OncoSec Medical Inc. (OTCQB: ONCS),
a company developing its ImmunoPulse DNA-based intratumoral cancer
immunotherapy, announced today that it has closed a registered direct
offering of 22,535,212 shares of its common stock at a price of $0.71
per share and 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 offering closed on June 6, 2014.
The gross proceeds of the offering were approximately $16 million. Net
proceeds, after deducting the placement agent’s fee and other estimated
offering expenses payable by OncoSec, were 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.
Punit Dhillon, President and CEO, said, “We are thrilled to have the
support of institutional investors as we work to advance and expand our
immuno-oncology pipeline. This funding further strengthens OncoSec’s
cash position and bolsters our efforts to position the company as a
leader in intratumoral immunotherapy.”
The securities described above were offered and sold 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 has also been 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.
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.
About OncoSec Medical Inc.
OncoSec Medical Inc. is a biopharmaceutical company developing its
ImmunoPulse DNA-based intratumoral cancer immunotherapy. OncoSec
Medical's core technology leverages a proprietary electroporation
platform to enhance the local delivery and uptake of IL-12 and other
DNA-based immune-modulating agents. Clinical studies of ImmunoPulse have
demonstrated an acceptable safety profile and preliminary evidence of
anti-tumor activity in the treatment of various skin cancers, as well as
the potential for a systemic immune response without the systemic
toxicities associated with other treatments. OncoSec's clinical programs
currently include three Phase 2 trials targeting metastatic melanoma,
Merkel cell carcinoma and cutaneous T-cell lymphoma respectively. As the
company continues to evaluate ImmunoPulse in these indications, it is
also investigating additional indications and combination-based
approaches. For more information, please visit www.oncosec.com.
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 expectations regarding the use of proceeds we
received in the offering, our financial condition, 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