OncoSec signs definitive agreements to purchase $7.5 million of securities in registered direct offering

OncoSec Medical Incorporated ("OncoSec") (NASDAQ: ONCS), a company developing DNA-based intratumoral cancer immunotherapies, announced today that it has entered into definitive agreements with institutional investors to purchase approximately $7.5 million of securities in a registered direct offering. OncoSec has agreed to sell to such investors an aggregate of 2,142,860 shares of its common stock at a price of $3.50 per share. Additionally, investors will receive warrants to purchase up to an aggregate of 1,071,430 shares of common stock at an exercise price of $4.50 per share for a term of 5.5 years. The warrants will become exercisable after a six-month waiting period.

The gross proceeds of the offering are approximately $7.5 million. Net proceeds, after deducting the placement agent's fee and other estimated offering expenses payable by OncoSec, are expected to be approximately $6.9 million. OncoSec intends to use proceeds from the offering for general corporate purposes, including clinical trial expenses and research and development expenses.

H.C. Wainwright & Co., LLC acted as the exclusive placement agent for the transaction. Maxim Group LLC and Noble Life Science Partners acted as financial advisors to OncoSec in connection with the transaction. The offering is expected to close on or before November 6, 2015, subject to the satisfaction of customary closing conditions.