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Advaxis, Inc.
Advaxis Completes Debt Financing
July 10th, 2009
Advaxis, Inc. (OTCBB: ADXS), has received approximately $1.0 million in gross proceeds through a debt financing transaction. In the financing, senior secured promissory notes (Notes) were issued at an original issue discount of 15% whereby each Note had a $1,000 face value per every $850 invested. All Notes mature on December 31, 2009. If there is a qualified equity financing in place at maturity, the Notes can be converted into the same securities sold in the qualified equity financing at a discounted per share conversion price equal to 90% of the per share purchase price of the securities sold in the qualified equity financing. Warrants were also issued to the Note...
Source: Health Business Week (2009-07-10)
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