OncoSec Medical shares were down 55% at 19 cents after the company said in a filing to the Securities and Exchange Commission it was filing for chapter 7 bankruptcy, MarketWatch.com reported. The stock is down 99% in the past 12 months. The company said its sole subsidiary, OncoSec Medical Australia, expects to liquidate and wind down operations under Australian law pursuant to a Creditors' Voluntary Liquidation. OncoSec also said that directors Linda Shi, Robert Arch, Stephany Foster, Joon Kim, H. Kim Lyerly, Kevin Smith and Chao Zhou each tendered their resignations, effective Wednesday, prior to the filing of the bankruptcy petition. Following these resignations, the company will have no members serving on its board of directors. Arch also tendered his resignation as the company's president and chief executive. As a result, the company no longer has any current executive officers.
