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Sirtex Medical Announces Closing of Strategic Transaction with OncoSec Medical, Inc.
WOBURN, Mass., Feb. 10, 2020 /PRNewswire/ -- Sirtex Medical US Holdings, Inc. ("Sirtex"), a leading manufacturer of targeted liver cancer therapies, today announced that the shareholders of OncoSec Medical, Inc. ("OncoSec") have approved, and the parties have closed, the strategic investment by and partnership with Sirtex and Grand Decade Developments Limited, a wholly owned subsidiary of China Grand Pharmaceutical and Healthcare Holdings Limited ("CGP"). The signing of the strategic transaction was previously announced on October 10, 2019.
As a result of the transaction, Sirtex acquired approximately 8.8% of the outstanding shares of common stock of OncoSec and will also support and assist OncoSec with pre-marketing activities for its TAVO™ and Visceral Lesion Applicator (VLA) products in exchange for low single-digit royalties. In addition, CGP acquired approximately 44% of the outstanding shares of common stock of OncoSec and entered into an exclusive license to OncoSec's products in Greater China and other Asian countries in exchange for a royalty. More details of the transaction documents can be found in OncoSec's filings with the U.S. Securities and Exchange Commission.
"Sirtex is excited to close this transaction with OncoSec and to assist in efforts to bring its innovative products to fight cancer to the market," said Kevin Smith, Chief Executive Officer of Sirtex. "OncoSec, CGP and Sirtex are committed to improving treatment outcomes for patients and this transaction demonstrates that shared commitment."
Sirtex is a global healthcare business with offices in the U.S., Australia, Europe and Asia, working to improve outcomes in people with cancer. Sirtex's current lead product is a targeted radiation therapy for liver cancer called SIR-Spheres®Y-90 resin microspheres. More than 100,000 doses have been supplied to treat patients with liver cancer at more than 1,300 medical centers in over 45 countries. For more information, visit www.sirtex.com. SIR-Spheres® is a registered trademark of Sirtex SIR-Spheres Pty Ltd.
CGP is a public company listed on the Hong Kong stock exchange with a market capitalization of approximately $2.1 billion USD. CGP develops, manufactures and distributes pharmaceutical products and medical devices to retailers and medical organizations. CGP currently distributes its products to approximately 6,000 hospitals and approximately 30,000 pharmacies and has a sales team of more than 2,000 employees. CGP also has significant experience in R&D and product commercialization in China. For more information, visit www.chinagrandpharm.com.
OncoSec is a late-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 investigational product candidate – 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 new Visceral Lesion Applicator (VLA), to target deep visceral lesions, such as liver, lung or pancreatic lesions. For more information, visit www.oncosec.com. TAVO™ is trademark of OncoSec Medical Incorporated.
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