OncoSec Announces $10 Million At-The-Market Registered Direct Offering
PR NEWSWIRE 6:00 AM ET 5/23/2016
Symbol Last Price Change
ONCS 1.68up 0 (0%)
QUOTES AS OF 04:00:00 PM ET 05/20/2016
SAN DIEGO , May 23, 2016 /PRNewswire/ -- OncoSec Medical Incorporated ("OncoSec") , a company developing DNA-based intratumoral cancer immunotherapies, announced today that it has entered into a definitive agreement with a single healthcare dedicated institutional fund to purchase approximately $10 million of securities in an at-the-market registered direct offering. OncoSec has agreed to sell to such investors an aggregate of 5,509,642 shares of its common stock, or pre-funded warrants in lieu thereof, at a price of $1.815 per share. Additionally, investors will receive warrants to purchase up to an aggregate of 5,509,462 shares of common stock at an exercise price of $1.69 per share for a term of 9 years. The warrants are immediately exercisable on the date of issuance.
The gross proceeds of the offering are $10 million. Net proceeds, after deducting the placement agent's fee, financial advisory fees, and other estimated offering expenses payable by OncoSec, are expected to be approximately $9.1 million. OncoSec intends to use proceeds from the offering for general corporate purposes, including clinical trial expenses and research and development expenses.
Rodman & Renshaw, a unit of H.C. Wainwright & Co., LLC, acted as the exclusive placement agent in connection with this offering. The offering is expected to close on or about May 26, 2016, subject to the satisfaction of customary closing conditions.
The securities described above are being offered by OncoSec pursuant to a registration statement previously filed and declared effective by the Securities and Exchange Commission, or the SEC. A prospectus supplement related to the offering will be filed with the SEC. The securities may only be offered by means of a prospectus. Copies of the prospectus and prospectus supplement can be obtained directly from OncoSec and at the SEC's website at www.sec.gov or by request from H.C. Wainwright & Co., LLC by e-mailing placements@hcwco.com.
