OncoSec Medical closes $7.75 million public offering

OncoSec Medical (OTC:ONCS) reported Wednesday that it closed its previously announced public offering and raised $7.75 million.
The biomedical company develops advance-stage ElectroOncology anti-cancer therapies to treat people with solid tumours.
The company sold 31 million shares priced at 25 cents each to institutional investors. The company added that investors also got warrants to buy up to 31 million shares at an exercise price of 35 cents a share for a term of five years.
After deducting the placements agent’s fee and estimated offering costs, OncoSec received net gross proceeds of $7.2 million.
The company intends to use the funds for general corporate purposes, including clinical trial costs and research and development expenses.
OncoSec uses its electroporation delivery system which applies cell membrane stimulation to deliver immunotherapy or chemotherapy to treat a range of cancerous tumour types.
The OMS electroporation system has proven to enhance cellular uptake, effectively treating cancerous cells while sparing surrounding healthy tissue cutting through the toxic side effects of current available treatment options like chemotherapy and radiation.
The company outlined a clinical development plan for this year for its locally administered and potentially systemic ElectroImmunotherapy program, which uses the OMS system to deliver a DNA-based immunotherapy, known as DNA IL-12.
The goal was to launch three phase 2 based ElectroImmunotherapy trials for rare skin cancer indications, two of which have already been started.
DNA IL-12 is designed to induce a local immune response against the treated cancerous tumour, while exploiting this response to initiate a global systemic response against untreated tumours in other areas of the body.
In the phase two metastatic melanoma study, a total of up to 25 patients with stage three or four metastatic melanoma will be enrolled, designed to assess local and distant objective response following treatment, with a primary endpoint of 24 weeks.
One treatment cycle will consist of three treatments applied to up to four cancerous lesions on days 1, 5 and 8 with a maximum dose of 1.5 mg DNA IL-12 per treatment cycle.
At 12 months, patients will be moved to the follow-up phase of the study and will be followed for up to five years for safety, the company said.
Phase 1 data using OMS ElectroImmunotherapy to treat malignant melanoma demonstrated that the treatment was safe and well tolerated. In addition, 53 percent of patients with distant metastatic lesions demonstrated an objective response, with 15 percent of these patients having a complete response to the treatment.
Melanoma is a serious form of skin cancer. If it is recognized and treated early, it is almost always curable, but if it is not, the cancer can advance and spread to other parts of the body, where it becomes hard to treat and can be fatal.