OncoSec Medical lands $9.3m in warrant exercise deal

OncoSec Medical (NSDQ:ONCS) said yesterday that it inked a warrant exercise agreement with unnamed holders of outstanding warrants to buy up to 5.5 million shares of the company’s common stock at an exercise price of $1.69 apiece.

The San Diego, Calif.-based company raised $9.3 million in gross proceeds from the exercise of the warrants, which it plans to use for working capital and general corporate purposes.

Specifically, OncoSec said it intends to help fund its Pisces/Keynote-695 clinical trial and other R&D efforts with its newly-acquired funds.

Last week, OncoSec announced that the company’s co-founder, Punit Dhillon, plans to step down as CEO and continue serving as president while Daniel O’Connor takes over the corner office.

O’Connor joined the company’s board of directors in September this year.

OncoSec’s ImmunoPulse IL-12 electroporation device delivers a sequence of short-duration electrical pulses to increase a cancer cell membrane’s permeability and more efficiently deliver cancer-killing drugs.

Want to stay on top of DDBN content? Sign up for our e-mail newsletter for a weekly dose of drug-device news.

Theranos whistleblower Tyler Shultz to participate in keynote interview at DeviceTalks Boston At DeviceTalks Boston, Tyler Shultz will give attendees an inside look at Theranos and how he was able to sound the alarm after he realized the company was falling apart. Shultz will take attendees behind the story that everyone is talking about: the rise and fall of Elizabeth Holmes and her diagnostic company, Theranos. Join Shultz and 1,000+ medical device professionals at the 8th annual DeviceTalks Boston. REGISTER NOW