OncoSec Medical Inc. closed the first tranche of Alpha Holdings Inc.'s $15 million investment.

As part of the investment deal, the South Korean manufacturer of semiconductors purchased $8 million worth of OncoSec's common shares at $1.50 apiece.

OncoSec will use the investment to develop Tavo, or tavokinogene telseplasmid, the company's lead immunotherapy product candidate.

Meanwhile, completion of the second tranche is subject to certain closing conditions.

Pennington, N.J.-based OncoSec Medical is developing cytokine-based intratumoral immunotherapies with its proprietary technology to treat cancer.