San Diego-based OncoSec Medical Inc. (OTC: ONCS) reported a loss during the first three quarters of its fiscal year, but is pleased with the progress of its drug trials.
The company, which is focused on developing its ImmunoPulse DNA-based immunotherapy to treat solid tumors, posted a net loss of $8.5 million for the nine months ended April 30, compared with a net loss of $5.4 million for the like period a year earlier.
Some of the loss was attributable to research and development expenses of $3.9 million, compared to $2.4 million in R&D expenses through the first nine months of the previous fiscal year.
General and administrative expenses also climbed to $4.5 million in the nine months through April, compared to $2.4 million in such expenses for the like period a year earlier.
The biopharmaceutical may have lost some money, but as company President and CEO Punit Dhillon points out, this is par for the course for a company at this stage of development.
“The nine months into fiscal year 2014 have been very encouraging for the future of our company as we continue to advance our clinical trials and evaluate potential combination therapies with ImmunoPulse,” said Dhillon, adding that an expected infusion of capital later this month "will enable us to continue to push ahead with our development strategy.”