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OncoSec Medical raises $23M through public offering

OncoSec Medical Inc. closed its previously announced offering of shares, raising $23 million in the process.

The San Diego-based biotechnology company issued 15,333,334 shares at $1.50 each, inclusive of the 2 million shares issued to the offering's underwriters as part of their overallotment option.

OncoSec plans to use the net proceeds primarily for a phase 2 trial in skin cancer.

Piper Jaffray & Co. acted as lead book-running manager for the offering. Cantor Fitzgerald & Co. acted as a book runner.