OncoSec Medical surrenders most of big gains after direct equity offering

OncoSec Medical Incorporated

10/04/2023 20:49

(Updates to include equity offering details)
    ** OncoSec Medical Inc's  ONCS.O  shares last up 12.5% at
$1.26, after surging as much as 91.1% to $2.14 early Mon
    ** Co around 11:30 a.m. ET announced direct offering of
~1.58 mln shares at $1.25 for $2 mln raise to fund working
capital, general purposes
    ** ONCS also to issue 5-1/2-yr warrants in private placement
to buy up to ~1.58 mln shares with exercise price of $1.12
    ** Before market open, co requested SEC to withdraw
registration statement saying it opted not to pursue offering
related to Mar 28 stock-and-warrants filing
    ** ONCS has ~3 mln shares outstanding and ~2 mln shares of
free float, per Refinitiv data
    ** Last Mon, ONCS shares fell 50% to $1.30 after co said
review by independent panel for its skin cancer therapy in
combination with Merck & Co Inc's  MRK.N  Keytruda failed to
meet overall response rate in mid-stage study
    ** Including gain on the session, ONCS shares down 25% YTD
amid ~95% drop over the past 12 months

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))