OncoSec Medical Announces First Quarter Results for Fiscal Year End 2015
December 08 2014 - 6:02AM
Business Wire
OncoSec Medical Inc. (OTCQB: ONCS), a company developing
DNA-based intratumoral cancer immunotherapies, today announced
financial results for the quarter ended October 31, 2014.
FINANCIAL RESULTS
For the quarter ended October 31, 2014, OncoSec Medical reported
a net loss of $4.1 million, or $0.02 per share, compared to a net
loss of $2.1 million, or $0.01 per share, for the same period last
year. There were no revenues for quarter ended October 31, 2014 or
October 31, 2013.
Research and development expenses were $2.5 million for the
quarter ended October 31, 2014, compared to $0.8 million for the
quarter ended October 31, 2013. This increase in research and
development expenses was primarily a result of increased salary
related expenses, increased outside services costs and increased
lab supplies as we further expand our internal research
capabilities and further our research of next-generation devices,
novel electroporation technologies and combination studies.
General and administrative expenses were $1.6 million for the
quarter ended October 31, 2014, compared to $1.2 million for the
quarter ended October 31, 2013. This increase in general and
administrative expenses was primarily a result of increased salary
related expenses due to increased headcount to support the growth
in our operations, offset by a savings in legal services costs.
At October 31, 2014, we had $34.0 million in cash and cash
equivalents, as compared to $37.9 million of cash and cash
equivalents at July 31, 2014. We expect these funds to be
sufficient to allow us to continue to operate our business for at
least the next 12 months.
About OncoSec Medical
OncoSec Medical Inc. is a biopharmaceutical company developing
its investigational ImmunoPulse intratumoral cancer immunotherapy.
OncoSec Medical's core technology is designed to
enhance the local delivery and uptake of DNA IL-12 and
other DNA-based immune-targeting 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 lead program evaluating
ImmunoPulse for the treatment of metastatic melanoma is currently
in Phase 2 development, and is being conducted in collaboration
with several prominent academic medical centers. As the company
continues to evaluate ImmunoPulse in its current indications, it is
also focused on identifying and developing new immune-targeting
agents, investigating additional tumor indications, and evaluating
combination-based immunotherapy 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 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.Jordyn Kopin,
855-662-6732investors@oncosec.comorPublic Relations:Dian Griesel
Int’l.Laura Radocaj, 212-825-3210lradocaj@dgicomm.com
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