Advaxis begins the year on a positive note in terms of financing. It was on the receiving end of $379,742 worth of funding from the financing program sponsored by the New Jersey Economic Development Authority (NJEDA).
The biotechnology company’s Chairman/CEO Thomas A. Moore shares that funding will be used for further clinical research. Here’s some more words from him in our recent e-interview:
Who are your competitors and how are you different from them?
Cancer will be treated by multiple therapies for the foreseeable future, so we don’t compete the way consumer products do. The companies most like ours in the field are: Dendreon, Transgene, BioSante, and Celldex.
What percentage of your marketing budget are spent on the
A. Advertising – 0%
B. Social Media Marketing – 20%
C. SEO – 10%
D. PR – 50%
E. Direct Marketing – 0%
F. Other – 20%
What marketing tactic has given you the highest ROI? What percentage ROI do you get back on this?
Because we don’t have sales, we don’t know.
What do you plan to spend your new funding on? Product development? Marketing?
Product Development (clinical research)
If this is your first round of financing and you’re the CEO, how
many hours did you put into working on getting your financing?
Not our first. Required a lot of finance work, but no presentation/strategy
Was that taking up the most of your day?
No, but financing in general takes up 50%.
If you are the CEO, what are your biggest challenges?
How many employees do you have?
When were you founded?
How much did you revenue increase(if any) this year over last year?
If you’d like to know more about their recent funding, check out Advaxis’ press release.