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OncoSec Medical Reports Third Quarter 2011 Financial Results
Date:6/15/2011

SAN DIEGO, June 15, 2011 /PRNewswire/ -- OncoSec Medical Incorporated (OTCBB: ONCS), which is developing its advanced-stage ElectroOncology therapies to treat solid tumor cancers, today reported financial results for the quarter ended April 30, 2011.

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Total operating expenses for the three and nine months ended April 30, 2011, were $496,000 and $503,000 as compared to $3,000 and $15,000 for the three and nine months ended April 30, 2010.

The net loss attributable to common stockholders for the three and nine months ended April 30, 2011, was $499,000, or $0.01 per share, and $506,000, or $0.01 per share, as compared with a net loss attributable to common stockholders of $3,000, or $0.00 per share, and $15,000, or $0.00 per share, for the three and nine months ended April 30, 2010.

Operating Expenses

Research and development expenses for the three and nine months ended April 30, 2011, were $217,000 and $217,000 as compared to $0 for both the three and nine months ended April 30, 2010. The increase in research and development expenses for the comparable three month and nine month periods was due to our shift in focus from the online inventory services industry to the biomedical industry, which occurred in conjunction with the previously announced closing on March 24, 2011 of the asset purchase agreement with Inovio Pharmaceuticals, Inc. (Inovio) to acquire certain technology and related assets. The technology and related assets embodied in the asset purchase agreement relate to the use of drug-medical device combination products for the treatment of different cancers.

General and administrative expenses for the three and nine months ended April 30, 2011, were $280,000 and $287,000 as compared to $3,000 and $15,000 for the three and nine months ended April 30, 2010. The increase
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