OncoSec Receives $7 Million Investment From Alpha Holdings At $1.50 Per Share
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.
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.
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SOURCE OncoSec Medical Incorporated
Released December 10, 2018