OncoSec Medical Incorporated (NASDAQ : ONCS), a Pennington, NJ ands San Diego, CA-based company developing intratumoral cancer immunotherapies, secured a $15m investment from Alpha Holdings, Inc. (KOSDAQ: 117670).
Under the terms of the agreement, Alpha Holdings has committed to purchase a total of $15 million worth of shares of common stock from OncoSec at $1.50 per share. The purchase is to be made in two tranches, each subject to a six-month holding requirement.
The investment will enable the company for the clinical development of its lead immunotherapy product candidate, TAVO (tavokinogene telseplasmid).
Led by Daniel J. O’Connor, President and Chief Executive Officer, OncoSec is a clinical-stage biotechnology company focused on developing cytokine-based intratumoral immunotherapies to stimulate the body’s immune system to target and attack cancer. Its lead immunotherapy platform – TAVO (tavokinogene telseplasmid) – enables the intratumoral delivery of DNA-based interleukin-12 (IL-12), a naturally occurring protein with immune-stimulating functions. The technology, which employs electroporation, is designed to produce a controlled, localized expression of IL-12 in the tumor microenvironment, enabling the immune system to target and attack tumors throughout the body.
In addition to TAVO, the company is identifying and developing new DNA-encoded therapeutic candidates and tumor indications.
Founded in 2002 and and led by Hee Do Koo, President and Chief Executive Officer, Alpha Holdings is a Seongnam, South Korea based company engaged in the design, development, service and manufacture of system semiconductors, as well as the development of biotechnologies and thermal compound materials. Since 2002, Alpha Holdings has carried out many projects as a major partner of Samsung Advanced Foundry Eco-system (SAFE) of Samsung Electronics.