Activist investor wages suit on OncoSec over recent deal; Breast cancer experts debut biotech with $12M seed
→ Having raised issues with OncoSec’s recent deal giving China Grand Pharmaceutical a controlling stake in the microcap biotech, activist shareholder Alpha Holdings is waging a full-on class action complaint against the drugmaker. In its briefs, South Korea-based Alpha Holdings is accusing OncoSec execs of selling control of the company on the cheap. OncoSec has filed a motion to dismiss the suit, and a hearing will take place early next week.
→ Phoenix Molecular Designs (PhoenixMD) has bagged a total of $12 million in a seed round to advance its work targeting essential kinases, particularly its lead candidate blocking RSK, or p90 ribosomal s6 kinase, for metastatic triple-negative breast cancer. Investors included Pallasite Ventures and World Changing Ventures.
→ T cell receptor-focused Zelluna Immunotherapy and natural killer cell manufacturing company Glycostem Therapeutics BV have inked a development, license and supply agreement. The companies will work toward developing and manufacturing allogeneic TCR guided NK-cell therapies for cancer.
→ Singaporean liquid biopsy player Lucence has raised $20 million in a Series A, gaining backing from IHH Healthcare, SGInnovate, Temasek subsidiary Heliconia Capital, Lim Kaling, Koh Boon Hwee and others to develop blood tests for cancer screening.