SAN DIEGO--(BUSINESS WIRE)--Inovio Biomedical Corporation (AMEX:INO), focused on the development of DNA-based vaccines for cancers and infectious diseases and a novel alternative to surgery to treat localized 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 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.
