SAN
JOSE, Calif., Nov. 22,
2024 /PRNewswire/ -- Anixa Biosciences, Inc. ("Anixa"
or the "Company") (NASDAQ: ANIX), a biotechnology company focused
on the treatment and prevention of cancer, today announced that its
Board of Directors has approved the purchase of
Bitcoin as a treasury reserve asset.
With Anixa's strong balance sheet and excess cash, this
strategic decision aims to diversify the Company's treasury
holdings while positioning Anixa to benefit from the potential
long-term value of digital assets.
The Company also reaffirmed its ongoing stock buyback program as
part of its commitment to enhancing shareholder value.
"We are pleased to add this asset class as an investment option
for us. We are thrilled that both of our clinical trials—a breast
cancer vaccine (NCT04674306), and an ovarian cancer therapy
treating recurrent and resistant patients (NCT05316129)—have
produced results that have exceeded our expectations. We are proud
of our strategy to move our trials forward, while burning
relatively low levels of cash. Our decision about
Bitcoin is an additional approach to prudent financial
management, enabling greater shareholder value," said Dr.
Amit Kumar, CEO of Anixa.
"As we continue to execute on our mission of advancing
life-changing cancer therapies, we are also focused on creating
long-term financial value for our shareholders," said Mike Catelani, President and CFO of Anixa. "With
Bitcoin's growing recognition as a mainstream asset
class, we believe it represents a valuable addition to our treasury
reserve strategy. The approval of Bitcoin ETFs and
increasing participation from institutional investors highlight its
rising importance in global markets. Its unique inflation-resistant
qualities and potential as a reliable store of value aligns with
our goal of optimizing long-term financial stability and growth.
Combined with our stock buyback program, this initiative reflects
our confidence in the Company's growth trajectory and our
dedication to delivering shareholder returns."
For those interested in learning more about the Company, a
30-minute presentation given at a recent investor conference is
available on the Company's website at https://ir.anixa.com/events,
or at the conference organizer's web page here: Webinar
Registration - Zoom.
About Anixa Biosciences, Inc.
Anixa is a
clinical-stage biotechnology company focused on the treatment and
prevention of cancer. Anixa's therapeutic portfolio consists of an
ovarian cancer immunotherapy program being developed in
collaboration with Moffitt Cancer Center, which uses a novel type
of CAR-T, known as chimeric endocrine receptor-T cell (CER-T)
technology. The Company's vaccine portfolio includes vaccines being
developed in collaboration with Cleveland Clinic to treat and
prevent breast cancer and ovarian cancer, as well as additional
cancer vaccines to address many intractable cancers, including high
incidence malignancies in lung, colon, and prostate. These vaccine
technologies focus on immunizing against "retired" proteins that
have been found to be expressed in certain forms of cancer. Anixa's
unique business model of partnering with world-renowned research
institutions on all stages of development allows the Company to
continually examine emerging technologies in complementary fields
for further development and commercialization. To learn more, visit
www.anixa.com or follow Anixa on Twitter, LinkedIn, Facebook
and YouTube.
Forward-Looking Statements
Statements that are not historical fact may be considered
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are not statements of historical facts, but rather
reflect Anixa's current expectations concerning future events and
results. We generally use the words "believes," "expects,"
"intends," "plans," "anticipates," "likely," "will" and similar
expressions to identify forward-looking statements. Such
forward-looking statements, including those concerning our
expectations, involve risks, uncertainties and other factors, some
of which are beyond our control, which may cause our actual
results, performance or achievements, or industry results, to be
materially different from any future results, performance, or
achievements expressed or implied by such forward-looking
statements. These risks, uncertainties and factors include, but are
not limited to, those factors set forth in "Item 1A - Risk Factors"
and other sections of our most recent Annual Report on Form 10-K as
well as in our Quarterly Reports on Form 10-Q and Current Reports
on Form 8-K. We undertake no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by law.
You are cautioned not to unduly rely on such forward-looking
statements when evaluating the information presented in this press
release.
Contact:
Mike Catelani
President, COO & CFO
mcatelani@anixa.com
408-708-9808
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SOURCE Anixa Biosciences, Inc.