SAN DIEGO, March 28, 2012 /PRNewswire/ -- OncoSec Medical Incorporated (OTCBB: ONCS), which is developing its advanced-stage OncoSec Medical System (OMS) ElectroOncology therapies to treat solid tumor cancers, announced today the closing of the sale to institutional investors of an aggregate of 31,000,000 shares of its common stock at $0.25 per share in a registered public offering. Additionally, investors received Warrants to purchase up to 31,000,000 shares of common stock at an exercise price of $0.35 per share for a term of five years.
The gross proceeds of the offering were $7.75 million and net proceeds, after deducting the placement agent's fee and estimated offering expenses payable by OncoSec, were approximately $7.2 million.
OncoSec intends to use proceeds from the offering for general corporate purposes, including clinical trial expenses and research and development expenses.
Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM), acted as the exclusive placement agent for the transaction. Roth Capital Partners, LLC served as financial advisors to the Company in the offering.
About OncoSec Medical Inc.
OncoSec Medical Incorporated is a biopharmaceutical company developing its advanced-stage OMS ElectroOncology therapies to treat solid tumor cancers and metastatic disease. OMS ElectroOncology therapies address an unmet medical need and represent a potential solution, for less invasive and less expensive therapies that are able to minimize detrimental effects resulting from currently available cancer treatments such as surgery, systemic chemotherapy or immunotherapy and ot
|SOURCE OncoSec Medical Incorporated|
Copyright©2010 PR Newswire.
All rights reserved