SAN DIEGO and PENNINGTON, N.J., Sept. 4, 2018
/PRNewswire/ -- OncoSec Medical Incorporated (OncoSec)
(NASDAQ: ONCS), a company developing intratumoral cancer
immunotherapies, today announced that it has secured a $15 million investment from Alpha Holdings,
Inc. (KOSDAQ: 117670) as part of a value focused, fundamental
strategic investment centered on the clinical development of
OncoSec's lead immunotherapy product candidate, TAVO (tavokinogene
telseplasmid). TAVO enables the intratumoral delivery of DNA-based
interleukin-12 (IL-12), a naturally occurring protein with powerful
immune-stimulating functions.
"This investment from Alpha Holdings is a testament to the
growth of OncoSec and the momentum building behind our rapidly
advancing TAVO programs, which are designed to enable the
intratumoral delivery of IL-12 to stimulate the body's immune
system to target and attack cancer," said Daniel J. O'Connor, President and Chief
Executive Officer of OncoSec. "In addition to increasing our
current capital, aligning with Alpha Holdings provides an
opportunity to strengthen our presence in South Korea and Asia, while developing a long-term
relationship with a company that, like OncoSec, recognizes the
potential of our TAVO platform to expand the larger,
multibillion-dollar checkpoint market, which has yet to be fully
unlocked across multiple cancer types."
Alpha Holdings is a leading Korean 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.
"In targeting opportunities for growth, we believe the
biotechnology sector and the immunotherapy space in particular,
offer significant potential," said Hee Do Koo, President and Chief
Executive Officer of Alpha Holdings. "Our investment in OncoSec is
a prime example of this vision and our mission to align ourselves
with biotechnology companies developing innovative technologies to
treat large patient populations in need of new, more efficacious
treatment modalities."
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. Further details of the transaction can be found
in the Form 8-K filed by the Company describing the agreement.
About Alpha Holdings, Inc.
Alpha Holdings, Inc. is a
top-ranked Korean company engaged in the design-development service
and manufacture of system semiconductors. Since 2002, Alpha
Holdings has successfully carried out many projects as a major
partner of SAFE (Samsung Advanced Foundry Eco-system) of Samsung
Electronics. The company, formerly known as Alpha Chips Corp.
changed its name to Alpha Holdings, Inc. in August 2016 and has expanded its business area
into biotechnologies and thermal compound materials. Alpha Holdings
has invested more than 20 million USD
in innovative biotechnology companies. Alpha Holdings, a listed
company in the KOSDAQ Market, was founded in 2002 and is
headquartered in Seongnam, South
Korea. For more information, please visit
www.alpha-holdings.co.kr.
About OncoSec Immunotherapies
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.
CONTACT
Investor Relations:
Stern Investor Relations
Will O'Connor
Phone: (212) 362-1200
will@sternir.com
Media Relations:
David Schemelia / Jason Rando
Tiberend Strategic Advisors, Inc.
Phone: 212-827-0020
dschemelia@tiberend.com
jrando@tiberend.com
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SOURCE OncoSec Medical Incorporated