SAN DIEGO and PENNINGTON, N.J., May
20, 2019 /PRNewswire/ -- OncoSec Medical Incorporated
(OncoSec) (NASDAQ: ONCS), a late-stage cancer biotechnology company
developing intratumoral gene-delivery immunotherapies, today
announced that its Board of Directors has approved a one-for-ten
(1-for-10) reverse stock split of its common stock. The
reverse stock split will become effective at 5:00 pm Eastern Time on May 20, 2019, and the Company's shares of common
stock will begin trading on a split-adjusted basis on the Nasdaq
Capital Market at the commencement of trading on May 21, 2019 under the Company's existing symbol
"ONCS." The Company's common stock has been assigned a new
CUSIP number of 68234L306 in connection with the reverse stock
split.
As a result of the reverse stock split, every 10 shares of
common stock issued and outstanding were consolidated into one
issued and outstanding share. The reverse stock split reduced
the Company's issued and outstanding shares of common stock from
approximately 70 million to approximately 7 million. In
addition, proportionate adjustments will be made to the exercise
prices of the Company's outstanding stock options and warrants and
to the number of shares issued and issuable under the Company's
existing stock incentive plans.
The Company has retained its transfer agent, Nevada Agency and
Transfer Company ("NATCO"), to act as its exchange agent for the
reverse split. NATCO will provide stockholders of record a
letter of transmittal providing instructions for the delivery of
their current certificates (if applicable). NATCO will be
issuing all of the post-split shares through their paperless Direct
Registration System, also known as "book-entry form." NATCO
will hold the shares in an account set up for the stockholder.
Stockholders who wish to hold paper certificates may obtain
such certificates upon request to NATCO. Stockholders owning
shares via a broker or other nominee will have their positions
automatically adjusted to reflect the reverse stock split, subject
to brokers' particular processes, and should not be required to
take any action in connection with the reverse stock split.
No fractional shares of common stock will be issued in
connection with the reverse stock split. If as a result of
the reverse stock split, a stockholder of record would otherwise
hold a fractional share, the stockholder will receive the cash
equivalent of any such fractional share.
About OncoSec Medical Incorporated
OncoSec is a clinical-stage biotechnology company focused on
developing cytokine-based intratumoral immunotherapies to stimulate
the body's immune system to target and attack cancer.
OncoSec's lead immunotherapy investigational product
candidate – TAVO™ (tavokinogene telseplasmid) – enables the
intratumoral delivery of DNA-based interleukin-12 (IL-12), a
naturally occurring protein with immune-stimulating functions.
The technology, which employs electroporation, is designed to
produce a controlled, localized expression of IL-12 in the tumor
microenvironment, enabling the immune system to target and attack
tumors throughout the body. OncoSec has built a deep and
diverse clinical pipeline utilizing TAVO™ as a potential treatment
for multiple cancer indications either as a monotherapy or in
combination with leading checkpoint inhibitors; with the latter
potentially enabling OncoSec to address a great unmet medical need
in oncology: anti-PD-1 non-responders. Results from recently
completed clinical studies of TAVO™ have demonstrated a local
immune response, and subsequently, a systemic effect as either a
monotherapy or combination treatment approach. In addition to
TAVO™, OncoSec is identifying and developing new DNA-encoded
therapeutic candidates and tumor indications for use with its
ImmunoPulse® platform. For more information, please visit
www.oncosec.com.
ImmunoPulse® is a registered trademark of OncoSec Medical
Incorporated.
TAVO™ trademark of OncoSec Medical Incorporated.
CONTACT
Investor Relations:
Will O'Connor
Stern Investor Relations
(212) 362-1200
will@sternir.com
Media Relations:
Katie Dodge
JPA Health Communications
(617) 657-1304
kdodge@jpa.com
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SOURCE OncoSec Medical Incorporated