OncoSec Medical: Rises on alternate takeover offer by Alpha Holdings

OncoSec Medical Incorporated

14/01/2020 14:43

** Immunotherapy developer's  ONCS.O  shares rise ~14% at
$2.15 premarket
    ** Company says its largest stockholder, Alpha Holdings, has
made an alternate proposal to China Grand's offer to acquire
ONCS
    ** Alpha holding has offered $9.3 mln more compared to China
Grand's $30 mln takeover offer, and an opportunity for ONCS
shareholders to receive cash premium for 35% of ONCS shares
through a tender offer of $2.50  urn:newsml:reuters.com:*:nBw3hNBNma
    ** “Our offer provides more monetary value overall, the
potential for immediate cash for stockholders at a premium...
and not onerous terms of the China Grand takeover that limit the
potential upside for current stockholders." - Alpha
    ** Alpha added it will identify a new CEO to lead OncoSec
and bring company's lead experimental drug for skin cancer,
TAVO, to market 
    ** ONCS stock fell ~72% in 2019

 (Reporting by Trisha Roy in Bengaluru)
 ((Trisha.Roy@thomsonreuters.com; within U.S. +1 646 223 8780,
outside U.S. +91 80 6749 7786;))