OncoSec Medical Inc. entered into definitive agreements with institutional investors to purchase approximately $7.2 million of securities in a registered public offering.
OncoSec intends to use proceeds from the offering for general corporate purposes, including clinical trial expenses and research and development expenses.
The company is developing an advanced-stage ImmunoPulse DNA-based immunotherapy and NeoPulse therapy to treat solid tumor cancers.
The offering is expected to close on Dec. 17, subject to customary closing conditions.
OncoSec has agreed to sell to institutional investors an aggregate of 28.8 million shares of its common stock at $0.25 per share. Additionally, investors will receive warrants to purchase up to 14.4 million shares of common stock at an exercise price of $0.26 per share for a term of four years.
The gross proceeds of the offering are expected to be approximately $7.2 million. Net proceeds, after deducting the placement agent's fee and other estimated offering expenses payable by OncoSec, are expected to be approximately $6.5 million.
Dawson James Securities Inc. acted as the exclusive placement agent for the transaction. Burrill LLC and Noble Financial Capital Markets acted as financial advisers to OncoSec in connection with the transaction.
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