Advaxis, Inc. (OTC:ADXS) stock closed the last trading session with a modest share price increase and much lower volatility. The company issued a press release to announced positive preliminary data on the ADXS ongoing clinical tests, but in general ADXS is not in a favorable position. 
ADXS latest closing price is $0.172 per share, which is a 1.18% increase from the previous close. Trading volume kept declining and was yesterday about 788,000 traded shares, which is below the average amount of shares that ADXS traded in a day over the past three months. Share price fluctuated only between $0.170 and $0.175, and together with the lower trading activity that signals that the current price is stable.
Yesterday, Advaxis published some information on its ongoing Phase 2 trial of ADXS-HPV conducted among a number of Indian women having recurrent/refractory cervical cancer. Preliminary data from the trial was presented at the World Cancer Immunotherapy Conference in San Diego, California. According to the results, primary efficacy shows overall survival rate, and in general the preliminary results have been quite encouraging.
Advaxis financial condition is less encouraging, on the other hand. The company had a huge working capital deficit of over $6 million according to the latest financial results. In order to provide some cash, at the end of December 2011 ADXS sold to certain investors convertible notes for a total amount of $1.2 million, whereby the notes were issued at a discount and the company raised a total of $1 million.
The notes cause significant dilution risks as their conversion price is $0.15 per share, and the investors have also received warrants to purchase a number of shares of common stock equal to 50% of the number of issued shares upon conversion of the notes.
