OncoSec Medical Inc. reported a net loss of $8.5 million, or $0.05 per share, for the nine months ended April 30, 2014. That compares with a net loss of $5.4 million, or $0.05 per share, for the like period last year, the company said.
There were no revenues for the nine months ended April 30, 2014 or in the like period of the previous year, for the company which is working on DNA-based immunotherapy to treat solid tumors.
San Diego-based OncoSec’s (OTCQB: ONCS) research and development expenses were $3.9 million for the nine months compared with $2.4 million for the like period of the previous year.
According to the company, the increase in research and development expenses was primarily a result of increased compensation expense from expanded operations and employee headcount, increased clinical operation costs (pre-clinical development, R&D activities and clinical trials advancement) and costs related to its sponsored research agreements.
General and administrative expenses were $4.5 million for the nine month period.
OncoSec said it had $24.3 million in cash and cash equivalents as of April 30, 2014, as compared to $5 million of cash and cash equivalents at April 30, 2013.
OncoSec recently entered into definitive agreements with institutional investors to purchase about $16 million of securities in a registered direct offering.