OncoSec Medical Closes $1.1M Financing
SAN DIEGO, March 31, 2011 /PRNewswire/ -- OncoSec Medical Inc. (OTC BB: ONCS), a developer of innovative medical approaches to treat solid tumor cancers, announced today that it has raised more than $1 million of new capital through the issuance of units to three institutional investors. OncoSec issued 1,456,000 units at a price of $0.75 per unit for gross proceeds of $1,092,000. Each unit consisted of one share of common stock and one share purchase warrant entitling the warrant holder to purchase an additional share of common stock at a price of $1.00 per share for a period of five years from closing. These shares, and shares underlying the warrants, were issued in a private placement under Regulation S and/or Section 4(2) of the Securities Act of 1933, as amended, and are restricted securities under such Act.
OncoSec intends to use proceeds from the financing to acquire intellectual property from Inovio Pharmaceuticals, Inc., to advance its clinical development pipeline, and for working capital purposes.
About OncoSec Medical Inc.
OncoSec (OTC BB: ONCS) designs, develops and commercializes innovative medical approaches to treat solid tumor cancers for which currently approved therapies are inadequate based on their efficacy level or side effect profile. The company's therapies are based on the use of electroporation delivery in combination with an approved cancer drug or a gene-based cytokine. More information is available at www.oncosec.com.
This press release contains forward looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this release that are not historical facts may be considered such "forward looking statements." Forward looking statements 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. Some of the potential risks and uncertainties that could cause actual results to differ from those predicted include our ability to raise additional funding, our ability to acquire, develop or commercialize new products, uncertainties inherent in pre-clinical studies and clinical trials, unexpected new data, safety and technical issues, competition and market conditions. These and additional risks and uncertainties are more fully described 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.
SOURCE OncoSec Medical Inc.
Released March 31, 2011