Advaxis, Inc. Completes $9.4 Million Equity Financing.

Transaction Strengthens Balance Sheet and Retires All of Its Convertible Debentures and Associated Warrants

NORTH BRUNSWICK, N.J. -- Advaxis, Inc. (OTCBB: ADXS), a leading biotechnology company developing novel Listeria-based therapeutic cancer vaccines today announced it has closed a $9.4 million equity private placement. The company raised gross proceeds of $9.4 million through the sale of common stock and warrants to several institutional and accredited investors.

As part of the use of proceeds for the transaction Advaxis has eliminated all of its convertible debentures and warrants associated with its 2006 Cornell Capital raise. In addition, 100% of the $600,000 bridge financing which closed in late August, led by Thomas Moore, the company's CEO, converted into the private placement transaction. Carter Securities LLC acted as placement agent for the transaction.

Under the terms of the offering, investors purchased common equity priced at $0.15 cents per share. In addition, investors received warrants equal to 75% of the shares which they purchased with a strike price of $0.20, which will expire in five years from the date of close, and are callable by the company when common shares in the market reach a price of $1.00.

The securities offered and sold to the investors in the private placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act") and were sold in reliance upon the exemption from securities registration afforded by Regulation D under the Securities Act The company has agreed to file a resale registration statement with the Securities and Exchange Commission for the common stock and purchase warrants within 90 days.

"This transaction marks a significant step forward for Advaxis," stated Thomas A. Moore, Chairman and CEO of Advaxis, Inc. "This financing and debt retirement will not only improve our balance sheet, but provide working capital to allow for the continued advancement of Lovaxin C into Phase II trials targeting cervical cancer and cervical intraepithelial neoplasia, and development of multiple new Listeria platforms against prostate, breast, and other cancers into late 2008 or early 2009."

About Advaxis

Based in North Brunswick, New Jersey, Advaxis is developing proprietary Listeria cancer vaccines based on technology developed by Dr. Yvonne Paterson, Professor of microbiology at the University of Pennsylvania, and Chairperson of Advaxis' Scientific Advisory Board. Advaxis is developing therapeutic cancer vaccines that enhance the immune system's cancer-fighting abilities through its proprietary Listeria monocytogenes based system, which utilizes two immunological mechanisms (Innate and Classical Immunity) to develop safer and more effective Listeria based cancer vaccines. Advaxis is the exclusive licensee of a patented broadly enabling Listeria platform technology that can elicit effective anti-tumor responses. Advaxis' lead Listeria vaccine candidate, Lovaxin C, targets cervical and head and neck cancers. Further Listeria vaccines in development target prostate, breast, other cancers. Advaxis has completed a Phase I/II clinical trial. The Listeria platform will also have applications in the fields of infectious disease and autoimmune disorders.

Forward-Looking Statements

Certain statements contained in this press release are forward-looking statements that involve risks and uncertainties. The statements contained herein that are not purely historical are forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements deal with the Company's current plans, intentions, beliefs and expectations and statements of future economic performance. Forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to differ materially from what is currently anticipated. Factors that could cause or contribute to such differences include those discussed from time to time in reports filed by the Company with the Securities and Exchange Commission. The Company cannot guarantee its future results, levels of activity, performance or achievements.