OncoSec Medical Announces Six Months Results for Fiscal Year End 2015

On March 12, 2015 OncoSec Medical reported for the six months ended January 31, 2015, OncoSec reported a net loss of $8.7 million, or $0.04 per share, compared to a net loss of $4.7 million, or $0.03 per share, for the same period last year. There were no revenues for the six months ended January 31, 2015 or January 31, 2014 (Press release, OncoSec Medical, MAR 12, 2015, View Source [SID:1234502360]).

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Research and development expenses were $5.4 million for the six months ended January 31, 2015, compared to $2.2 million for the six months ended January 31, 2014. This increase in research and development expenses was primarily a result of increased salary related expenses, increased outside services costs, and increased lab supplies as the company further expands its internal research capabilities and research on next-generation electroporation devices, novel electroporation technologies, and combination studies.

General and administrative expenses were $3.3 million for the six months ended January 31, 2015, compared to $2.4 million for the six months ended January 31, 2014. This increase in general and administrative expenses was primarily a result of increased salary related expenses due to increased headcount to support the growth in operations and increased conference fees and related travel, offset by a savings in professional services fees.

At January 31, 2015, OncoSec had $30.7 million in cash and cash equivalents, as compared to $37.9 million of cash and cash equivalents at July 31, 2014. OncoSec expects these funds will be sufficient to allow the company to continue to operate our business for at least the next 12 months.