SAN DIEGO, March 31, 2011 /PRNewswire/ — 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
About OncoSec Medical Inc.
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.
This press release contains forward looking statements within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995. Any statements in this release that are not historical facts
may be considered such “forward looking statements.” Forward
looking statements are based on management’s cu