Inovio Biomedical Corporation to Raise Approximately $16.2 Million through Equity Funding

SAN DIEGO--(BUSINESS WIRE)--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 it has entered into definitive agreements to sell directly to institutional and accredited investors based in Singapore and North America, approximately 4,595,094 shares of the common stock of Inovio Biomedical at $3.52 per share, that will result in cash proceeds to Inovio Biomedical before offering expenses of approximately $16.2 million. The price per share of the Inovio Biomedical common stock to be issued upon completion of this direct financing represents a discount to the closing price of Inovio's common stock on May 14, 2007 of approximately 7%. Closing of this transaction is subject to approval of the listing of the shares to be issued of Inovio Biomedical by the American Stock Exchange and to the satisfaction of other conditions.
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