SAN DIEGO, Nov. 13, 2017 /PRNewswire/ -- OncoSec Medical
Incorporated ("OncoSec") (NASDAQ: ONCS), a company developing
DNA-based intratumoral cancer immunotherapies, announced today that
it has entered into entered into a Warrant Exercise Agreement with
certain holders of outstanding warrants to purchase up to an
aggregate of 5,509,642 shares of the Company's common stock, at its
stated exercise price of $1.69 per
share. Although each holder agreed to exercise, from time-to-time
and in accordance with the terms of the warrants, the holders
exercised all of the warrants held by it for cash today.
As a result, the Company received gross proceeds of
approximately $9.3 million from the
exercise of the warrants. The Company expects to use the proceeds
for working capital and general corporate purposes, including
primarily for its PISCES/KEYNOTE-695 clinical trial and for other
clinical and research and development activities.
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 (tavokinogene telseplasmid [pIL-12] or "tavo"). In Phase 1
and 2 clinical trials,
ImmunoPulse® IL-12 has
demonstrated a favorable safety profile, evidence of anti-tumor
activity in the treatment of various solid tumors, and the
potential to reach beyond the site of local treatment to initiate a
systemic immune response. OncoSec's lead program, ImmunoPulse
IL-12, is currently in clinical development for metastatic melanoma
and triple-negative breast cancer. The program's current focus is
on the significant unmet medical need in patients with melanoma who
are refractory or have relapsed on anti-PD-1 therapies. In addition
to tavo, 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
"can," "may," "will," "suggest," "look forward to," "potential,"
"understand," 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 OncoSec's 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: risks associated with market conditions; the
satisfaction of customary closing conditions related to the
offering; 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; unexpected new data, safety
and technical issues; OncoSec's ability to raise additional funding
necessary to fund continued operations; and the other factors
discussed in OncoSec's filings with the SEC.
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:
Investor Relations
OncoSec Medical Incorporated
855-662-6732
investors@oncosec.com
Media Relations
OncoSec Medical Incorporated
855-662-6732
media@oncosec.com
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SOURCE OncoSec Medical Incorporated