Advaxis Announces Full Exercise of Underwriters' Over-Allotment Option

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| Source: Advaxis

PRINCETON, N.J., March 28, 2014 (GLOBE NEWSWIRE) -- Advaxis, Inc. (Nasdaq:ADXS) ("Advaxis" or the "Company"), today announced the full exercise of the over-allotment option granted to the underwriters to purchase an additional 612,000 shares of its common stock at a public offering price of $3.00 per share in connection with its previously announced underwritten public offering of 4,080,000 shares of common stock, bring the total gross proceeds from the offering to approximately $14,076,000, before deducting underwriting discounts and commissions and other offering expenses payable by the Company.

Aegis Capital Corp. is acting as sole book-running manager for the offering.

Noble Financial Capital Markets is acting as a co-manager for the offering.

The offering was made pursuant to a shelf registration statement that the Company previously filed with the Securities and Exchange Commission ("SEC") and which became effective on March 4, 2014. Electronic copies of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained from the SEC's website at http://www.sec.gov or from Aegis Capital Corp., 810 7th Avenue, 18th Floor, New York, NY 10019 or via telephone at 212-813-1010 or email: prospectus@aegiscap.com.

This press release is neither an offer to sell nor a solicitation of an offer to buy any of the Company's securities. No offer, solicitation or sale will be made in any jurisdiction in which such offer, solicitation or sale is unlawful.

About Advaxis, Inc.

Advaxis is a clinical-stage biotechnology company developing the next generation of immunotherapies. Advaxis' immunotherapies are based on a novel platform technology using live, attenuated bacteria to stimulate the immune system to selectively target cancer cells while reducing tumor defenses.

For more information please visit: www.advaxis.com

Cautionary Statement Regarding Forward-Looking Statements

The forward-looking statements in this news release relating to management's expectations and beliefs are based on preliminary information and management assumptions. These statements are based upon the current beliefs and expectations of Advaxis' management and are subject to significant risks and uncertainties. Specifically, no assurances can be made with respect to the closing of the offering or Advaxis' use of the proceeds of the offering. Such forward-looking statements are subject to a wide range of risks and uncertainties that could cause results to differ in material respects, including those relating to product development, revenue, expense and earnings expectations, intellectual property rights, competitive products, results and timing of clinical trials, success of marketing efforts, the need for additional research and testing, delays in manufacturing, funding and the timing and content of decisions, made by regulatory authorities, including the U.S. Food and Drug Administration. Further information regarding factors that could affect Advaxis' results is included in Advaxis' filings with the SEC. Advaxis undertakes no obligations to publicly release the results of any revisions to these forward-looking statements that may be made to reflect 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.

Lisa Caperelli
Senior Director of Investor Relations
and Corporate Communications
Advaxis, Inc.

215.206.1822

Media Contact:
Tiberend Strategic Advisors, Inc.
Andrew Mielach

212.375.2694