Company
releases video message highlighting strategic rationale and benefits of proposed Biosight transaction for Advaxis stockholders
Advaxis
urges stockholders to vote “FOR” all of the proposals at the special meeting in order to best position the company to build
long term stockholder value
MONMOUTH
JUNCTION, N.J., Nov. 4, 2021 (GLOBE NEWSWIRE) — Advaxis, Inc. (Nasdaq: ADXS), a clinical-stage biotechnology company focused on
the development and commercialization of immunotherapy products, today issued the following statement to stockholders:
Dear
Fellow Advaxis Stockholders:
I
am writing to provide you with information and resources to help demonstrate the compelling benefits of the Company’s proposed
merger with Biosight. We believe that the proposed Biosight transaction can generate significant value for Advaxis stockholders. The
combined company will be better capitalized and well-positioned to advance a broader portfolio of drug candidates aimed at addressing
both liquid and solid tumors. The closing of the transaction is contingent upon, among other things, the approval of Advaxis’ stockholders
at the Special Meeting scheduled for November 16, 2021.
Please
watch this video, also available on the Advaxis website, which we prepared to provide you with some additional important
information about the merits of the Biosight transaction to help inform your voting decision.
In
addition, a leading independent proxy advisory firm, ISS, has recommended that stockholders vote “FOR” all of the proposals
at the special meeting, citing Advaxis’ “thorough strategic review process” and “logical” rationale for
the Biosight transaction. These items are described in detail in the proxy materials the Company has sent to our stockholders. We strongly
urge you to vote today in support of the merger and related proposals.
Thank
you for attention to this matter.
Kenneth
A. Berlin
President
and Chief Executive Officer
and
Interim Chief Financial Officer
How
to Vote
To
vote, or if you have already voted and would like to change your vote, or if you have any questions or need assistance voting your shares,
please call the firm assisting us with the solicitation of proxies:
Kingsdale
Advisors
1-888-508-1560
(toll free)
contactus@kingsdaleadvisors.com
About
Advaxis, Inc.
Advaxis,
Inc. is a clinical-stage biotechnology company focused on the development and commercialization of proprietary Lm-based antigen
delivery products. These immunotherapies are based on a platform technology that utilizes live attenuated Listeria monocytogenes (Lm)
bioengineered to secrete antigen/adjuvant fusion proteins. These Lm-based strains are believed to be a significant advancement
in immunotherapy as they integrate multiple functions into a single immunotherapy and are designed to access and direct antigen presenting
cells to stimulate anti-tumor T cell immunity, activate the immune system with the equivalent of multiple adjuvants, and simultaneously
reduce tumor protection in the tumor microenvironment to enable T cells to eliminate tumors.
To
learn more about Advaxis, visit www.advaxis.com and connect on Twitter, LinkedIn, Facebook and YouTube.
Important
Information about the Merger and Where to Find It
This
press release contains information that relates to a proposed transaction between the Company and Biosight Ltd. (“Biosight”)
pursuant to the Agreement and Plan of Merger and Reorganization, dated July 4, 2021 by and among the Company, Biosight and other parties
referenced therein (the “Merger Agreement”), the Company filed with the SEC a definitive proxy statement / prospectus contained
in a registration statement on Form S-4, as amended, and the Company has mailed the definitive proxy statement / prospectus and other
relevant documentation to Company stockholders. This document does not contain all the information that should be considered concerning
the proposed transaction. It is not intended to form the basis of any investment decision or any other decision in respect of the proposed
business combination. Advaxis stockholders and other interested persons are advised to read the definitive proxy statement / prospectus
in connection with the solicitation of proxies for the special meeting to be held to approve the transactions contemplated by the proposed
business combination because these materials contain important information about Biosight, Advaxis and the proposed transaction. The
definitive proxy statement / prospectus was mailed to Advaxis stockholders of record as of September 19, 2021. Stockholders are also
able to obtain a copy of the definitive proxy statement / prospectus free of charge at the Company’s website at www.advaxis.com
or by written request to the Company at 9 Deer Park Drive, Suite K-1, Monmouth Junction, NJ, Attention: Igor Gitelman, VP of Finance
and Chief Accounting Officer.
Completion
of the proposed transactions is subject to approval by the stockholders of Advaxis, Inc. and certain other conditions. The proposed business
combination is expected to close shortly after the special meeting assuming all conditions are met.
Participants
in the Solicitation
The
Company and Biosight and their respective directors and executive officers may be considered participants in the solicitation of proxies
with respect to the proposed transaction. Information regarding such directors and executive officers, including a description of their
interests, by security holdings or otherwise, in the proposed transaction will be set forth in the definitive proxy statement/prospectus
filed with the SEC regarding the proposed transaction. Stockholders, potential investors and other interested persons should read the
definitive proxy statement/prospectus carefully before making any voting or investment decisions. These documents, when available, can
be obtained free of charge as described in the preceding paragraph.
Forward-Looking
Statements
This
press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements
are any statements that express the current beliefs and expectations of management, including but not limited to statements related to
the risk that the proposed transaction may not be completed in a timely manner or at all, which may adversely affect the Company’s
business and the price of the common stock of the Company; the failure of either party to satisfy any of the conditions to the consummation
of the proposed transaction, including the adoption of the Merger Agreement by the Company’s stockholders and the receipt of certain
governmental and regulatory approvals; uncertainties as to the timing of the consummation of the proposed transaction; the occurrence
of any event, change or other circumstance that could give rise to the termination of the Merger Agreement; the effect of the announcement
or pendency of the proposed transaction on the Company’s business relationships, operating results and business generally; risks
that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result
of the proposed transaction; risks related to diverting management’s attention from the Company’s ongoing business operations;
the outcome of any legal proceedings that may be instituted against the Company related to the Merger Agreement or the proposed transaction;
unexpected costs, charges or expenses resulting from the proposed transaction; the Company’s history of net operating losses and
uncertainty regarding its ability to achieve profitability; expected clinical development of the Company’s drug product candidates,
statements about the Company’s balance sheet position, including the sufficiency of the Company’s cash and cash equivalents
to fund its obligations into the future, and statements related to the goals, plans and expectations for the Company’s ongoing
clinical studies. These and other risks are discussed in the Company’s filings with the SEC, including, without limitation, the
definitive proxy statement on Schedule 14A, filed on October 29, 2021, its Annual Report on Form 10-K, filed on January 22, 2021, and
its periodic reports on Form 10-Q and Form 8-K. Any statements contained herein that do not describe historical facts are forward-looking
statements that are subject to risks and uncertainties that could cause actual results, performance and achievements to differ materially
from those discussed in such forward-looking statements. The Company cautions readers not to place undue reliance on any forward-looking
statements, which speak only as of the date they were made. The Company undertakes no obligation to update or revise forward-looking
statements, except as otherwise required by law, whether as a result of new information, future events or otherwise.
Contact:
Tim
McCarthy, LifeSci Advisors, LLC
917.679.9282
tim@lifesciadvisors.com
