OncoSec Medical, a San Diego biotech developing cancer therapies, announced on Feb. 1 a $20 million public stock offering.

It includes 13,333,334 shares of common stock at a price of $1.50 per share. In addition, the deal underwriters will have a 30-day option to buy up to an additional 2,000,000 shares of common stock under the same terms.

The offering is expected to close on Feb. 5.

OncoSec intends to use the proceeds primarily for a phase 2 trial for a melanoma therapy, with additional funds going toward clinical, research and development, and corporate purposes.

OncoSec's lead program, ImmunoPulse IL-12, is in clinical development for metastatic melanoma and triple-negative breast cancer. The program is geared toward patients with melanoma who are refractory or have relapsed on anti-PD-1 therapies.

Piper Jaffray & Co. is the lead book-running manager for the offering, with Cantor Fitzgerald & Co. also a book runner.