BLUE BELL, Pa., March 15, 2011 /PRNewswire/ — Inovio
Pharmaceuticals, Inc. (NYSE Amex:
INO), a leader in the development of therapeutic and preventive
vaccines against cancers and infectious diseases, announced today
that it has signed an agreement with OncoSec Medical Inc. (OTC
Bulletin Board: ONCS.D) providing for the sale to OncoSec of
certain non-DNA vaccine technology and intellectual property
relating to electroporation technology useful for electrochemical
and cytokine based immune therapies for treating solid tumors.
OncoSec will pay Inovio an undisclosed purchase price for the
assigned assets and cash fees and a royalty on commercial product
sales.
Dr. J. Joseph Kim, Inovio’s president and CEO, said: “As Inovio
advances its leadership in the DNA vaccine field with several Phase
II clinical studies for cervical dysplasia, leukemia, and hepatitis
C virus therapies, we are pleased to enable third parties to commit
their focus and resources to achieve the commercial potential of
Inovio’s non-DNA vaccine assets. Prior clinical testing of our
selective electrochemical tumor treatment and cytokine cancer
therapies produced promising results and we are excited to monetize
this electroporation asset for these applications and see its
advancement by OncoSec. We wish the company every success in this
endeavor.”
Mr. Punit Dhillon, OncoSec’s president and CEO, said: “We are
excited to conclude this agreement with Inovio to acquire this
promising technology for locally targeted cancer treatments, which
have previously achieved important clinical outcomes, and
immediately begin the implementation of our clinical development
and commercialization plan. There are millions of people in the US
alone who face detrimental cosmetic, functional and pain outcomes
resulting from the invasive treatments used today for various skin
and other cancers – in addition, the nature of c
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