OncoSec Medical reports net loss of $14.7 million for FY 2015

OncoSec Medical Inc.Jun 9 2015

OncoSec Medical Inc. ("OncoSec") (NASDAQ: ONCS), a company developing DNA-based intratumoral cancer immunotherapies, today announced financial results for the nine months ended April 30, 2015.

FINANCIAL RESULTS

For the nine months ended April 30, 2015, OncoSec reported a net loss of $14.7 million, or $1.19 per share, compared to a net loss of $8.5 million, or $0.96 per share, for the same period last year. There were no revenues for the nine months ended April 30, 2015 or April 30, 2014.

Research and development expenses were $9.3 million for the nine months ended April 30, 2015, compared to $3.9 million for the nine months ended April 30, 2014. This increase in research and development expenses was primarily a result of increased salary related expenses, outside services costs, and lab supplies as the company further expands its internal research capabilities; research on next-generation electroporation devices, novel electroporation technologies, and combination studies; and increased costs associated with its clinical trials.

General and administrative expenses were $5.4 million for the nine months ended April 30, 2015, compared to $4.5 million for the nine months ended April 30, 2014. This increase in general and administrative expenses was primarily a result of increased salary related expenses due to increased headcount to support the growth in operations and increased conference fees and related travel, offset by a savings in professional services fees.

At April 30, 2015, OncoSec had $25.4 million in cash and cash equivalents, as compared to $37.9 million of cash and cash equivalents at July 31, 2014. OncoSec expects these funds will be sufficient to allow the company to continue to operate its business for at least the next 12 months.

RECENT EVENTS

• On May 18, 2015, OncoSec effected a reverse stock split, wherein each 20 shares of issued and outstanding common stock and warrants were combined into and became one share of common stock, rounded up to the next whole share. No fractional shares were issued.
• On May 29, 2015, the company's common stock began trading on the NASDAQ Stock Market LLC's NASDAQ Capital Market tier, under the symbol "ONCS."