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Share Name | Share Symbol | Market | Type |
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OncoSec Medical Incorporated | NASDAQ:ONCS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.2772 | 0.265 | 0.2651 | 0 | 01:00:00 |
OncoSec Medical Inc. (OTCQB: ONCS), a company developing DNA-based intratumoral cancer immunotherapies, today announced financial results for the fiscal year ended July 31, 2014.
FINANCIAL RESULTS
For the fiscal year ended July 31, 2014, OncoSec Medical reported a net loss of $12.0 million, or $0.06 per share, compared to a net loss of $7.2 million, or $0.07 per share, for the same period last year. The increase in net loss attributable to common stockholders for the year ended July 31, 2014, compared with the same period in 2013, resulted primarily from (i) an increase in salary related expenses (inclusive of stock-based compensation) due to increased headcount as we continue to grow our company in support of our corporate goals and (ii) an increase in outside services costs (sponsored research, clinical development consulting, and corporate development/communications consulting) as we continue to expand our research and development operations and corporate infrastructure. There were no revenues for fiscal year ended July 31, 2014 or July 31, 2013.
Research and development expenses were $5.8 million for the fiscal year ended July 31, 2014, compared to $3.2 million for the same period in 2013. General and administrative expenses were $6.2 million for the fiscal year ended July 31, 2014, compared to $3.9 million for the same period in 2013.
At July 31, 2014, we had $37.9 million in cash and cash equivalents, as compared to $5.0 million of cash and cash equivalents at July 31, 2013. We expect these funds to be sufficient to allow us to continue to operate our business for at least the next 12 months.
RECENT HIGHLIGHTS IN FISCAL YEAR 2015
It has been a year of tremendous progress thus far with the expansion of our team and R&D capabilities. As we prepare for more success in the coming months, it is important to note the significant advancements that have brought us to this point. Below is a summary of noteworthy events in fiscal year 2015 to-date.
FISCAL YEAR 2014 HIGHLIGHTS
In December of 2013, Dr. Robert H. Pierce, M.D., was appointed to our senior management team. Dr. Pierce joined OncoSec from Merck Research Labs, where he spent almost seven years leading a 20-person team dedicated to developing disease-oriented and tissue-based translational medicine platforms. Most notably Dr. Pierce was a key member of the global development team behind Merck’s recently approved “breakthrough” immunotherapy for unresectable melanoma, pembrolizumab (MK-3475). As Executive Director at Merck Research Labs for almost 7 years, he was responsible for contributions to multiple successful IND applications, including critical biomarker development programs such as the anti-PD-L1 immunohistochemistry assay supporting Merck’s Phase I and II pembrolizumab (MK-3475) clinical trials. Dr. Pierce has been the driving force behind OncoSec’s position as a leader in developing intratumoral immune-modulating therapies.
The year continued with the announcement of numerous clinical updates:
“I am extremely excited about the progress we made in fiscal year 2014, with the addition of several key hires, meeting important clinical milestones and strengthening our balance sheet,” said Punit Dhillon, President and CEO of OncoSec Medical. “We now have the infrastructure and resources in place to take our R&D efforts to the next level, while continuing to advance our product-differentiated immuno-oncology pipeline. The moves we made this year should solidify our place in the immunotherapy landscape by redefining the role of intratumoral-based approaches, and set us up for continued success in fiscal year 2015 and beyond.”
About OncoSec Medical Inc.
OncoSec Medical Inc. is a biotechnology company developing its ImmunoPulse cancer immunotherapy. OncoSec Medical's core technology is designed to enhance the local delivery and uptake of DNA-based immune-targeting agents like DNA IL-12. Clinical studies using DNA IL-12 with electroporation to-date have demonstrated an acceptable safety profile and preliminary evidence of anti-tumor activity in the treatment of various skin cancers, as well as the potential to initiate a systemic immune response without the systemic toxicities associated with other treatments. OncoSec's lead program using DNA IL-12 with electroporation in the treatment of metastatic melanoma is currently in Phase 2 development. The company is focused on identifying and developing new immune-targeting agents, investigating additional tumor indications, and evaluating combination-based immunotherapy approaches with DNA IL-12 or other immune-targeting agents. For more information, please visit www.oncosec.com.
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements in this release that are not historical facts may be considered such “forward-looking statements.” Forward-looking statements are based on management’s current preliminary expectations and are subject to risks and uncertainties, which may cause our results to differ materially and adversely from the statements contained herein. Some of the potential risks and uncertainties that could cause actual results to differ from those predicted include our ability to raise additional funding, our ability to acquire, develop or commercialize new products, uncertainties inherent in pre-clinical studies and clinical trials, unexpected new data, safety and technical issues, competition, and market conditions. These and additional risks and uncertainties are more fully described in OncoSec Medical’s filings with the Securities and Exchange Commission. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. OncoSec Medical disclaims any obligation to update any forward-looking statements to reflect new information, events or circumstances after the date they are made, or to reflect the occurrence of unanticipated events.
Investor Relations:OncoSec Medical Inc.Jordyn Kopin, 855-662-6732investors@oncosec.comorPublic Relations:Dian Griesel, Int’l.Laura Radocaj, 212-825-3210lradocaj@dgicomm.com
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