OncoSec Medical Inc (OTCMKTS:ONCS) Climbing The Charts
After a negative close on Friday, yesterday OncoSec Medical Inc(OTCMKTS:ONCS) underwent a positive session. The stock gained 6.30% on a volume of 968 thousand shares, and closed at $0.574.
The positive outcome might be attributed to a certain post on Twitter made by the company’s President and CEO – Punit Dhillon. On Sunday, he tweeted that he’s off to kick start “7 straight days of OncoSec investor meetings”. The news triggered an immediate response from ONCS supporters, most of which are expecting to see a press release issued sometime today or tomorrow.
The latest news on ONCS comes from a PR issued on Nov 13. It announced the company will be participating in the 2014 Stifel Healthcare Conference, where on Nov 19 Punit Dhillon will be presenting “a corporate overview of the Company”. The conference will be held on Nov 18 and Nov 19, in NYC.
On Nov 10, the company shared some major news via a press release. ONCS disclosed that it has been given a grant from the Virginia Biosciences Health Research Corporation in the amount of $585 thousand. The funding will be used for research on “the treatment of malignant melanoma”. A PR from October shows that the VBHRC grant is not the only funding given to the company. On Oct 27, ONCS announced that it has been granted a Phase I Small Business Innovation Research grant. The funding was in the amount of $163 thousand and was provided by the National Cancer Institute of the National Institute of Health. The Phase I SBIR grant could also result in additional funding of up to $1 million, depending on how the Phase I trials go.
ONCS has turned in several filings this month. Just on Nov 12, the company filed a Form 3 and a Form 4 that had to do with ONCS‘s Chief Medical Officer – Mai Hope Le. The Form 3 disclosed that she owns no company securities, while the Form 4 announced that she has acquired 1.7 million options to purchase common stock with an exercise price of $0.52. Mai Hope Le is entitled to these shares “under the Company’s Amended and Restated 2011 Stock Incentive Plan“, so states an 8-K report from Sept 16.
On Nov 10, ONCS turned in its annual report, which covered the fiscal year ended July 31. Considering that this is a development stage pharmaceutical company, the 10-K reported quite the impressive numbers. What’s more, ONCS doesn’t suffer from toxic funding. The company has chosen to use equity financing in order to replenish its cash supplies, and has enough cash in the bank to continue its operations for “at least the next 12 months”. The latest cash infusion which resulted from equity financing occurred on June 6, and brought the company net proceeds of about $15 million.
Potential investors should do their own due diligence on the company before deciding whether or not to put money on the stock.
