On September 4, 2018 OncoSec Medical Incorporated (OncoSec) (NASDAQ: ONCS), a company developing intratumoral cancer immunotherapies, reported 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) (Press release, OncoSec Medical, SEP 4, 2018, View Source [SID1234529254]). TAVO enables the intratumoral delivery of DNA-based interleukin-12 (IL-12), a naturally occurring protein with powerful immune-stimulating functions.
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"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