SAN DIEGO, May 15, 2015 /PRNewswire/ -- OncoSec Medical
Inc. ("OncoSec") (OTCQB: ONCS), a company developing DNA-based
intratumoral cancer immunotherapies, today announced that the
Financial Industry Regulatory Authority ("FINRA") has approved the
company's 1-for-20 reverse stock split. According to FINRA's
approval, the reverse stock split will become effective and
OncoSec's common stock will begin trading on a post-split basis
before the open of trading on May 18,
2015.
OncoSec's common stock will trade under the ticker symbol
"ONCSD" for a period of 20 business days as a result of the reverse
stock split, and common shares will also trade under a new CUSIP
number 68234L207.
At the effective time of the 1-for-20 reverse stock split, every
20 shares of issued and outstanding common stock will be converted
into 1 share of issued and outstanding common stock, and the
authorized shares of common stock will be reduced from
3,200,000,000 to 160,000,000 shares. All fractional shares of
common stock will be rounded up to the nearest whole share.
Immediately after the reverse stock split becomes effective, the
company will have approximately 12,350,132 shares of common stock
outstanding.
For additional insight into the company's reverse stock split
and future plans, please visit the "CEO's Perspective" on OncoSec's
website:
http://oncosec.com/ceo-perspective-reverse-split-and-uplisting.
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," including
statements regarding, among other things, the company's plans to
list its common stock on the NASDAQ Capital Market or any other
national securities exchange, and the impact the reverse stock
split or any such listing may have on the company's business,
prospects and/or stock price. Forward-looking statements are based
on management's current views, assumptions and preliminary
expectations and are subject to risks and uncertainties, which may
cause actual 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 the timing and decisions of regulators regarding
proposed company actions, which are largely out of our direct
control, 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.
CONTACT:
Investor Relations:
Jordyn Kopin
OncoSec Medical Inc.
855-662-6732
investors@oncosec.com
Media Relations:
Mary Marolla
OncoSec Medical Inc.
855-662-6732
media@oncosec.com
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SOURCE OncoSec Medical Inc.