PRINCETON, N.J.--(BUSINESS WIRE)--Advaxis, Inc., (OTCBB: ADXS), a leader in developing the next generation of immunotherapies for cancer and infectious diseases, has retired approximately $4.5 million in aggregate convertible debt due on May 12, 2012, October 31, 2012, and January 9, 2013. Existing unconverted debt and interest payments will be settled through a combination of the exchange of the remaining debt for 29.8 million shares of company common stock, the exchange of 19.6 million warrants for shares, the issuance of 2.7 million additional shares, and the cancellation of 5.8 million warrants to Advaxis. As part of this agreement, multiple covenants restricting Advaxis fundraising activities have been waived.
