Anixa Biosciences (ANIX) Subject To FDA Hold On Cancer Therapy

Anixa Biosciences, Inc. (ANIX) is being investigated by Silver Law Group regarding potential claims for investors in the company to recover losses. The investigation concerns potential violations of the federal securities laws.

If you have losses from investing in Anixa Biosciences (ANIX) contact Silver Law Group for a no-cost consultation at (800) 975-4345 or at ssilver@silverlaw.com.

Anixa Biosciences, Inc. is a publicly-traded biotechnology company focused on the treatment of infectious diseases as well as cancer. The company focuses on significant deficiencies in the treatment of both oncology and infectious diseases. The company is also currently working on a potential treatment for COVID-19.

One of Anixa’s most important projects is the Chimeric Antigen Receptor-T cell therapy (CAR-T), also called CER-T. This therapy targets the follicle stimulating hormone receptor, or FSHR. The firm has a partnership with the Moffitt Cancer Center, as well as an alliance with the Cleveland Clinic for its advanced breast cancer vaccine technology.

The FDA Pauses Work On CAR-T

The company issued a press release on 4/19/2021 announcing that the FDA requested additional information relating to the Chimeric Antigen Receptor-T cell therapy (CAR-T) being developed in its partnership with the Moffitt Cancer Center. The FDA placed its Investigational New Drug (IND) application on “clinical hold” while it awaits the new information from Anixa and MCC.

The FDA is expected to provide MCC with specific information it is requesting related to CAR-T. Once the FDA receives the requested information, the agency will continue to review the IND application.

After this announcement, Anixa’s stock price dropped by 13.62%, or $0.64 per share, closing at $4.06 per share the same day.

Some reports indicate that Anixa may be “overvalued,” without the potential to be profitable.

Anixa’s Recent Public Offering

Just one month before the FDA’s pause, the company announced its entry into an underwriting agreement with H.C. Wainwright & Co. to purchase common stock. Wainwright’s promise is to purchase on a firm commitment basis 1,904,762 shares of common stock of the Company at a public offering price of $5.25 per share, less underwriting discounts and commissions.

Anixa has also granted Wainwright the option to purchase an additional 285,714 shares of common stock, under the same conditions.

The offering is expected to be worth $10 million to the company, minus the deductions. Anixa plans to use this capital for company operations, as well as:

Ongoing research
Clinical trials
Development of new technologies for both biological and pharmaceutical uses
Investing in or acquiring companies with similar or complementary technology
Licensing activities for current and future products

The underwriter, H.C. Wainwright & Co., is acting as the sole book-running manager for this offering.

Cancer And COVID

One of Anixa’s current projects is an oral anti-viral therapy that works on COVID-19 (also called SARS-CoV-2) that inhibits viral protein functioning. Partnering with OntoChem, Anixa’s therapy is being evaluated alongside Remdesivir, the currently available injectable anti-viral currently used in the treatment of COVID-19. The company will be progressing to the next stage of development based on the results of use with infected hamsters. Development is expected to take four to five months.

Additionally, the company’s cancer vaccine work focuses on “retired” proteins that are associated with both ovarian and breast cancers.

Are You An Investor In Anixa Biosciences?

Silver Law Group is a nationally-recognized class action law firm representing victims of investment fraud. Our attorneys represent investors in class action lawsuits against issuers in state or federal court and investors in securities arbitration claims against Wall Street firms for stockbroker misconduct.

Scott Silver, Silver Law Group’s managing partner, is the chairman of the Securities and Financial Fraud Group of the American Association of Justice. Contact us for a consultation at ssilver@silverlaw.com or toll free at (800) 975-4345.