SAN DIEGO, May 26, 2016 /PRNewswire/ -- OncoSec Medical
Incorporated ("OncoSec") (NASDAQ: ONCS), a company developing
DNA-based intratumoral cancer immunotherapies, today announced that
it has closed its previously announced at-the-market registered
direct offering with a single healthcare dedicated institutional
fund for the purchase of 5,509,642 shares of its common stock at a
price of $1.815, or pre-funded
warrants in lieu thereof at a price of $1.805, and warrants to purchase up to an
aggregate of 5,509,642 shares of common stock at an exercise price
of $1.69 per share for a term of 9
years. The warrants are immediately exercisable on the date of
issuance. The offering closed on May 26,
2016.
The gross proceeds of the offering were $10 million. Net proceeds, after deducting the
placement agent's fee, financial advisory fees, and other estimated
offering expenses payable by OncoSec, are expected to be
approximately $9.1 million. OncoSec
intends to use proceeds from the offering for general corporate
purposes, including clinical trial expenses and research and
development expenses.
Rodman & Renshaw, a unit of H.C.
Wainwright & Co., LLC, acted as the exclusive placement
agent in connection with this offering. Maxim Group LLC acted as a
financial advisor to OncoSec in connection with the
transaction.
"We are pleased with the support from this healthcare dedicated
institutional fund as we continue to advance our immuno-oncology
pipeline to fight cancer," said Punit
Dhillon, President and CEO of OncoSec. "We believe this
strategic financing provides the cash runway necessary to achieve
our upcoming milestones, including the advancement of our melanoma
development pathway, while strengthening our balance sheet."
Registration of Shares; No Offer/Solicitation
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 Incorporated
OncoSec is a
biotechnology company developing DNA-based intratumoral
immunotherapies with an investigational technology, ImmunoPulse™,
for the treatment of cancer. ImmunoPulse™ is designed to
enhance the local delivery and uptake of DNA-based immune-targeting
agents, such as IL-12. In Phase I and II clinical trials,
ImmunoPulse™ IL-12 has demonstrated a favorable safety profile and
evidence of anti-tumor activity in the treatment of various skin
cancers as well as the potential to initiate a systemic immune
response. OncoSec's lead program, ImmunoPulse™ IL-12, is currently
in clinical development for several indications, including
metastatic melanoma and triple-negative breast cancer. In addition
to ImmunoPulse™ IL-12, the Company is also identifying and
developing new immune-targeting agents for use with the
ImmunoPulse™ platform. For more information, please visit
www.oncosec.com.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains "forward-looking
statements" within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. Forward-looking statements can be
identified by words such as "believe," "expect," "will," "intend,"
and similar references to future periods.
Forward-looking statements are neither historical facts nor
assurances of future performance. Instead, they 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.
Potential risks and uncertainties that could cause actual results
to differ from those predicted include, among others, the
following: uncertainties inherent in pre-clinical studies and
clinical trials, such as the ability to enroll patients in clinical
trials and the risk of adverse events; differences between the
total actual costs and our current estimated costs of achieving,
and the timing of, our business objectives; unexpected new data,
safety and technical issues; our ability to raise additional
funding necessary to fund continued operations; and the other
factors discussed in OncoSec'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
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
Mary
Marolla
OncoSec Medical Incorporated
855-662-6732
media@oncosec.com
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SOURCE OncoSec Medical Incorporated