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Inovio Pharmaceuticals Closes $24.3 Million Registered Offering
Date:1/27/2011

BLUE BELL, Pa., Jan. 27, 2011 /PRNewswire/ -- Inovio Pharmaceuticals, Inc. (NYSE Amex: INO), a leader in the development of therapeutic and preventive vaccines against cancers and infectious diseases, announced today the closing of the sale to a single institutional investor of 21,130,400 shares of its common stock and warrants to purchase up to 10,565,200 additional shares of its common stock. The shares of common stock and warrants were sold in units consisting of one share of common stock and 0.5 of a warrant to purchase one share of common stock at a price of $1.15 per unit. The warrants have a term of five years and an exercise price of $1.40 per share. Inovio may call these warrants if the closing bid price of the common stock has been at least $2.80 over 20 trading days and certain other conditions are met.

(Logo: http://photos.prnewswire.com/prnh/20110127/LA37605LOGO)

The gross proceeds of the offering were $24.3 million and net proceeds, after deducting the placement agent's fee and estimated offering expenses payable by Inovio, were approximately $23.0 million. Roth Capital Partners acted as the sole placement agent in the offering. Brean Murray, Carret & Co. and Rodman & Renshaw, LLC served as financial advisors to the Company in the offering.

Inovio intends to use proceeds from the offering for further development of its DNA vaccine against cervical dysplasias and cancer, other preclinical and clinical studies, and general corporate purposes.

The securities described above were offered by Inovio pursuant to a registration statement previously filed and declared effective by the Securities and Exchange Commission and a prospectus supplement previously filed with the SEC. Copies of the prospectus supplement and accompanying base prospectus relating to this offering may b
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SOURCE Inovio Pharmaceuticals, Inc.
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