SAN DIEGO, April 4, 2011 /PRNewswire/ — OncoSec Medical
Incorporated (OTCBB: ONCS), a developer of innovative medical
approaches to treat solid tumor cancers with unmet medical needs,
announced today that on March 24, 2011 it completed its acquisition
of certain assets of Inovio Pharmaceuticals, Inc. (NYSE Amex:
INO) and entered into a license agreement with Inovio, pursuant
to the terms of an asset purchase agreement with Inovio entered
into on March 14, 2011.
(Logo: http://photos.prnewswire.com/prnh/20110314/MM64943LOGO)
OncoSec made an initial payment of $250,000 to Inovio,
completing the closing requirements of the purchase and license
agreement between the companies. The agreement requires OncoSec to
make additional payments of $2.75 million by March 24, 2013, and
pay a royalty on commercial product sales. OncoSec has purchased
from Inovio certain non-DNA vaccine electroporation technology and
intellectual property useful for an electrochemical therapy against
solid tumors. OncoSec has also licensed the right to use this
electroporation technology to deliver gene-based cytokineimmune
therapies for treating solid tumors.
Punit Dhillon, OncoSec’s president and CEO, said: “We are
pleased to secure OncoSec’s initial funding announced last week and
close the asset purchase and license agreement with Inovio. This
transaction marks the official launch of OncoSec’s plan to develop
and commercialize this promising technology for the selective
treatment of cancerous tumors. With millions of people in the US
alone facing detrimental cosmetic, functional and pain outcomes
resulting from the invasive treatments used today for various skin
and other cancers, there is a clear need for new therapies to
address these unmet needs. These electrochemical and gene-based
cytokine therapies have pr
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