OncoSec Medical Inc (NASDAQ:ONCS), a company developing DNA-based intratumoral cancer immunotherapies, today announced that the Company has closed its previously announced registered direct offering with two healthcare focused funds for the purchase of 2,142,860 shares of its common stock at a price of $3.50 and warrants to purchase up to an aggregate of 1,071,430 shares of common stock at an exercise price of $4.50 per share. The warrants have a term of 5.5 years and become exercisable after 6 months. The offering closed on November 9, 2015.

The gross proceeds of the offering were approximately $7.5 million. Net proceeds, after deducting the placement agent’s fee and other estimated offering expenses payable by OncoSec, were approximately $6.9 million. OncoSec intends to use proceeds from the offering for general corporate purposes, including clinical trial expenses and research and development expenses.

H.C. Wainwright & Co., LLC acted as the exclusive placement agent for the transaction. Maxim Group LLC and Noble Life Science Partners acted as financial advisors to OncoSec in connection with the transaction.

“We are pleased with the support from healthcare focused funds as we continue to advance our immuno-oncology pipeline to fight cancer,” said Punit Dhillon, President and CEO of OncoSec. “This strategic financing allows the necessary cash runway to achieve our upcoming milestones while strengthening our balance sheet.” (Original Source)

Shares of OncoSec Medical Inc opened today at $3.53 and are currently trading down at $3.41. ONCS has a 1-year high of $8.40 and a 1-year low of $0.22. The stock’s 50-day moving average is $4.62 and its 200-day moving average is $5.67.

On the ratings front, OncoSec has been the subject of a number of recent research reports. In a report issued on September 28, Maxim Group analyst Jason Kolbert reiterated a Buy rating on ONCS, with a price target of $17, which implies an upside of 381.6% from current levels. Separately, on August 19, H.C. Wainwright’s Mark Breidenbach initiated coverage with a Buy rating on the stock and has a price target of $25.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason Kolbert and Mark Breidenbach have a total average return of -14.6% and -9.3% respectively. Kolbert has a success rate of 29.4% and is ranked #3825 out of 3829 analysts, while Breidenbach has a success rate of 36.4% and is ranked #3336.

OncoSec Medical Inc is a biotechnology company focused on designing, developing and commercializing gene therapies, therapeutics and proprietary medical approaches to stimulate and guide an anti-tumor immune response for the treatment of cancer.