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Advaxis (ADXS) has issued an update.
Ayala Pharmaceuticals has sold a significant portion of its assets, specifically its AL101 and AL102 programs, to Immunome, Inc. for an initial $20 million cash payment, over 2 million shares in Immunome, and the assumption of specific liabilities, with potential additional payments of up to $37.5 million based on future milestones. In a related financial move, Ayala converted $2 million of Senior Convertible Promissory Notes into shares of its common stock, simultaneously with the asset sale completion. This strategic transaction aims to enhance shareholder value and is part of Ayala’s continued efforts to optimize its business operations and focus.
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