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OncoSec Medical Announces YTD Results for Fiscal Year End 2014
SAN DIEGO October 10, 2014 OncoSec Medical Inc. (OTCQB: ONCS), a company developing DNA-based intratumoral cancer immunotherapies, today announced financial results for the fiscal year ended July 31, 2014.
For the fiscal year ended July 31, 2014, OncoSec Medical reported a net loss of $12.0 million, or $0.06 per share, compared to a net loss of $7.2 million, or $0.07 per share, for the same period last year. The increase in net loss attributable to common stockholders for the year ended July 31, 2014, compared with the same period in 2013, resulted primarily from (i) an increase in salary related expenses (inclusive of stock-based compensation) due to increased headcount as we continue to grow our company in support of our corporate goals and (ii) an increase in outside services costs (sponsored research, clinical development consulting, and corporate development/communications consulting) as we continue to expand our research and development operations and corporate infrastructure. There were no revenues for fiscal year ended July 31, 2014 or July 31, 2013.
Research and development expenses were $5.8 million for the fiscal year ended July 31, 2014, compared to $3.2 million for the same period in 2013. General and administrative expenses were $6.2 million for the fiscal year ended July 31, 2014, compared to $3.9 million for the same period in 2013.
At July 31, 2014, we had $37.9 million in cash and cash equivalents, as compared to $5.0 million of cash and cash equivalents at July 31, 2013. We expect these funds to be sufficient to allow us to continue to operate our business for at least the next 12 months.
RECENT HIGHLIGHTS IN FISCAL YEAR 2015
It has been a year of tremendous progress thus far with the expansion of our team and R&D capabilities. As we prepare for more success in the coming months, it is important to note the significant advancements that have brought us to this point. Below is a summary of noteworthy events in fiscal year 2015 to-date.
· Dr. Holbrook Kohrt, M.D., Ph.D., was appointed to our Scientific Advisory Board. Dr. Kohrt is an Assistant Professor at Stanford Cancer Institute, and currently investigates novel therapeutic strategies to enhance anti-tumor immunity. Dr. Kohrt is a leader in the research of intratumoral immunotherapies, and his expertise will be pivotal in the development of new immune-modulating agents for intratumoral therapy.
· Dr. Mai H. Le, M.D., was appointed Chief Medical Officer. Dr. Le has a strong background in drug development, with extensive experience in clinical research and regulatory affairs. Prior to joining OncoSec, Dr. Le was Medical Director at Calithera Biosciences, Inc., where she formulated and launched the early clinical development plans for a novel small molecule inhibitor of glutaminase for a variety of solid and hematological tumor indications. Furthermore, her work at Proteolix and, later, Onyx Pharmaceuticals, was critical to the accelerated approval of carfilzomib (Kyprolis®), a second-generation proteasome inhibitor for the treatment of relapsed/refractory multiple myeloma.
The following information was filed by Oncosec Medical Inc (ONCS) on Friday, October 10, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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