SAN DIEGO--(BUSINESS WIRE)--Jan. 3, 2006--Inovio Biomedical Corporation (AMEX:INO) reported today that it had completed its previously announced financing of an aggregate of $15.8 million through the sale of the Company's common stock to institutional and accredited investors, which include Merck & Co. Inc. (NYSE:MRK) and Vical Inc. (Nasdaq:VICL). The common stock was priced at $2.40 per share, which represented a premium to the closing price on December 15, 2005. In addition, the Company issued five-year warrants to purchase 35% of the number of shares of common stock sold in the offering at an exercise price of approximately $2.93, a 25% premium to the closing price on December 15, 2005. Thomas Weisel Partners served as the placement agent for the transaction.
