regate of up to 13,688,633 shares of common stock. The shares and warrants were sold in units at a price of $0.55 per unit, with each unit consisting of one share of common stock and a warrant to purchase 0.50 shares of common stock at an exercise price of $0.7936 per share. The warrants have a term of five and one-half years. The net proceeds, after deducting the underwriters' discounts and other offering expenses, and assuming no exercise of the warrants, were approximately $14.0 million.
During the three months ended March 31, 2013, the Company sold 8,222,966 shares of common stock under its ATM common stock sales agreement for net proceeds of $5.6 million.
Based on management's projections and analysis, the Company believes that cash and cash equivalents are sufficient to meet its planned working capital requirements through the fourth quarter of 2014.
Inovio's balance sheet and statement of operations is provided below. Form 10-Q providing the complete 2013 first quarter financial report can be found at: http://ir.inovio.com/secfilings.
Corporate UpdateClinical DevelopmentInovio previously reported that its SynCon® vaccine against HPV-associated diseases (VGX-3100) achieved an industry first in its phase I clinical trial targeting cervical dysplasias when best-in-class T-cell immune responses generated a strong killing effect against cells targeted by this vaccine. Based on our advanced patient enrollment, we expect to report unblinded efficacy data from our 148-patient double-blinded, randomized phase II clinical trial in 1Q 2014.
Inovio's SynCon® universal H1N1 influenza vaccine generated positive antibody response rates in comparison to a current FDA-approved seasonal influenza vaccine tested against a currently circulating influenza strain. The seasonal influenza vaccine was matched to the tested virus strain, a requirement for "conventional" vaccines to provid
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