SAN DIEGO, Ca., Mar. 31, 2011 — 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.
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.