RTTNews | Sep 10, 2021 10:00AM EDT

09:59 Friday, September 10, 2021 (RTTNews.com) - Advaxis, Inc. (ADXS), a clinical-stage biotechnology company, reported a narrower loss in the third quarter due to reduced research and development expenses. The company noted that, following the closing of the proposed merger with Biosight, it will be renamed Biosight Therapeutics and will trade on the Nasdaq Capital Market under the ticker, BSTX.

Third-quarter net loss was $3.33 million compared to a loss of $5.83 million, prior year. Net loss per share was $0.02 compared to a loss of $0.09. Research and development expenses were $1.70 million, compared to $3.46 million, a year ago. The company said this decline was primarily attributable to the substantial reduction in costs associated with the winding down of clinical studies that have been discontinued.

As of July 31, 2021, the company had approximately $45.3 million in cash and cash equivalents.

"We are thrilled by the transformative potential of our proposed merger with Biosight and believe the opportunity to build a diversified clinical pipeline with both early and late-stage oncology assets will benefit both patients and our stockholders," said Kenneth Berlin, CEO.

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