OncoSec Sees A Wider Loss Than Expected In Q4 While ImmunoPulse Trial Remains On Track
OncoSec Medical Inc (NASDAQ: ONCS) suffered a wider loss in the fourth quarter than expected. However, the company indicated that its study on ImmunoPulse remains on track.
The company incurred a net loss of $6.6 million, or a loss per share of $0.39, compared to a net loss of $6.5 million, or a loss per share of $0.40, in the year-ago quarter. Street analysts expected a loss per share of $0.35.
OncoSec disclosed that it continued to develop its lead clinical program, ImmunoPulse IL-12, meant for anti-PD1 non-responsive patient in melanoma. The company revealed that the program is progressing well offering a possible immunotherapy.
The company's president and CEO, Punit Dhillon, stated, "Subject to these interim results and discussions with the U.S. Food and Drug Administration, we expect to submit a registration directed study design for ImmunoPulse® IL-12 by the end of 2016."
OncoSec indicated that it would continue to expand its research pipeline while widening the scope for its engineering efforts for fresh devices. The company expects to launch the new device along with its next clinical candidate.
The stock closed at $1.74 on Thursday's regular trading. At last check in Friday's morning session, OncoSec was down 2.29 percent at $1.70.
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