SAN DIEGO, Ca, June 24, 2011 — OncoSec Medical Incorporated (OTCBB: ONCS), which is developing its advanced-stage ElectroOncology therapies to treat solid tumor cancers, announced today the closing of the sale to institutional investors of an aggregate of 4,000,000 shares of its common stock at $0.75 per share in a private placement. Additionally, investors received Series A Warrants to purchase up to 4,000,000 shares of common stock at an exercise price of $1.20 per share for a term of five years, Series B Warrants to purchase up to 4,000,000 shares of common stock at an exercise price of $0.75 per share for a term of between eight and nineteen months, and Series C Warrants that vest proportionally upon exercise of the Series B Warrants and provide the holder with the right to purchase up to 4,000,000 shares of common stock at an exercise price of $1.20 per share for a term of five years. In connection with the transaction, within 30 days of the closing, OncoSec has agreed to file a registration statement with the Securities and Exchange Commission to register the resale of the shares issued at closing and the shares of common stock issuable upon exercise of the warrants.
The gross proceeds of the offering were $3 million and net proceeds, after deducting the placement agent’s fee and estimated offering expenses payable by OncoSec, were approximately $2.79 million.
OncoSec intends to use proceeds from the offering for further development of its ElectroOncology therapies to treat cancers, clinical studies, and general corporate purposes.
About OncoSec Medical Inc.
Oncosec Medical (OTCBB: ONCS) develops novel ElectroOncology therapies that combine its proprietary electroporation delivery technology with a chemotherapeutic or novel DNA-based immunotherapeutics. Targeted local delivery of these agents is designed to achieve selective destruction of cancerous tumors while sparing healthy normal tissue, resulting in improved functional, cosmetic and quality of life outcomes. These therapies have achieved validating safety and efficacy data in early and late stage clinical studies of over 400 cancer patients. OncoSec’s clinical programs include three Phase II clinical trials. More information is available at www.oncosec.com.