SAN DIEGO, May 29, 2012 /PRNewswire/ -- OncoSec Medical Inc. (OTCBB:ONCS), which is developing its advanced-stage OncoSec Medical System (OMS) ElectroOncology therapies to treat solid tumor cancers, issued the following letter to Shareholders today:
As we near the mid-point of 2012, OncoSec is successfully executing on its objectives for the year. I want to review the key developments so you can see why all of us at OncoSec are so excited.
- Strengthened balance sheet: OncoSec recently raised $7.75 million through a public offering underwritten by Rodman & Renshaw, with Roth Capital Partners acting as an advisor. We are now well financed to continue our promising clinical development programs. We currently have over $6.5 million in cash reserves to fund operations, which should be sufficient to complete our current studies.
We are executing our clinical development plan based on our novel, first-in-class OMS ElectroImmunotherapy platform for the treatment of rare and deadly skin cancers including metastatic melanoma, Merkel cell carcinoma and cutaneous T-cell lymphoma.
- OMS-I100: We initiated and enrolled several patients in OMS-I100, a Phase II study for the treatment of metastatic melanoma led by the University of California at San Francisco, with additional sites at the John Wayne Cancer Institute in Santa Monica and Lakeland Comprehensive Cancer Center in Lakeland, Florida. We expect to report interim clinical data before year end.
- OMS-I110: We initiated and enrolled several patients in OMS-I110, a Phase II study for the treatment of Merkel cell carcinoma led by the University of Washington and the Fred Hutchinson Cancer Center in Seattle, Washington. We expect to report interim clinical data before year end.
- OMS-I120: We aim to initiate and begin enrolling patients in OMS-I120, a Phase II study for the treatment of cutaneous T-cell lymphoma (CTCL) by year-end. This study will be led by the University of California at San Francisco and include multiple centers across the US.
- Expansion of technology platform: We are pursuing clinical and regulatory development of our OMS ElectroChemotherapy in the U.S., Europe and Asia, including the development of new indications for ElectroChemotherapy. The last several months have demonstrated our ability to create incremental value from our advanced-stage OMS ElectroChemotherapy program for the treatment of primary and recurrent localized solid tumors. Since the acquisition of a clinical data set of over 400 patients, we have compiled, reviewed, and analyzed the data and presented preliminary results from a Phase IV European head & neck cancer trial and Phase I/II breast cancer trial. The preliminary data sets from the completed Phase III recurrent head and neck cancer studies carried out in the U.S. are now being analyzed, and we intend to present this data at the 5th International Head and Neck Cancer Conference taking place July 21-25. We are defining a regulatory path with the FDA for clinical development of advanced stage skin cancer and other solid tumor indications. In addition, we are advancing a commercialization strategy focused on creating regional partnerships or establishing a global partner to develop the market potential for OMS ElectroChemotherapy in Europe, Asia and other emerging markets.
- Patent portfolio expansion. We are developing new applications of our OMS ElectroOncology for treating solid tumors and metastatic disease, with the goal of expanding our market opportunities and establishing additional patents to maintain our dominance in these areas.
- Gaining leadership position and creating awareness: We have been able to build physician, partner, and patient awareness of the clinical development of OMS ElectroImmunotherapy for the treatment of metastatic melanoma and Merkel cell carcinoma through the media. These publications include: Xconomy, Medical Device & Diagnostic Industry, Manufacturing Chemist, and the San Diego Business Journal. OMS ElectroImmunotherapy was also featured as a "revolutionary cancer treatment" for Merkel cell carcinoma by a local NBC News affiliate in Seattle, Washington. We continue our proactive outreach to inform relevant audiences of technology and business opportunities.
OncoSec sees the initial market for its OMS ElectroImmunotherapy exceeding $500 million in the U.S. alone. Melanoma and other skin cancers are deadly diseases with very limited treatment options (i.e. limited competition). We have a highly focused effort to develop a new generation of immunotherapy products to provide better care to these patients and we are passionate about the progress of our programs.
I thank you for your ongoing support as we work toward our goal of becoming the preeminent developer of targeted oncology therapies. I look forward to updating you on our continued progress in the year ahead.
President and CEO
About OncoSec Medical Inc.
OncoSec Medical Incorporated is a biopharmaceutical company developing advanced-stage OMS ElectroOncology therapies to treat solid tumors and metastatic disease. OMS ElectroOncology therapies address an unmet medical need and represent a potential solution for less invasive and less expensive therapies that are able to minimize detrimental effects resulting from traditional cancer treatments. OncoSec's core technology is based upon its proprietary use of an electroporation platform, to dramatically enhance the delivery and uptake of a locally delivered DNA-based immuno-cytokine or a chemotherapeutic agent. Treatment of various solid cancers using these targeted anti-cancer agents has demonstrated selective destruction of cancerous cells while sparing healthy normal tissues during early and late stage clinical trials. OncoSec's clinical programs include three Phase II clinical trials for OMS ElectroImmunotherapy targeting lethal skin cancers. 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 Incorporated