OncoSec Medical Inc. (OTCQB: ONCS),
a company developing its ImmunoPulse DNA-based intratumoral cancer
immunotherapy, announced today that it has entered into definitive
agreements with institutional investors to purchase approximately $16
million of securities in a registered direct offering. OncoSec has
agreed to sell to such investors an aggregate of 22,535,212 shares of
its common stock at a price of $0.71 per share. Additionally, investors
will receive warrants to purchase up to an aggregate of 7,887,325 shares
of common stock at an exercise price of $0.90 per share for a term of
five years.
The gross proceeds of the offering are approximately $16 million. Net
proceeds, after deducting the placement agent’s fee and other estimated
offering expenses payable by OncoSec, are expected to be approximately
$14.9 million.
OncoSec intends to use proceeds from the offering for general corporate
purposes, including clinical trial expenses and research and development
expenses.
H.C. Wainwright & Co., LLC acted as the exclusive placement agent for
the transaction. Maxim Group LLC and Noble Financial Capital Markets
acted as financial advisors to OncoSec in connection with the
transaction.
The offering is expected to close on or about June 6, 2014, subject to
customary closing conditions.
The securities described above are being offered by OncoSec pursuant to
a registration statement previously filed and declared effective by the
Securities and Exchange Commission, or the SEC. A prospectus supplement
related to the offering will be filed with the SEC. The securities may
only be offered by means of a prospectus. Copies of the prospectus and
prospectus supplement can be obtained directly from OncoSec and at the
SEC’s website at www.sec.gov
or by request at H.C. Wainwright & Co., LLC by e-mailing placements@hcwco.com.
This announcement is neither an offer to sell nor a solicitation of an
offer to buy any of OncoSec’s common stock or warrants. No offer,
solicitation or sale will be made in any jurisdiction in which such
offer, solicitation or sale is unlawful.
This press release contains forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of 1995.
Any statements in this release that are not historical facts may be
considered such “forward-looking statements.” Forward-looking statements
are based on management’s current preliminary expectations and are
subject to risks and uncertainties, which may cause our results to
differ materially and adversely from the statements contained herein.
Some of the potential risks and uncertainties that could cause actual
results to differ from those predicted include our ability to raise
additional funding, our ability to acquire, develop or commercialize new
products, uncertainties inherent in pre-clinical studies and clinical
trials, unexpected new data, safety and technical issues, competition,
and market conditions. These and additional risks and uncertainties are
more fully described in OncoSec Medical’s filings with the Securities
and Exchange Commission. Undue reliance should not be placed on
forward-looking statements, which speak only as of the date they are
made. OncoSec Medical disclaims any obligation to update any
forward-looking statements to reflect new information, events or
circumstances after the date they are made, or to reflect the occurrence
of unanticipated events.
Copyright Business Wire 2014