SAN DIEGO--(BUSINESS WIRE)--Dec. 19, 2005--Inovio Biomedical Corporation (AMEX: INO), a late stage developer of therapies for cancer and other applications using electroporation to deliver drugs and nucleic acids, reported today that it has entered into a definitive agreement with a group of institutional investors as well as Merck & Co. Inc. (NYSE: MRK) and Vical Inc. (NASDAQ: VICL) to sell approximately $15.8 million of the Company’s common stock at $2.40 per share, which represents a premium to the closing price on December 15, 2005. In addition, the Company will issue five-year warrants to purchase 35% of the number of shares of common stock to be sold in the offering at an exercise price of approximately $2.93, a 25% premium to the closing price on December 15, 2005. Closing of the transaction is subject to approval of the terms of the offering by the American Stock Exchange.