OncoSec Medical Announces Six Months Results for Fiscal Year End 2015
March 12 2015 - 6:00AM
Business Wire
OncoSec Medical Inc. (“OncoSec”) (OTCQB: ONCS), a company
developing DNA-based intratumoral cancer immunotherapies, today
announced financial results for the six months ended January 31,
2015.
FINANCIAL RESULTS
For the six months ended January 31, 2015, OncoSec reported a
net loss of $8.7 million, or $0.04 per share, compared to a net
loss of $4.7 million, or $0.03 per share, for the same period last
year. There were no revenues for the six months ended January 31,
2015 or January 31, 2014.
Research and development expenses were $5.4 million for the six
months ended January 31, 2015, compared to $2.2 million for the six
months ended January 31, 2014. 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 the company further expands its internal research
capabilities and research on next-generation electroporation
devices, novel electroporation technologies, and combination
studies.
General and administrative expenses were $3.3 million for the
six months ended January 31, 2015, compared to $2.4 million for the
six months ended January 31, 2014. 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 operations and increased conference fees and related travel,
offset by a savings in professional services fees.
At January 31, 2015, OncoSec had $30.7 million in cash and cash
equivalents, as compared to $37.9 million of cash and cash
equivalents at July 31, 2014. OncoSec expects these funds will be
sufficient to allow the company to continue to operate our business
for at least the next 12 months.
About OncoSec Medical Inc.
OncoSec Medical Inc. is a biopharmaceutical company developing
its investigational ImmunoPulse intratumoral cancer immunotherapy.
OncoSec’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 limiting the
systemic toxicities associated with other treatments. OncoSec's
lead program evaluating ImmunoPulse for the treatment of metastatic
melanoma is currently in Phase II 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.comorMedia Relations:OncoSec Medical
Inc.Mary Marolla, 855-662-6732media@oncosec.com
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