SAN DIEGO, June 25, 2015 /PRNewswire/ -- OncoSec
Medical Inc. ("OncoSec") (NASDAQ: ONCS), a company developing
DNA-based intratumoral cancer immunotherapies, today announced the
appointment of Richard B. Slansky as
the Company's Chief Financial Officer, effective July 6, 2015. Mr. Slansky is responsible for
leading financial operations and activities for OncoSec as well as
managing financial plans and budgets. Veronica Vallejo, the current Chief Financial
Officer of OncoSec, resigned from her position effective
June 24, 2015 to pursue other
opportunities.
"We could not be more pleased to have Richard join our executive
team at OncoSec. Richard's seasoned background in strategic
financial planning and management of publicly traded companies will
help us further advance our clinical programs and achieve future
growth objectives," said Punit
Dhillon, CEO and President of OncoSec. "We also want to
thank Veronica Vallejo, who has
served as our Chief Financial Officer since 2011. We deeply
appreciate her dedication and valuable contributions to OncoSec's
growth."
Mr. Slansky brings more than 25 years of senior management
experience to OncoSec and has a proven track record managing
financial investments for life science and technology companies.
Prior to joining OncoSec, Mr. Slansky held various financial
leadership positions, including: Chief Financial Officer at GenMark
Diagnostics, Inc., a publicly traded DNA diagnostics company; Chief
Financial Officer at Digirad Corporation, a publicly held specialty
nuclear medical device company; and President, Chief Financial
Officer and Director at SpaceDev, Inc., a publicly held space
technology and aerospace company.
In his previous positions, Mr. Slansky showed a high success
rate in raising capital, as well as balancing fiscal discipline and
aggressive growth by cultivating business partnerships between
R&D, sales, finance, and operations support. In addition, he
has been instrumental in investing in technology and implementing
process improvements, which fostered a culture of innovation and
operational excellence in his companies.
Mr. Slansky earned a bachelor's degree in economics and science
from the University of Pennsylvania's
Wharton School of Business and a master's degree in business
administration in finance and accounting from the University of Arizona.
As an inducement material to Mr. Slansky entering into
employment with OncoSec, the Compensation Committee of the Board of
Directors of OncoSec has approved the grant to Mr. Slansky of an
option to purchase up to 150,000 shares of its common stock at an
exercise price equal to the fair market value of OncoSec's common
stock on the July 6, 2015 grant date
of the option. The option will have a term of ten (10) years
and will generally be forfeited if not exercised before the
expiration of that term, or, if earlier, after the ninetieth
(90th) day after termination of Mr. Slansky's
employment. Twenty-five percent (25%) of the shares
underlying the award shall vest on the expiration of a ninety (90)
day probationary period after the effective date of Mr. Slansky's
employment and the remaining seventy-five percent (75%) of the
shares underlying the award shall vest in thirty-three (33) equal
monthly installments thereafter. The option will be granted
outside of OncoSec's 2011 Equity Incentive Plan, but will be
subject to terms similar to those of non-qualified stock options
granted under such plan. This description of the inducement
option grant to Mr. Slansky is in satisfaction of the disclosure
requirements set forth in NASDAQ Listing Rule 5635(c)(4).
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.