SAN DIEGO--(BUSINESS WIRE)--Inovio Biomedical Corporation (NYSE AMEX: INO) (“Inovio”), a leader in DNA vaccine design, development and delivery, announced today the closing of the sale, directly to institutional investors, of 11,111,110 shares of its common stock and warrants to purchase up to 2,777,776 additional shares of its common stock, resulting in cash proceeds to Inovio Biomedical of approximately $30 million. Inovio expects to receive net proceeds of approximately $28.5 million after deducting placement agent fees and other offering expenses. Each unit, consisting of one share of common stock and a warrant to purchase approximately 0.25 of a share of common stock, was sold for a purchase price of $2.70. The warrants to purchase additional shares will be exercisable at an exercise price of $3.50 per share beginning six months after issuance and will expire six months from the date they are first exercisable.
