SAN DIEGO and PENNINGTON, N.J., May
22, 2019 /PRNewswire/ -- OncoSec Medical Incorporated
(OncoSec) (NASDAQ: ONCS), a late-stage cancer biotechnology company
developing intratumoral gene-delivery immunotherapies, today
announced the pricing of an underwritten public offering led by
fundamental, healthcare institutional investors consisting of
3,492,063 shares of Common Stock together with Warrants to purchase
up to 2,619,047 shares of Common Stock at a combined price to the
public of $3.15. The Warrants will
have an exercise price of $3.45, will
be exercisable upon issuance and will expire five years from the
date of issuance. The gross proceeds to the Company from this
offering are expected to be approximately $11,000,000 before deducting underwriting
discounts, commissions and other offering expenses. OncoSec has
granted the underwriter a 45-day option to purchase additional
shares of Common Stock and/or additional Warrants to cover
over-allotments, if any. The offering is expected to close on
May 24, 2019, subject to customary
closing conditions.
A.G.P./Alliance Global Partners is acting as sole book-running
manager for the offering.
This offering is being made pursuant to an effective shelf
registration statement on Form S-3 (No. 333-213036) previously
filed with the U.S. Securities and Exchange Commission (the "SEC").
A preliminary prospectus supplement and accompanying prospectus
describing the terms of the proposed offering will be filed with
the SEC and will be available on the SEC's website located at
http://www.sec.gov. Electronic copies of the preliminary prospectus
supplement and accompanying prospectus may be obtained, when
available, from A.G.P./Alliance Global Partners, 590 Madison
Avenue, 36th Floor, New York,
NY 10022 or via telephone at 212-624-2006 or email:
prospectus@allianceg.com. Before investing in this offering,
interested parties should read in their entirety the prospectus
supplement and the accompanying prospectus and the other documents
that OncoSec has filed with the SEC that are incorporated by
reference in such prospectus supplement and the accompanying
prospectus, which provide more information about OncoSec and such
offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About OncoSec Medical Incorporated
OncoSec is a late-stage cancer biotechnology company developing
intratumoral gene-delivery immunotherapies. OncoSec's lead
immunotherapy platform – 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 new Visceral
Lesion Applicator (VLA), to target deep visceral lesions, such as
liver, lung or pancreatic lesions. For more information, please
visit www.oncosec.com.
TAVO™ is a trademark of OncoSec Medical
Incorporated.
Forward Looking Statements
Some of the statements included in this press release may be
forward-looking statements that involve a number of risks and
uncertainties. For those statements, we claim the protection of the
safe harbor for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995. The factors that could
cause our actual results to differ materially include: statements
regarding the proposed public offering and the intended use of
proceeds from the proposed offering; the status, progress and
results of our clinical programs; our ability to obtain regulatory
approvals for, and the level of market opportunity for our product
candidates; our business plans, strategies and objectives,
including plans to pursue collaboration, licensing or other similar
arrangements or transactions; expectations regarding our liquidity
and performance, including expense levels, sources of capital and
ability to maintain operations as a going concern; the competitive
landscape of our industry; and general market, economic and
political conditions; and other risk factors identified from time
to time in our reports filed with the Securities and Exchange
Commission. Any forward-looking statements set forth in this press
release speak only as of the date of this press release. We do not
intend to update any of these forward-looking statements to reflect
events or circumstances that occur after the date hereof.
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