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.