OncoSec Medical Shares Rise 20% After Direct Offering Prices

Dow Jones2023-04-11

By Chris Wack

OncoSec Medical Inc. shares were up 20% to $1.32 Monday after the company said it entered into a definitive agreement for the purchase and sale of 1.6 million common shares at $1.25 a share in a registered direct offering priced at-the-market under Nasdaq rules.

The Ewing, N.J.- and San Diego, Calif.-based biotechnology company said it also agreed to issue in a concurrent private placement unregistered warrants to buy up to 1.6 million shares. The warrants have an exercise price of $1.12 per share, are immediately exercisable upon issuance, and expire five and a half years from the date of issuance.

The offering is expected to close on or about Wednesday and generate proceeds of $2 million to the company for working capital and general corporate purposes.

OncoSec Medical shares are down 94% over the past 12 months.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

April 10, 2023 12:40 ET (16:40 GMT)

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