Inovio Biomedical Corporation (NYSE AMEX: INO) (“Inovio”), a leader in DNA vaccine design, development and delivery, announced today the closing of the sale, directly to institutional investors, of 11,111,110 shares of its common stock and warrants to purchase up to 2,777,776 additional shares of its common stock, resulting in cash proceeds to Inovio Biomedical of approximately $30 million. Inovio expects to receive net proceeds of approximately $28.5 million after deducting placement agent fees and other offering expenses. Each unit, consisting of one share of common stock and a warrant to purchase approximately 0.25 of a share of common stock, was 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.

The shares were offered and sold pursuant to a prospectus supplement dated July 29, 2009 to Inovio Biomedical’s registration statement on Form S-3 (File No. 333-160123), including a base prospectus dated July 1, 2009, registering up to $75,000,000 of Inovio Biomedical equity securities and the offering thereof from time to time in accordance with Rule 415 under the Securities Act, which incorporates by reference documents which the registrant has filed or will file in accordance with the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

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

This news release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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. Inovio’s proprietary electroporation-based DNA vaccine delivery technology has been shown by initial human data to safely and significantly increase gene expression and immune responses. Inovio’s clinical programs include HPV/cervical cancer (therapeutic) and HIV vaccines.