SAN DIEGO, March 20, 2018 /PRNewswire/ -- OncoSec
Medical Incorporated (OncoSec) (NASDAQ:ONCS), a company developing
intratumoral cancer immunotherapies, today announced a strategic
relocation of its office and lab in San
Diego that is expected to provide immediate and significant
cost-savings of approximately $65,000
per month.
"I joined OncoSec with the goal of leading the Company toward
the successful completion of its Phase 2b registration-directed trial,
PISCES/KEYNOTE-695, with data anticipated this year and a potential
submission to the U.S. Food and Drug Administration in 2019,"
stated Daniel J. O'Connor, CEO of
OncoSec. "Operational improvements such as this office and lab
relocation are an important element of our efforts to maximize
resources and efficiently invest our capital in our clinical
trials."
"By relocating our office and lab, we trade a $14 million liability for a $2 million liability and generated an immediate
cash savings of approximately $65,000
per month in rent and associated expenses. The savings per month is
substantial, yet we've lost nothing in function and freed up
financial resources to further advance OncoSec's promising
technologies and clinical trials, such as our planned clinical
trial combining our proprietary intratumoral IL-12 with a
checkpoint inhibitor to treat late stage triple negative breast
cancer," Mr. O'Connor further explained.
On March 16, 2018, the Company
assigned its existing 7.6-year lease obligation in San Diego to a third party and entered into a
new office and lab sublease in San
Diego with the same third party. The assignment / new
sublease transaction eliminates the Company's existing long-term
lease of approximately 34,000 square feet, obligated through
October 2025 with costs of
approximately $145,000 per month or
approximately $14.0 million over the
life of the lease. The new, shorter-term sublease of approximately
12,422 square feet is committed through September 2020 and costs approximately
$80,000 per month or approximately
$2.2 million over the life of the
lease. The assignment / new sublease transaction results in an
immediate cash savings of approximately $65,000 per month in rent and associated
expenses.
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 plasmid encoded IL-12
(tavokinogene telseplasmid 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 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; 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
Investor Relations:
Stern Investor Relations
Will O'Connor
Phone: (212) 362-1200
will@sternir.com
Media Relations:
Janine McCargo / David Schemelia
Tiberend Strategic Advisors, Inc.
Phone: 212-827-0020
jmccargo@tiberend.com
dschemelia@tiberend.com
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SOURCE OncoSec Medical Incorporated