SAN DIEGO – December 13, 2012 — OncoSec Medical Inc. (OTCBB: ONCS), a company developing its advanced-stage ImmunoPulse DNA-based immunotherapy and NeoPulse therapy to treat solid tumor cancers, announced today that it has entered into definitive agreements with institutional investors to purchase approximately $7.2 million of securities in a registered public offering. OncoSec has agreed to sell to institutional investors an aggregate of 28,800,000 shares of its common stock at $0.25 per share. Additionally, investors will receive warrants to purchase up to 14,400,000 shares of common stock at an exercise price of $0.26 per share for a term of four years.
The gross proceeds of the offering are expected to be approximately $7.2 million. Net proceeds, after deducting the placement agent’s fee and other estimated offering expenses payable by OncoSec, are expected to be approximately $6.5 million.
OncoSec intends to use proceeds from the offering for general corporate purposes, including clinical trial expenses and research and development expenses.
Dawson James Securities, Inc. acted as the exclusive placement agent for the transaction. Burrill LLC and Noble Financial Capital Markets acted as financial advisors to OncoSec in connection with the transaction.
The offering is expected to close on December 17, 2012, subject to customary closing conditions.
The securities described above are being offered 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 will be 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 or by request at Dawson James Securities, Inc. by e-mailing firstname.lastname@example.org.
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.