OncoSec closes $10 Million direct offering

May 27, 2016 – SAN DIEGO. OncoSec Medical Incorporated (“OncoSec”), a company developing DNA-based intratumoral cancer immunotherapies, today announced that it has closed its previously announced at-the-market registered direct offering with a single healthcare dedicated institutional fund for the purchase of 5,509,642 shares of its common stock at a price of $1.815, or pre-funded warrants in lieu thereof at a price of $1.805, and warrants to purchase up to an aggregate of 5,509,642 shares of common stock at an exercise price of $1.69 per share for a term of 9 years. The warrants are immediately exercisable on the date of issuance. The offering closed on May 26, 2016.

The gross proceeds of the offering were $10 million. Net proceeds, after deducting the placement agent’s fee, financial advisory fees, and other estimated offering expenses payable by OncoSec, are expected to be approximately $9.1 million. OncoSec intends to use proceeds from the offering for general corporate purposes, including clinical trial expenses and research and development expenses.

“We are pleased with the support from this healthcare dedicated institutional fund as we continue to advance our immuno-oncology pipeline to fight cancer,” said Punit Dhillon, President and CEO of OncoSec. “We believe this strategic financing provides the cash runway necessary to achieve our upcoming milestones, including the advancement of our melanoma development pathway, while strengthening our balance sheet.”

OncoSec is a biotechnology company developing DNA-based intratumoral immunotherapies with an investigational technology, ImmunoPulse™, for the treatment of cancer.  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, ImmunoPulse™ IL-12 has 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. OncoSec’s lead program, ImmunoPulse™ IL-12, is currently in clinical development for several indications, including metastatic melanoma and triple-negative breast cancer. In addition to ImmunoPulse™ IL-12, the Company is also identifying and developing new immune-targeting agents for use with the ImmunoPulse™ platform.

SOURCE OncoSec Medical Incorporated