Monday, 4 June 2012

Inovio inks stock sales agreement with Cowan and Company

Inovio Pharmaceuticals (MKT:INO) said late Friday that it entered into a sales agreement with broker dealer Cowan and
Company LLC to sell common stock.

The U.S.-based company may offer and sell its stock for total proceeds worth $25 million. Inovio could sell their stock through Cowan by an "at the market" (ATM) offering on the New York Stock Exchange MKT, or through a market maker. 

In addition, Inovio’s shares could also be sold through negotiated transactions. This ATM replaces the prior ATM contract the company already had in place.

The company develops DNA-based vaccines to treat and prevent cancers and infectious diseases.

The company’s SynCon vaccines are designed to provide broad cross-strain protection against known and newly emergent unmatched strains of pathogens such as influenza.

These synthetic vaccines, in combination with Inovio's proprietary electroporation delivery, have been shown to generate positive immune responses, along with a favourable safety profile.

Inovio's clinical programs include phase II studies for cervical dysplasia, leukemia and the hepatitis C virus and phase I studies for influenza and HIV.

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