Advaxis, Inc. (NASDAQ: ADXS) recently announced to have entered into a definitive merger agreement with Biosight Ltd., according to which the shareholders of Biosight will become the majority holders of the combined company upon completion of the transaction. With approximately $50 million in cash, cash equivalents, and marketable securities, the merged entity will be headquartered in New Jersey while continuing its presence in Israel. The Board of Directors of both companies unanimously approved the transaction. The resultant public company, renamed Biosight Therapeutics, will trade on the Nasdaq Capital Market under the ticker “BSTX.” The merger is expected to be completed in 2H2021.
The operational focus of Biosight Therapeutics
Biosight is a pharmaceutical development company focused on developing innovative therapeutics for malignancies and related disorders. Advaxis, following a merger transaction, will prioritize the advancement of Biosight’s lead product, Aspacytarabine, code-named BST-236. Aspacytarabine is a promising candidate for the treatment of Acute Myeloid Leukemia and Myelodysplastic Syndrome.
The company expects updates on multiple clinical and regulatory milestones over the next 12-18 months, including results from the ongoing Phase 2 trial of BST-236 in Acute Myeloid Leukemia (AML) patients. In addition, clinical updates from the Phase 2 trial of BST-236 in relapsed or refractory AML and higher-risk Myelodysplastic Syndrome patients, which is collaborating with the Groupe Francophone des Myélodysplasies.
Leadership’s take on a merger transaction
Kenneth Berlin, President and Chief Executive Officer of the company, expressed that the proposed merger has been announced after careful review of strategic options for Advaxis. He added that the combined company’s diversified oncology pipeline, perceived milestones, and expertise of the leadership team, will bring transformative benefits for the cancer patients while creating value to our shareholders.
Dr. Ruth Ben Yakar, Chief Executive Officer of Biosight, noted that the proposed merger is a unique opportunity to build a leading public company focused on developing cancer treatments with its strong clinical pipeline. Also, the new entity will have a strong balance sheet to advance and commercialize its lead pipeline products towards anticipating milestones. He also extended a vote of thanks to the Biosight team, its Board of Directors, and Stockholders for their support.