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

for the comparable three and nine month periods was due to an increase in salary, legal and other expenses associated with the increase in operations stemming from our shift in focus to the biomedical industry.

Net Loss Attributable to Common Stockholders

The $491,000 increase in net loss attributable to common stockholders for the nine months ended April 30, 2011, compared with the same period in 2010, resulted from our shift in focus to be a biomedical company concentrated on developing cancer therapeutic products.

Capital Resources

As of April 30, 2011, our cash balance was $543,000, compared to $237 as of July 31, 2010. This change primarily resulted from an increase in cash resulting from proceeds of $1,092,000 we received in connection with a private placement of common stock announced on March 18, 2011. This was offset by the initial scheduled payment of $250,000 made to Inovio during March 2011, in accordance with the Asset Purchase Agreement, and operating expenses incurred during the nine month period ended April 30, 2011. With this private placement, we issued 1,456,000 units at a purchase price of $0.75 per unit for gross proceeds of $1,092,000. Each unit consisted of one share of common stock and one share purchase warrant entitling the holder to acquire one share of common stock at a price of $1.00 per share for a period of five years from the closing of the private placement.

Stockholders Equity (Deficit)

As of April 30, 2011, we had a stockholder's equity balance of $556,000 compared to a deficit balance of $30,000 at July 31, 2010, and also had 52,656,000 and 68,480,000 shares of common stock issued and outstanding for the same respective periods.

Corporate Update

Corporate Development

In this quarter, OncoSec purchased certain non-DNA vaccine technology and intellectual property from Inovio relating to electroporation delivery of chemotherape
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SOURCE OncoSec Medical Incorporated
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