SAN DIEGO, Nov. 9, 2015 /PRNewswire/ -- OncoSec Medical Incorporated ("OncoSec") (NASDAQ: ONCS), a company developing DNA-based intratumoral cancer immunotherapies, today announced that the Company has closed its previously announced registered direct offering with two healthcare focused funds for the purchase of 2,142,860 shares of its common stock at a price of $3.50 and warrants to purchase up to an aggregate of 1,071,430 shares of common stock at an exercise price of $4.50 per share. The warrants have a term of 5.5 years and become exercisable after 6 months. The offering closed on November 9, 2015.
The gross proceeds of the offering were approximately $7.5 million. Net proceeds, after deducting the placement agent's fee and other estimated offering expenses payable by OncoSec, were approximately $6.9 million. OncoSec intends to use proceeds from the offering for general corporate purposes, including clinical trial expenses and research and development expenses.
H.C. Wainwright & Co., LLC acted as the exclusive placement agent for the transaction. Maxim Group LLC and Noble Life Science Partners acted as financial advisors to OncoSec in connection with the transaction.
"We are pleased with the support from healthcare focused funds as we continue to advance our immuno-oncology pipeline to fight cancer," said Punit Dhillon, President and CEO of OncoSec. "This strategic financing allows the necessary cash runway to achieve our upcoming milestones while strengthening our balance sheet."
Registration of Shares; No Offer/Solicitation The securities described above were offered and sold by OncoSec pursuant to a registration statement previously filed and declared effective by the Securities and Exchange Commission, or the SEC. A prospectus supplement related to the offering has also been filed with the SEC. The securities may only be offered by means of a prospectus. Copies of the prospectus and prospectus supplement can be obtained directly from OncoSec and at the SEC's website at www.sec.gov.
This announcement is neither an offer to sell nor a solicitation of an offer to buy any of OncoSec's common stock or warrants. No offer, solicitation, or sale will be made in any jurisdiction in which such offer, solicitation, or sale is unlawful.
About OncoSec Medical Incorporated OncoSec is a biotechnology company developing DNA-based intratumoral immunotherapies for the treatment of cancer. The Company's investigational technology, ImmunoPulse™, is designed to enhance the local delivery and uptake of DNA-based immune-targeting agents, such as IL-12. In Phase I and II clinical trials, OncoSec's lead program, ImmunoPulse™ IL-12, demonstrated a favorable safety profile and evidence of anti-tumor activity in the treatment of various skin cancers as well as the potential to initiate a systemic immune response. ImmunoPulse™ IL-12 is currently in Phase II development for several indications, including metastatic melanoma, squamous cell carcinoma of the head and neck, and triple negative breast cancer. In addition to ImmunoPulse™ IL-12, the Company is also seeking to identify and develop 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 regarding future events and the future performance of OncoSec. Forward-looking statements are subject to risks and uncertainties, which may cause actual results to differ materially from current expectations. These risks and uncertainties include, among others, the following: our ability to raise additional funding necessary to fund continued operations on reasonable terms or at all; our ability to protect our intellectual property; 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; delays in the commencement or completion of clinical testing for product candidates; unexpected new data, safety and technical issues; our ability to develop and commercialize the assets we have acquired or develop and any new assets and product candidates; and competitive, market and regulatory conditions. Other risks and uncertainties are described in OncoSec's annual report on Form 10-K filed on October 14, 2015, and subsequent filings with the U.S. Securities and Exchange Commission made by OncoSec. Except as required by law, OncoSec undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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