SAN DIEGO, June 9, 2015 /PRNewswire/ -- OncoSec Medical
Inc. ("OncoSec") (NASDAQ: ONCS), a company developing DNA-based
intratumoral cancer immunotherapies, today announced financial
results for the nine months ended April 30,
2015.
FINANCIAL RESULTS
For the nine months ended April 30,
2015, OncoSec reported a net loss of $14.7 million, or $1.19 per share, compared to a net loss of
$8.5 million, or $0.96 per share, for the same period last year.
There were no revenues for the nine months ended April 30, 2015 or April
30, 2014.
Research and development expenses were $9.3 million for the nine months ended
April 30, 2015, compared to
$3.9 million for the nine months
ended April 30, 2014. This increase
in research and development expenses was primarily a result of
increased salary related expenses, outside services costs, and lab
supplies as the company further expands its internal research
capabilities; research on next-generation electroporation devices,
novel electroporation technologies, and combination studies;
and increased costs associated with its clinical
trials.
General and administrative expenses were $5.4 million for the nine months ended
April 30, 2015, compared to
$4.5 million for the nine months
ended April 30, 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 April 30, 2015, OncoSec had
$25.4 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 its
business for at least the next 12 months.
RECENT EVENTS
- On May 18, 2015, OncoSec effected
a reverse stock split, wherein each 20 shares of issued and
outstanding common stock and warrants were combined into and became
one share of common stock, rounded up to the next whole share. No
fractional shares were issued.
- On May 29, 2015, the company's
common stock began trading on the NASDAQ Stock Market LLC's NASDAQ
Capital Market tier, under the symbol "ONCS."
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.
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.