Ayala Pharma, Advaxis Announce Merger - Quick Facts

(RTTNews) - Ayala Pharmaceuticals, Inc. (AYLA) and Advaxis, Inc. said they have entered into a merger deal, which would result in a combined company that will focus predominantly on the development and commercialization of Ayala's lead program AL102 for the treatment of desmoid tumors and Advaxis's candidate ADXS-504 in development for prostate cancer. Upon completion, Ayala stockholders will own approximately 62.5% of the combined company's outstanding common stock and Advaxis stockholders will own approximately 37.5%.

The executive officers of the combined company will include Kenneth Berlin, President, CEO and Director; Andres Gutierrez, current Chief Medical Officer of Advaxis; and Igor Gitelman, Interim CFO of Advaxis. Roni Mamluk, Founder and CEO of Ayala, and Yossi Maimon, CFO of Ayala will resign their positions and will help with the transition. Gary Gordon, Chief Medical Officer of Ayala, will also resign his position.