SAN DIEGO, June 8, 2015 /PRNewswire/ -- OncoSec Medical
Inc. ("OncoSec") (NASDAQ: ONCS), a company developing DNA-based
intratumoral cancer immunotherapies, today announced that it
has closed its previously announced registered direct offering of
2,469,091 shares of its common stock at a price of $5.50 per share on June 8,
2015.
The gross proceeds of the offering were approximately
$13.6 million. Net proceeds, after
deducting the placement agent's fee and other estimated offering
expenses payable by OncoSec, were approximately $12.6 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 Life Science Partners acted as financial
advisors to OncoSec in connection with the transaction.
"We are very excited by the support of institutional investors
as we continue to advance our immuno-oncology pipeline to fight
cancer," said Punit Dhillon,
President and CEO of OncoSec. "These funds further strengthen
OncoSec's cash position and enhance our position 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 investigational
ImmunoPulseTM 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
ImmunoPulseTM 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 ImmunoPulseTM 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
ImmunoPulseTM 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.
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.