OncoSec Medical prices $20m public offering

OncoSec Medical (NSDQ:ONCS) today priced an underwritten public offering of 13,333,334 shares of its common stock at $1.50 apiece.

The San Diego, Calif.-based company expects the offering to bring in $20 million to help fund its Phase II melanoma trial, as well as other clinical and R&D activities.

As part of the offering, OncoSec gave underwriters a 30-day option to buy up to an additional 2,000,000 shares of common stock with the same terms.

The company’s offering is slated to close on Feb. 5.

In November, 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.

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