By a News Reporter-Staff News Editor at Clinical Trials Week -- OncoSec Medical Inc. (OTCQB:ONCS), a company developing its ImmunoPulse DNA-based immunotherapy to treat solid tumors, announced financial results for the nine months ended April 30, 2014. FINANCIAL RESULTS For the nine months ended April 30, 2014, OncoSec Medical reported a net loss of $8.5 million, or $0.05 per share, compared to a net loss of $5.4 million, or $0.05 per share, for the same period last year. There were no revenues for the nine months ended April 30, 2014 or April 30, 2013 (see also OncoSec Medical Inc.).
Research and development expenses were $3.9 million for the nine months ended April 30, 2014, compared to $2.4 million for the nine months ended April 30, 2013. This increase in research and development expenses was primarily a result of increased compensation expense, inclusive of increased salary and stock-based compensation expenses as we have expanded our operations and our employee headcount, increased clinical operation costs (pre-clinical development, research and development activities and clinical trials advancement) and costs related to our sponsored research agreements.
General and administrative expenses were $4.5 million for the nine months ended April 30, 2014, compared to $2.9 million for the nine months ended April 30, 2013. This increase in general and administrative expenses was primarily a result of increased compensation expense, increased corporate communications and business development costs and increased legal fees associated with various corporate matters, partially offset by a decrease in travel and conference fees.
At April 30, 2014, we had $24.3 million in cash and cash equivalents, as compared to $5.0 million of cash and cash equivalents at April 30, 2013. Subsequently, on June 6, 2014, we completed a registered public offering of our common stock and warrants to purchase our common stock, resulting in net proceeds of approximately $14.9 million. We expect to use the net proceeds from the offering for general corporate purposes, including clinical trial expenses and research and development expenses. ACCOMPLISHMENTS THROUGH APRIL 30, 2014 On December 11, 2013, we appointed Dr. Robert Pierce, M.D. as our Chief Medical Officer and Vice President Research and Development.
On April 21, 2014, we appointed Dr. Jean S. Campbell, Ph.D. as Executive Director of Research and Development to oversee our expanded R&D operations in Seattle, Washington.
OMS-I100: Phase 2 Study in Metastatic Melanoma completed enrollment (30 patients) and we added a 21 patient cohort as part of a dosage-intensification study.
OMS-I110: Phase 2 Study in Merkel Cell Carcinoma is nearing enrollment completion.
OMS-I120: Phase 2 Study in Cutaneous T-Cell Lymphoma now includes two of the foremost centers of excellence for this disease-Stanford University and University of Pennsylvania. In addition, the protocol was amended to broaden the inclusion and exclusion criteria, implement a more patient-friendly treatment design and expand the exploratory endpoints for the trial.
Keywords for this news article include: OncoSec Medical Inc, Investment and Finance.
Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2014, NewsRx LLC