Shares of biotechnology company Advaxis, Inc. (ADXS) are leaping around +10% in the pre-market session today. To be exact, the stock is on surge by 9.27% to $1.04 as of 8:11 a.m. EST. The company that develops and commercializes clinical-stage immunotherapy products has already seen its share rising 26.91% in the previous session closing at $0.95 and there is no news that could be linked directly to that surge.
What does the company do?
Advaxis is a clinical-stage biotech firm focusing on the production and commercialization of patented antigen delivery products based on Lm. Such therapeutics are based on a technology platform that is bioengineered to secrete antigen/adjuvant fusion proteins using live attenuated Listeria monocytogenes (Lm).
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These Lm-based variants are considered to be a major breakthrough in immunotherapy as they combine multiple functions into single immunotherapy and are engineered to access and target cell-presenting antigen to enhance anti-tumor T cell immune system, improve clinical outcomes with multiple adjuvant equal, and simultaneously decreased tumor immunity in the microenvironment of the tumor to remove it.
The company recently released its financial results for the fiscal year ended October 31, 2020, along with an update about its business operations. For the fiscal year ended October 31, 2020, the company posted a net loss of $26.5 million or $0.43 per share compared to that of $16.6 million or $1.09 per share for the fiscal year 2019. Compared to $12.2 million for the fiscal year 2019, general and administrative expenses for the fiscal year 2020 were $11.1 million.
For the fiscal year 2020, expenses incurred on research and development were $15.6 million, compared with $26.7 million for the fiscal year 2019. The reduction of $11.1 million was largely due to reductions in expenses related to clinical trials, laboratory costs, validation of drug production methods, and analysis to check the stability of the drug.
At the 2020 Society for Immunotherapy of Cancer (SITC) Annual Conference, the company presented new clinical results from the ongoing Phase 1/2 trial of ADXS-503 as monotherapy The company has been carrying out the study in conjunction with KEYTRUDA (pembrolizumab), Merck’s anti-PD-1 treatment, in non-small cell lung cancer (NSCLC).
The stock has been surging for three consecutive sessions, and today also it has been up-trending premarket which is a better scenario for the company to achieve a minimum $1.00 bid price per share requirement to retain Nasdaq listing.