Advaxis Inc. shares spiked 28% in pre-market trade Tuesday after the company announced a $40 million agreement with Amgen Inc. to develop and commercialize cancer immunotherapy treatment ADXS-NEO. The agreement includes a $40 million upfront payment to Advaxis and a $25 million purchase of the company's common stock by Amgen, along with sales milestone payments of up to $475 million and additional royalty payments based on global sales. Amgen will be fully responsible for funding clinical and commercial activities for the treatment, which is preclinical, and Advaxis will lead clinical development through proof-of-concept and handle manufacturing responsibilities, the companies said. Immuno-oncology is an up-and-coming area of cancer treatment that uses the body's immune system to fight the disease. Advaxis shares rose 8.6% over the last three months, compared with a 4.3% rise in the S&P 500 .
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