Inovio Biomedical Corporation (NYSE AMEX: INO) (“Inovio”), a leader in DNA vaccine design, development and delivery, announced today that it has received commitments from institutional investors to purchase $30 million of securities in a registered direct offering. Inovio expects to receive net proceeds of approximately $28.5 million after deducting placement agent fees and other offering expenses. Under the terms of a Securities Purchase Agreement, Inovio will sell an aggregate of 11,111,110 shares of its common stock and warrants to purchase up to 2,777,776 additional shares of its common stock. Each unit, consisting of one share of common stock and a warrant to purchase approximately 0.25 of a share of common stock, will be 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. All of the securities were offered pursuant to an effective shelf registration statement. Proceeds from the transaction will be used for general corporate purposes. Closing of this transaction is subject to the satisfaction of customary conditions.

Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc., (Nasdaq: RODM), acted as the exclusive placement agent for the transaction.

A shelf registration statement relating to the shares of common stock and warrants issued in the offering (and the shares of common stock issuable upon exercise of the warrants) has been filed with the Securities and Exchange Commission (the “SEC”) and has been declared effective. A prospectus supplement relating to the offering will be filed with the SEC. Copies of the prospectus supplement and accompanying prospectus may be obtained directly from the Company by contacting Inovio Biomedical Corporation, 11494 Sorrento Valley Road, San Diego, CA 92121. This announcement is neither an offer to sell nor a solicitation of an offer to buy any of our shares of common stock or warrants. No offer, solicitation or sale will be made in any jurisdiction in which such offer, solicitation or sale is unlawful.

About Inovio Biomedical Corporation

Inovio Biomedical is engaged in the design, development, and delivery of a new generation of vaccines, called DNA vaccines, focused on cancers and infectious diseases. The company’s SynCon™ technology enables the design of DNA-based vaccines capable of providing cross-protection against new, unmatched strains of pathogens such as influenza.