PENNINGTON, N.J. and
SAN DIEGO, Feb. 23, 2021
/PRNewswire/ -- OncoSec Medical Incorporated ("OncoSec")
(Nasdaq:ONCS), a late-stage biotechnology company focused on
designing, developing and commercializing innovative therapies and
proprietary medical approaches to stimulate and to guide an
anti-tumor immune response for the treatment of cancer, today
announced the approval of $2.5
million in tax credit certificates from the New Jersey
Economic Development Authority (NJEDA).
The tax credit certificates are offered to qualified companies
through the NJEDA's Technology Business Tax Certificate Transfer
Program, which enables eligible technology and biotechnology
companies based in New Jersey to
sell unused net operating losses (NOLs) and research and
development (R&D) tax credits for cash proceeds.
"We appreciate the support of the NJEDA to foster innovation in
the New Jersey biotechnology
industry and its dedication to growing businesses in the state,"
said Daniel J. O'Connor, President
and Chief Executive Officer of OncoSec. "The NJEDA NOL program
provides a mechanism for OncoSec to sell our unused NOLs and
R&D tax credits for cash, in effect, providing non-dilutive
funding to further advance development of our cytokine-based
intratumoral immunotherapies and other pipeline programs, without
reducing investor value or adding debt to our balance sheet."
About OncoSec Medical Incorporated
OncoSec Medical Incorporated (the "Company," "OncoSec," "we" or
"our") is a late-stage biotechnology company focused on developing
cytokine-based intratumoral immunotherapies to stimulate the body's
immune system to target and attack cancer. OncoSec's lead
immunotherapy investigational product candidate –
TAVO™ (tavokinogene telseplasmid) – enables the intratumoral
delivery of DNA-based interleukin-12 (IL-12), a naturally occurring
protein with immune-stimulating functions. The technology, which
employs electroporation, is designed to produce a controlled,
localized expression of IL-12 in the tumor microenvironment,
enabling the immune system to target and attack tumors throughout
the body. OncoSec has built a deep and diverse clinical pipeline
utilizing TAVO™ as a potential treatment for multiple cancer
indications either as a monotherapy or in combination with leading
checkpoint inhibitors; with the latter potentially enabling OncoSec
to address a great unmet medical need in oncology: anti-PD-1
non-responders. Results from recently completed clinical studies of
TAVO™ have demonstrated a local immune response, and subsequently,
a systemic effect as either a monotherapy or combination treatment
approach along with an acceptable safety profile, warranting
further development. In addition to TAVO™, OncoSec is identifying
and developing new DNA-encoded therapeutic candidates and tumor
indications for use with its new Visceral Lesion Applicator (VLA),
to target deep visceral lesions, such as liver, lung or pancreatic
lesions. For more information, please visit
www.oncosec.com.
TAVO™ is a trademark of OncoSec Medical Incorporated.
Risk Factors and Forward-Looking Statements
This release, as well as other information provided from time to
time by the Company or its employees, may contain forward-looking
statements that involve a number of risks and uncertainties that
could cause actual results to differ materially from those
anticipated in the forward-looking statements. Forward-looking
statements provide the Company's current beliefs, expectations and
intentions regarding future events and involve risks, uncertainties
(some of which are beyond the Company's control) and assumptions.
For those statements, we claim the protection of the safe harbor
for forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. You can identify forward-looking
statements by the fact that they do not relate strictly to
historical or current facts. These statements may include words
such as "anticipate," "believe," "could," "estimate," "expect,"
"intend," "may," "plan," "potential," "should," "will" and "would"
and similar expressions (including the negative of these terms).
Although we believe that expectations reflected in the forward-
looking statements are reasonable, we cannot guarantee future
results, levels of activity, performance or achievements. The
Company intends these forward-looking statements to speak only at
the time they are published on or as otherwise specified, and does
not undertake to update or revise these statements as more
information becomes available, except as required under federal
securities laws and the rules and regulations of the Securities
Exchange Commission ("SEC"). In particular, you should be aware
that the success and timing of our clinical trials, including
safety and efficacy of our product candidates, patient accrual,
unexpected or expected safety events, the impact of COVID-19 on the
supply of our candidates or the initiation or completion of
clinical trials and the usability of data generated from our trials
may differ and may not meet our estimated timelines. Please refer
to the risk factors and other cautionary statements provided in the
Company's Annual Report on Form 10-K for the fiscal year ended
July 31, 2019 and subsequent periodic
and current reports filed with the SEC (each of which can be found
at the SEC's website www.sec.gov), as well as other factors
described from time to time in the Company's filings with the
SEC.
Company Contact
Brian
Leuthner
Chief Operating Officer
investors@oncosec.com
Media Contact
Patrick
Bursey
LifeSci Communications
+1-646-970-4688
pbursey@lifescicomms.com
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SOURCE OncoSec Medical Incorporated