OncoSec raises $3.0M through private placement

OncoSec Medical Incorporated (OTCBB: ONCS), which is developing its advanced-stage ElectroOncology therapies to treat solid tumor cancers, announced today the closing of the sale to institutional investors of an aggregate of 4,000,000 shares of its common stock at $0.75 per share in a private placement.  Additionally, investors received Series A Warrants to purchase up to 4,000,000 shares of common stock at an exercise price of $1.20 per share for a term of five years, Series B Warrants to purchase up to 4,000,000 shares of common stock at an exercise price of $0.75 per share for a term of between eight and nineteen months, and Series C Warrants that vest proportionally upon exercise of the Series B Warrants and provide the holder with the right to purchase up to 4,000,000 shares of common stock at an exercise price of $1.20 per share for a term of five years. In connection with the transaction, within 30 days of the closing, OncoSec has agreed to file a registration statement with the Securities and Exchange Commission to register the resale of the shares issued at closing and the shares of common stock issuable upon exercise of the warrants.

The gross proceeds of the offering were $3 million and net proceeds, after deducting the placement agent's fee and estimated offering expenses payable by OncoSec, were approximately $2.79 million.