On November 3, 2015 OncoSec Medical Incorporated ("OncoSec") (NASDAQ: ONCS), a company developing DNA-based intratumoral cancer immunotherapies, reported that it has entered into definitive agreements with institutional investors to purchase approximately $7.5 million of securities in a registered direct offering (Press release, OncoSec Medical, NOV 3, 2015, View Source [SID:1234507932]). OncoSec has agreed to sell to such investors an aggregate of 2,142,860 shares of its common stock at a price of $3.50 per share. Additionally, investors will receive warrants to purchase up to an aggregate of 1,071,430 shares of common stock at an exercise price of $4.50 per share for a term of 5.5 years. The warrants will become exercisable after a six-month waiting period.
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The gross proceeds of the offering are approximately $7.5 million. Net proceeds, after deducting the placement agent’s fee and other estimated offering expenses payable by OncoSec, are expected to be approximately $6.9 million. OncoSec intends to use proceeds from the offering for general corporate purposes, including clinical trial expenses and research and development expenses.
H.C. Wainwright & Co., LLC acted as the exclusive placement agent for the transaction. Maxim Group LLC and Noble Life Science Partners acted as financial advisors to OncoSec in connection with the transaction. The offering is expected to close on or before November 6, 2015, subject to the satisfaction of 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 from H.C. Wainwright & Co., LLC by e-mailing [email protected].
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.