OncoSec Medical Announces YTD Results as of April 30, 2014
June 13 2014 - 9:00AM
Business Wire
OncoSec Medical Inc. (OTCQB:ONCS), a company developing its
ImmunoPulse DNA-based immunotherapy to treat solid tumors, today
announced financial results for the nine months ended April 30,
2014.
FINANCIAL RESULTS
For the nine months ended April 30, 2014, OncoSec Medical
reported a net loss of $8.5 million, or $0.05 per share, compared
to a net loss of $5.4 million, or $0.05 per share, for the same
period last year. There were no revenues for the nine months ended
April 30, 2014 or April 30, 2013.
Research and development expenses were $3.9 million for the nine
months ended April 30, 2014, compared to $2.4 million for the
nine months ended April 30, 2013. This increase in research
and development expenses was primarily a result of increased
compensation expense, inclusive of increased salary and stock-based
compensation expenses as we have expanded our operations and our
employee headcount, increased clinical operation costs
(pre-clinical development, research and development activities and
clinical trials advancement) and costs related to our sponsored
research agreements.
General and administrative expenses were $4.5 million for the
nine months ended April 30, 2014, compared to $2.9 million for
the nine months ended April 30, 2013. This increase in general and
administrative expenses was primarily a result of increased
compensation expense, increased corporate communications and
business development costs and increased legal fees associated with
various corporate matters, partially offset by a decrease in travel
and conference fees.
At April 30, 2014, we had $24.3 million in cash and cash
equivalents, as compared to $5.0 million of cash and cash
equivalents at April 30, 2013. Subsequently, on June 6, 2014,
we completed a registered public offering of our common stock and
warrants to purchase our common stock, resulting in net proceeds of
approximately $14.9 million. We expect to use the net proceeds from
the offering for general corporate purposes, including clinical
trial expenses and research and development expenses.
ACCOMPLISHMENTS THROUGH APRIL 30, 2014
- On December 11, 2013, we appointed Dr.
Robert Pierce, M.D. as our Chief Medical Officer and Vice President
Research and Development.
- On April 21, 2014, we appointed Dr.
Jean S. Campbell, Ph.D. as Executive Director of Research and
Development to oversee our expanded R&D operations in Seattle,
Washington.
- OMS-I100: Phase 2 Study in Metastatic
Melanoma completed enrollment (30 patients) and we added a 21
patient cohort as part of a dosage-intensification study.
- OMS-I110: Phase 2 Study in Merkel Cell
Carcinoma is nearing enrollment completion.
- OMS-I120: Phase 2 Study in Cutaneous
T-Cell Lymphoma now includes two of the foremost centers of
excellence for this disease—Stanford University and University of
Pennsylvania. In addition, the protocol was amended to broaden the
inclusion and exclusion criteria, implement a more patient-friendly
treatment design and expand the exploratory endpoints for the
trial.
“The nine months into fiscal year 2014 have been very
encouraging for the future of our company as we continue to advance
our clinical trials and evaluate potential combination therapies
with ImmunoPulse,” said Punit Dhillon, President and Chief
Executive Officer of OncoSec Medical. “In addition, the closing of
the June financing will enable us to continue to push ahead with
our development strategy.”
About OncoSec Medical Inc.
OncoSec Medical Inc. is a biopharmaceutical company developing
its ImmunoPulse immunotherapy to treat solid tumors. 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 to
initiate 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. As
the company continues to evaluate ImmunoPulse in these indications,
it is also investigating additional indications and combination
therapeutic 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 ability to implement our
development strategy, 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.
Investor Relations:OncoSec Medical Inc.Veronica Vallejo,
CFO855-662-6732investors@oncosec.com
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