Market Overview

Inovio Pharmaceuticals Closes $15.1M Offering of Common Stock and Warrants

Inovio Pharmaceuticals (NYSE: INO) today announced that it has closed an underwritten offering of 27,377,266 shares of its common stock and warrants to purchase up to 13,688,633 shares of common stock at a combined price of $0.55 per share and related warrant for gross proceeds of $15.1 million. The warrants are exercisable at an exercise price of $.7936 per share and will expire, unless exercised, on the date that is 180 days after the fifth anniversary of the date of issuance. The net proceeds from the sale of the shares and the related warrants, after deducting the underwriters' discounts and other estimated offering expenses payable by Inovio, was approximately $14.0 million, which does not include any potential proceeds from the cash exercise of any warrants.

Inovio intends to use the net proceeds of the offering (including any resulting from the exercise of the warrants) for general corporate purposes, including clinical trial expenses, research and development expenses, general and administrative expenses, manufacturing expenses and potential acquisitions of companies and technologies that complement our business.

Cowen and Company, LLC acted as sole book-running manager for the offering. Brean Capital, LLC acted as co-lead manager for the offering. Maxim Group LLC acted as co-manager.

Dr. J. Joseph Kim, President and CEO of Inovio Pharmaceuticals, said, "We are pleased to secure this investment to further advance the development of Inovio's synthetic preventive and therapeutic vaccines. As of February 28, 2013, we had approximately $16.9 million in cash, cash equivalents, and short-term investments. With this transaction, we believe we will have capital to fund the company through 2014. This would take us through multiple important milestones including the release of unblinded efficacy data from our phase II cervical dysplasia clinical study, which we are now targeting for the first quarter of 2014."

A shelf registration statement (File No. 333-176670) relating to these securities was filed with the Securities and Exchange Commission on September 2, 2011, which was declared effective on September 23, 2011. A prospectus supplement and accompanying prospectus relating to the offering was filed with the Securities and Exchange Commission on March 7, 2013. Copies of the prospectus supplement and accompanying prospectus relating to the offering may be obtained from Cowen and Company, LLC (c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY 11717, Attn: Prospectus Department, Phone: 631-274,2806, Fax 631-254-7140). An electronic copy of the prospectus supplement and accompany prospectus relating to the offering is available on the website of the Securities and Exchange Commission at www.sec.gov.

This press release does not constitute an offer to sell or the solicitation of offers to buy any securities of Inovio, and shall not constitute an offer, solicitation or sale of any security in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Inovio Pharmaceuticals, Inc.

Inovio is revolutionizing vaccines to prevent and treat today's cancers and challenging infectious diseases. Its SynCon® vaccines are designed to provide universal protection against known as well as new unmatched strains of pathogens such as influenza. These synthetic vaccines, in combination with Inovio's proprietary electroporation delivery, have been shown in humans to generate best-in-class immune responses with a favorable safety profile. Inovio's clinical programs include phase II studies for cervical dysplasia, leukemia and hepatitis C virus and phase I studies for influenza and HIV. Partners and collaborators include the University of Pennsylvania, Merck, ChronTech, National Cancer Institute, U.S. Military HIV Research Program, NIH, HIV Vaccines Trial Network, University of Southampton, US Dept. of Homeland Security, University of Manitoba and PATH Malaria Vaccine Initiative. More information is available at www.inovio.com.

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