Advaxis, Inc. (OTCQB:ADXS) (“Advaxis” or the “Company”), a
leader in developing the next generation of immunotherapies for cancer
and infectious diseases, announced the appointment of Daniel J.
O’Connor, formerly Executive Vice President, to the position of
President and Chief Executive Officer. Mr. O’Connor has also joined the
Board of Directors. Dr. James Patton, currently the Chairman of the
Audit Committee, has been elected Non-Executive Chairman of the Board.
Thomas A. Moore, formerly Chairman and Chief Executive Officer of
Advaxis, will continue to serve on the Board of Directors and as a
consultant to the Company.
Mr. O’Connor has fifteen years of executive experience in the
biopharmaceutical industry with ImClone Systems, formerly (NASDAQ:
IMCL), PharmaNet (now inVentiv Health Clinical), and Bracco Diagnostics.
As ImClone’s Senior Vice President, he played a key role in resolving
numerous issues facing ImClone and closed several important deals
leading to its sale to Eli Lilly (NYSE: LLY) in 2008.
Dr. Patton is a founding member of the Advaxis Board of Directors, an
internist, and the Vice President of Millennium Oncology Management,
Inc., which provides management services in oncology. Dr. Patton is also
an Independent Trustee for the DundeeWealth U.S. mutual fund family and
a founder and chairman of VAL Health, LLC, a healthcare consulting
company.
Dr. Patton stated, “We sincerely thank Tom Moore for his tireless
efforts leading Advaxis for the last 6+ years. Importantly, the ADXS-HPV
proprietary technology platform has achieved proof of concept and Tom
has assembled an experienced management team to continue to advance the
clinical pipeline. Over the past six months, the Advaxis team has
accelerated its licensing negotiations, achieved several clinical
milestones including the recent designation of orphan drug status for
ADXS-HPV in anal cancer, and has worked to improve its balance sheet;
all of which have been fundamental advancements of the Company’s
business. However, we know there still is a lot to accomplish to take
Advaxis to the next platform and we remain focused on the goal of
unlocking significant stockholder value.”
“The Company is now entering a transformational phase, and Dan’s
appointment as CEO is the outcome of Tom and the Board’s succession
planning initiatives over the past year in preparation for this
important time. Dan has brought tremendous energy to Advaxis since
joining in January, and we believe his industry experience and
professional track record are perfectly aligned with the Company’s
strategic priorities,” concluded Dr. Patton.
Mr. O’Connor stated, “I am very pleased to be appointed to lead Advaxis
at this pivotal point in its drug development and commercialization
efforts, and I am prepared for this challenge. The Company’s innovative
science and IP hold great promise for addressing many important areas of
unmet medical needs. We have an excellent team in place, and together we
will be focused on continuing to fundamentally transform the Company on
multiple fronts, including the preparation for our registration studies
with ADXS-HPV and continuing to strengthen our balance sheet. I would
like to thank the Board of Directors and Tom for their vote of
confidence in me, the Advaxis team for their commitment to the success
of the Company, and our stockholders for their continued support over
the past several months and in the years ahead.”
Thomas A. Moore added, “I am grateful for having had the opportunity to
lead Advaxis and wholeheartedly believe this is the right time for Dan
to transition to CEO of the Company. I will work in every way to support
Dan, the Board, and the team in their expected coming accomplishments
and am pleased to work with the Company as a consultant during this
time. I will continue to be a significant stockholder and Director of
Advaxis, and will support the Company as needed in the future.”
About Advaxis, Inc.
Advaxis is a clinical-stage biotechnology company developing the next
generation of immunotherapies for cancer and infectious diseases.
Advaxis immunotherapies are based on a novel platform technology using
live, attenuated bacteria that are bio-engineered to secrete an
antigen/adjuvant fusion protein(s) that is designed to redirect the
powerful immune response all human beings have to the bacterium to
the cancer itself.
ADXS-HPV is currently being evaluated in four clinical trials for human
papillomavirus (HPV)-associated cancers: recurrent/refractory cervical
cancer (India), locally advanced cervical cancer (GOG/NCI U.S. study,
Clinical Trials.gov Identifier NCT01266460), head & neck cancer
(CRUK study, Clinical Trials.gov Identifier NCT01598792), and anal
cancer (BrUOG study, Clinical Trials.gov Identifier NCT01671488).
Advaxis has over 15 distinct immunotherapies in various stages of
development, developed directly by Advaxis and through strategic
collaborations with recognized centers of excellence such as: the National
Cancer Institute, Cancer
Research – UK, the Wistar
Institute, the University
of Pennsylvania, the University
of British Columbia, the Karolinska
Institutet, and others.
For more information please visit: www.advaxis.com
Forward-Looking Statements
This news release contains forward-looking statements, including,
but not limited to: statements as to the advancement of the clinical
pipeline, achieving significant stockholder value, the promise of the
Company’s science and IP to address unmet medical needs, fundamentally
transforming the Company, including preparing for registration studies
and strengthening the Company’s balance sheet. These
forward-looking statements are subject to a number of risks, including
the risk factors set forth from time to time in Advaxis' SEC filings,
including but not limited to its report on Form 10-K for the fiscal year
ended October 31, 2012, which is available at www.sec.gov. The
Company undertakes no obligation to publicly release the result of any
revision to these forward-looking statements, which may be made to
reflect the events or circumstances after the date hereof or to reflect
the occurrence of unanticipated events, except as required by law. You
are cautioned not to place undue reliance on any forward-looking
statements.
Copyright Business Wire 2013