Advaxis, Inc. Receives Additional Financing

PRINCETON, N.J.--(BUSINESS WIRE)--Advaxis, Inc., (OTCBB: ADXS), a leader in developing the next generation of immunotherapies for cancer and infectious diseases, has entered into a definitive Convertible Notes Purchase Agreement (Agreement) for the purchase of the aggregate principal value of approximately $2.3 million of Convertible Promissory Notes (Notes) for an aggregate purchase price of approximately $2.0 million. Investors include certain accredited investors as well as the CEO and the CFO of the Company. The Notes purchased in the offering shall be paid for in cash or, with respect to Notes acquired by Advaxis Chairman/CEO Thomas A. Moore, in exchange for the cancellation of $400,000 of outstanding indebtedness owed by the Company. The closing of the sale of the Notes, under the Agreement, is anticipated to occur on or about October 31, 2011, subject to customary closing conditions.