OncoSec Medical Inc (NASDAQ:ONCS), a company developing DNA-based intratumoral cancer immunotherapies, today announced that it has closed its previously announced at-the-market registered direct offering with a single healthcare dedicated institutional fund for the purchase of 5,509,642 shares of its common stock at a price of $1.815, or pre-funded warrants in lieu thereof at a price of $1.805, and warrants to purchase up to an aggregate of 5,509,642 shares of common stock at an exercise price of $1.69 per share for a term of 9 years. The warrants are immediately exercisable on the date of issuance. The offering closed on May 26, 2016.

The gross proceeds of the offering were $10 million. Net proceeds, after deducting the placement agent’s fee, financial advisory fees, and other estimated offering expenses payable by OncoSec, are expected to be approximately $9.1 million. OncoSec intends to use proceeds from the offering for general corporate purposes, including clinical trial expenses and research and development expenses.

Rodman & Renshaw, a unit of H.C. Wainwright & Co., LLC, acted as the exclusive placement agent in connection with this offering. Maxim Group LLC acted as a financial advisor to OncoSec in connection with the transaction.

“We are pleased with the support from this healthcare dedicated institutional fund as we continue to advance our immuno-oncology pipeline to fight cancer,” said Punit Dhillon, President and CEO of OncoSec. “We believe this strategic financing provides the cash runway necessary to achieve our upcoming milestones, including the advancement of our melanoma development pathway, while strengthening our balance sheet.” (Original Source)

Shares of OncoSec Medical Inc closed yesterday at $1.62, down $0.02 or -1.22%. ONCS has a 1-year high of $8.40 and a 1-year low of $0.23. The stock’s 50-day moving average is $1.98 and its 200-day moving average is $2.22.

On the ratings front, OncoSec Medical has been the subject of a number of recent research reports. In a report issued on April 20, H.C. Wainwright analyst Mark Breidenbach reiterated a Buy rating on ONCS. Separately, on March 8, Maxim Group’s Jason Kolbert reiterated a Buy rating on the stock and has a price target of $17.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Mark Breidenbach and Jason Kolbert have a total average return of -21% and -14% respectively. Breidenbach has a success rate of 30.8% and is ranked #3793 out of 3869 analysts, while Kolbert has a success rate of 30.0% and is ranked #3868.

OncoSec Medical, Inc. designs, develops, and commercializes medical products for the treatment of cancer. It engages in the discovery and development of novel immunotherapeutic products to improve treatment options for patients and physicians, which intends to treat oncology indications. The company was founded by Avtar S. Dhillon and Punit S. Dhillon on February 8, 2008 and is headquartered in San Diego, CA.