San Diego cancer drug maker OncoSec Medical Inc. has entered into definitive agreements with institutional investors to purchase about $16 million of securities in a registered direct offering. It expects net proceeds to be $14.9 million.

OncoSec (OTC: ONCS) has agreed to sell the investors about 22.5 million shares of its common stock at 71 cents per share. The company plans to use the offering’s proceeds for general corporate purposes, including clinical trial expenses and research and development expenses.

The company is developing a treatment for advanced-stage skin cancer.