San Diego-based OncoSec Medical Inc. has attracted a $15 million investment from South Korean semiconductor manufacturer Alpha Holdings Inc.
The drugmaker said the investment will be used to develop its lead DNA-based immunotherapy candidate Tavo, a targeted therapy aimed at treating cancer.
Alpha Holdings will acquire OncoSec stocks at $1.5 per share, and the purchase will be completed in two tranches. The first tranche will close in about 60 days, with the second tranche to close by Dec. 15.
The South Korean company will also get the option to nominate an observer to OncoSec's board after closing the first tranche and then nominate a board member after the second tranche of the investment closes.