OncoSec Medical Inc (ONCSQ)

[Titan V]

hschlauch, an ATM facility allows ONCS's designated broker (Oppenheimer) to raise capital in smaller chunks at prices favorable to the stock. They aren't raising $8.2M in one go. At the market offerings allow companies to raise in smaller chunks at opportune moments without the need to issue PRs that might negatively impact share price.
http://westwickepartners.com/2013/10/is-atm-financing-the-right-option-what-you-need-to-know/

As for dilution in general, yes, this was expected and factored into my expectations. Glad they went with an ATM - notice there will be no warrants, unlike the last three years when the standard cash raises have always had warrants attached.

Even if they had raised $8.2M in one go at $1 a share, that would have added 8.2M shares to the ~21M OS. ~30M shares out heading into registration data presents a good opportunity to take some calculated risk IMO.

On a separate note, I really hope the collaboration with KH gets some traction later this year/early next year such that in an event of a potential buyout by MRK if the interim reg. trial data hits 30%+ ORR next year, the value of that IP is factored in fairly. It would suck if MRK just gets that stuff for free in a cheap valuation for current lead program in melanoma.