SAN DIEGO and PENNINGTON, N.J., Dec.
10, 2018 /PRNewswire/ -- OncoSec Medical Incorporated
(OncoSec) (NASDAQ: ONCS), a company developing intratumoral cancer
immunotherapies, announced today that the Company has received a
$7.0 million investment at
$1.50 per share from Alpha Holdings,
Inc. (kosdaq:117670) as part of a fundamental strategic
investment centered on the clinical development of OncoSec's lead
immunotherapy product candidate, TAVO™ (tavokinogene
telseplasmid).
Under the terms of the stock purchase agreement, Alpha Holdings
purchased $7 million worth of shares
of common stock from OncoSec at $1.50
per share. The investment was executed on December 6 and completes a commitment to OncoSec
by Alpha Holdings to purchase a total value of $15 million shares of common stock priced at
$1.50 per share. Further
details of the transaction can be found in the Form 8-K filed by
the Company describing the agreement.
"We have identified the biotechnology sector and the
immunotherapy space in particular as a significant value driver for
us moving forward. Specifically, we see tremendous potential
in OncoSec's strategy to turn good drugs into great drugs," said
Hee Do Koo, President and Chief Executive Officer of Alpha
Holdings. "OncoSec recently released positive preliminary data on
TAVO demonstrating significant potential when combined with a
checkpoint inhibitor, and we believe their platform has broad
applicability to improve patient outcomes by expanding the utility
of checkpoint inhibitors across a variety of tumor types."
Alpha Holdings is a leading Korean technology 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
successfully carried out many projects as a major partner of
Samsung Advanced Foundry Eco-system (SAFE) of Samsung
Electronics. Alpha Holdings, a listed company in the KOSDAQ
Market, was founded in 2002 and is headquartered in Seongnam,
South Korea.
"Alpha Holdings shares our vision for the potential of our
platform and their continued support will be an asset for us as we
advance TAVO and our robust pipeline of compounds focused on
intratumoral treatment of cancer," said Daniel J. O'Connor, President and Chief
Executive Officer of OncoSec. "Having Alpha Holdings as a partner
also strengthens our presence in Korea and Asia, important markets for potential
opportunities as we move forward."
About OncoSec Medical Incorporated
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. OncoSec's 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. OncoSec has built a
deep and diverse clinical pipeline utilizing TAVO™ as a potential
treatment for multiple cancer indications either as a monotherapy
or in combination with leading checkpoint inhibitors; with the
latter potentially enabling OncoSec to address a great unmet
medical need in oncology: anti-PD-1 non-responders. Results
from recently completed clinical studies of TAVO™ have demonstrated
a local immune response, and subsequently, a systemic effect as
either a monotherapy or combination treatment approach. In
addition to TAVO™, OncoSec is identifying and developing new
DNA-encoded therapeutic candidates and tumor indications for use
with its ImmunoPulse® platform. For more information, please
visit www.oncosec.com.
Forward-Looking Statements
This press release
contains "forward-looking statements" within the meaning of the
U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements can be identified by words such as
"can," "may," "will," "suggest," "look forward to," "potential,"
"understand," and similar references to future periods.
Forward-looking statements are neither historical facts nor
assurances of future performance. Instead, they are based on
management's current preliminary expectations and are subject to
risks and uncertainties, which may cause our results to differ
materially and adversely from the statements contained herein.
Potential risks and uncertainties that could cause actual results
to differ from those predicted include, among others, the
following: uncertainties inherent in pre-clinical studies and
clinical trials, such as the ability to enroll patients in clinical
trials and the risk of adverse events; unexpected new data, safety
and technical issues; our ability to raise additional funding
necessary to fund continued operations; and the other factors
discussed in OncoSec's filings with the Securities and Exchange
Commission.
Undue reliance should not be placed on forward-looking
statements, which speak only as of the date they are made. OncoSec
disclaims any obligation to update any forward-looking statements
to reflect new information, events or circumstances after the date
they are made, or to reflect the occurrence of unanticipated
events.
CONTACT
Investor Relations:
Stern Investor Relations
Will O'Connor
Phone: (212) 362-1200
will@sternir.com
Media Relations:
Michael Lampe
Scient Public Relations, Inc.
(484) 575-5040
michael@scientpr.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/oncosec-receives-7-million-investment-from-alpha-holdings-at-1-50-per-share-300762447.html
SOURCE OncoSec Medical Incorporated