Lm)-Listeriolysin O (LLO) cancer immunotherapies. These immunotherapies are based on a platform technology that utilizes live attenuated Lm bioengineered to secrete antigen/adjuvant fusion proteins. These Lm-LLO strains integrate multiple functions into a single immunotherapy as they access and direct antigen presenting cells to stimulate anti-tumor T-cell immunity, stimulate and activate the immune system with the equivalent of multiple adjuvants, and simultaneously reduce tumor protection in the tumor microenvironment to enable the T-cells to eliminate tumors.
Axalimogene filolisbac is its lead Lm-LLO immunotherapy product candidate for the treatment of Human Papilloma Virus-associated cancers. ADXS-PSA is its Lm-LLO immunotherapy product candidate that targets the Prostate Specific Antigen (PSA) associated with prostate cancer.
In a press release, Advaxis Inc announced that it has appointed Al Blunt, M.D. as Vice President of Medical. He joins the company from Covance, which is a leading global clinical research organization and drug development service company where he was Executive Medical Director for Oncology.
As both a clinical oncologist and drug developer, Al brings tremendous insight and experience from years of planning, leading and executing clinical trials that have led to successful approvals and commercial launches,” said Chris Duke, Chief Operating Officer of Advaxis Inc.
As VP for Medical, Al Blunt will be responsible for leading the company’s clinical development strategy and activities from pre-clinical to commercial phase trials, including development of trial protocols to preparing regulatory filings, and participating in interactions with regulatory authorities relating to clinical matters.
Advaxis’ versatile and complementary technology and drug candidates have great potential to provide an immuno-therapeutic approach to patients who currently have limited options for treating cervical cancer, anal cancer and many other cancers,” said Dr. Blunt. “I look forward to working with the company’s leadership and hundreds of clinicians throughout the world who are working to bring these much-needed therapies to patients.”
Dr. Blunt has a medical degree from the University of Pennsylvania School of Medicine and a B.S. in biochemistry from the City College of the City University of New York. He joined Covance in 1988 , holding several positions increasing in responsibility over nearly 20 years that enabled him to be responsible for medical monitoring for ongoing oncology trials across all phases. He also led the company’s immuno-oncology curriculum and global training.
He also eceived an American Cancer Society Clinical Fellowship and a Howard Hughes Medical Institute Postdoctoral Fellowship for Physicians Award. His appointment is effective March 7, and he received 54,500 restricted stock units in Advaxis, of which 25% vest immediately and the remaining shares vest annually over the next three years, as part of his compensation.
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