A faded penny stock player folds its cards and hands over the keys in reverse merger
After bumping along the bottom of the charts as a penny-stock player for most of the past 2 years, the oncology biotech Advaxis is handing over its limited pipeline and cash on hand to Biosight as the hematology startup reverses onto Nasdaq.
Advaxis shares closed Friday at 47 cents, right around where it hit a few months after the biotech reported that the FDA had placed its then lead drug — axalimogene filolisbac — on clinical hold due to what it said were CMC issues. That followed a hold in 2018 on a combination study with Imfinzi after the death of a patient. And the CEO’s abrupt departure in the summer of 2019 — leaving a vacancy that would remain open for about a year — didn’t help matters.
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