OncoSec Medical Incorporated (ONCS) stock rises to 9.63% in aftermarket – Reasons behind it!

OncoSec Medical Incorporated (ONCS) experiences an incline of 9.63% in the aftermarket. However, the last trading session concluded at $1.87 with a decrease of 1.58%.

Leadership update by ONCS

On 16th August 2021, ONCS announced that Margaret Dalesandro, Ph.D., Herbert Kim Lyerly, M.D., and Yuhang Zhao, Ph.D., MBA, have been named to a Leadership Committee that will oversee all development activities for the Company’s principal asset. Mr. Brian Leuthner, OncoSec’s temporary CEO, will be departing the company with immediate effect. Since late June 2021, an aggressive search for a permanent CEO has been ongoing. In addition, Dr. Margaret Dalesandro has worked in the pharmaceutical, biotechnology, and diagnostics sectors for over three decades. Dr. Dalesandro formerly worked at ImClone Systems as an executive leader, where she was instrumental in medication development and the sale of the company to Eli Lilly.

Moreover, Dr. Herbert Kim Lyerly of Duke University School of Medicine is an internationally known specialist in cancer therapy and interleukin-12. He has written more than 300 scholarly papers and book chapters on surgery, cancer immunotherapy, and new cancer therapeutics to his credit. Furthermore, Rockefeller University awarded Dr. Yuhang Zhao her doctorate. She has previously worked with PaineWebber, Deloitte, and Bayer. In Beijing, she founded Bayer’s Worldwide Development Asia unit, which became one of the company’s four global clinical development locations.

Collaboration Agreement with Merck

ONSC announced that it has entered into a Collaboration Agreement with Merck for a Pivotal Global Phase 3 Study on 6th July 2021. Merck has signed a Clinical Trial Collaboration and Supply Agreement with OncoSec. It to evaluate the combination of OncoSec’s DNA-plasmid interleukin-12 (IL-12) TAVOTM and Merck’s anti-PD-1 therapy. In late-stage patients with metastatic melanoma who are resistant to immune checkpoint treatment, the planned clinical study will compare the overall patient survival treated with the TAVOTM in conjunction with KEYTRUDA with the standard of care.

The FDA has granted TAVOTM Fast Track designation as a potentially first-in-class, intratumoral anti-cancer gene therapy. This helps to express IL-12 for the treatment of metastatic melanoma in patients who have progressed on KEYTRUDA or OPDIVO. The goal of KEYNOTE-C87 is to promote expedited FDA approval and/or act as a pivotal study for full licensure. Merck will supply KEYTRUDA and ONSC will supply the experimental medication, TAVOTM, under the terms of the agreement.

Brian Leuthner as Interim Chief Executive Officer

ONSC announced on 24th June 2021 that Daniel O’Connor has resigned, and Brian Leuthner is the new Interim Chief Executive Officer. Brian Leuthner will take over as CEO, bringing new energy and his own brand of leadership. The company is confident that Brian will accelerate the Company’s upward trajectory and further utilize the platform for the benefit of both cancer patients and shareholders. Mr. Brian has held various senior roles in biotech and pharmaceuticals throughout the course of his 32-year career, including public and private CEO positions. Also, he was the co-founder, President, and CEO of Edge Therapeutics, Inc., a business focusing on orphan diseases, for a decade.