Exhibit 99.1
NEWS RELEASE |
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FOR IMMEDIATE RELEASE |
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CONTACT: |
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Investor Relations |
| Media Relations |
Bernie Hertel |
| Jeff Richardson |
Phone: (858) 410-3101 |
| Phone: 805-491-8313 |
Inovio Biomedical Closes $16.17 Million Equity Financing
SAN DIEGO, CA – May 25, 2007 – Inovio Biomedical Corporation (AMEX: INO), focused on the development of genetic vaccines for infections and cancers and a novel replacement for surgery to treat cancers, announced today the closing of the sale, directly to institutional and accredited investors based in Singapore and North America, of 4,595,094 shares of the common stock of Inovio Biomedical at $3.52 per share, resulting in cash proceeds to Inovio Biomedical of approximately $16.17 million before offering expenses. The price per share of the Inovio Biomedical common stock issued upon completion of this direct financing direct financing represents an approximate 7% discount to the closing price of Inovio Biomedical’s common stock on May 14, 2007, the date of execution of the definitive sale agreements.
“While we continue to execute the commercialization strategy for our solid tumor therapy using bleomycin, this financing gives Inovio a strong balance sheet that will allow us to further leverage the recent successes in our DNA delivery programs,” noted Dr. Avtar Dhillon, CEO.
The shares were offered and sold pursuant to a prospectus supplement to Inovio Biomedical’s registration statement on Form S-3 (File No. 333-134084), including a base prospectus dated May 25, 2006, registering up to $75,000,000 of Inovio Biomedical equity securities and the offering thereof from time to time in accordance with Rule 415 under the Securities Act, which incorporates by reference documents which registrant has filed or will file in accordance with the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.
This press release does, and shall, not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction (foreign or in the U.S.) in which such offer, solicitation or sale would be unlawful.
About Inovio Biomedical Corporation
Inovio Biomedical (AMEX: INO) is focused on commercializing its Selective Electrochemical Tumor Ablation (SECTA) therapy and development of multiple DNA-based immunotherapies using its delivery platform for gene-based treatments. SECTA is a local ablation therapy for solid tumors designed to selectively kill cancerous cells and minimize cosmetic or functional impacts to predominantly healthy tissue typically treated around a tumor. Inovio is moving its lead product, the MedPulser®, through pre-marketing studies for head & neck and skin cancers in Europe, where it has CE Mark accreditation, a U.S. Phase III pivotal study for head and neck cancer, and a Phase I/II trial for breast cancer. Inovio’s DNA delivery partners include Merck, Wyeth, Vical, University of Southampton, Moffitt Cancer Center, and the U.S. Army, with four DNA-based immunotherapies in Phase I clinical studies. Inovio is a leader in developing human therapeutic applications of electroporation, which uses brief, controlled electrical pulses to increase both cellular uptake of a useful biopharmaceutical and, in the case of
Inovio Biomedical Corporation · 11494 Sorrento Valley Road · San Diego, California 92121-1318
Telephone: (858) 597-6006 · Fax: (858) 597-0119 · Email: investor.relations@inovio.com
gene-based treatments, levels of gene expression. Inovio has the industry’s most extensive patent portfolio covering in vivo electroporation. More information is available at www.inovio.com.
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