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Inovio Pharmaceuticals Closes $4.0 Million Underwritten Financing
Date:12/7/2011

BLUE BELL, Pa., Dec. 7, 2011 /PRNewswire/ -- Inovio Pharmaceuticals, Inc. (NYSE Amex: INO), which is advancing synthetic vaccines to fight cancers and infectious diseases, announced today that it has closed an underwritten public offering of 7,699,712 shares of its common stock and warrants to purchase up to 5,774,784 additional shares of its common stock, which included the partial exercise of the underwriter's overallotment option to purchase additional units at the public offering price. The shares and warrants were placed with five institutional investors. These securities were sold in units, consisting of one share of common stock and 0.75 of a warrant to purchase one share of common stock, at a price of $0.5195 per unit. The warrants have a term of five years and an exercise price of $0.65 per share. Inovio may call these warrants if the closing bid price of the common stock has been at least $1.30 over 20 trading daysand certain other conditions are met.

The gross proceeds of the offering were $4.0 million. Net proceeds to Inovio, after deducting the underwriter's discounts and other estimated offering expenses payable by Inovio, were approximately $3.7 million. Brean Murray, Carret & Co. acted as sole bookrunner of this offering. Inovio intends to use the net proceeds from the offering for general corporate purposes, including clinical trial expenses and research and development expenses.

Dr. J. Joseph Kim, President and CEO of Inovio Pharmaceuticals, said "We're pleased to see these institutional investors support our strategy to develop Inovio's synthetic vaccines.  In 2011 we achieved multiple important milestones toward our goal of revolutionizing vaccine technology and we look forward to the clinical outcomes ahead of us in 2012."

The securities described above were offered by Inovio pursuant to a registration statement previously fil
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SOURCE Inovio Pharmaceuticals, Inc.
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