NEW YORK, Nov. 6, 2015 (GLOBE NEWSWIRE) -- Mid-Atlantic Bio Angels (MABA) announces today that Immunomic Therapeutics, Inc. (Immunomic or the company), a company that obtained early investment from MABA members, has inked an exclusive worldwide licensing deal with Astellas Pharma Inc. to develop and commercialize its LAMP-vax platform portfolio for treatment of human allergies.
The deal brings an up front payment of $300M for Immunomic in addition to a 10 percent royalty on all future net sales. This agreement is in addition to the up to $70M the company will receive from Astellas for its license of the company's Japanese cedar allergy product. This license agreement reflects a significant increase in company value since the MABA members' initial investment.
"Mid Atlantic Bio Angels is an organization of early stage investors who are looking for true innovation in the biotech space. Immunomic's case for its LAMP-vax platform showed tremendous potential in both its scientific approach and potential commercialization. This deal exemplifies that potential, and we look forward to seeing Immunomic's continued success," said Yaniv Sneor, MABA Co-Founder and President of Blue Cactus Consulting.
Immunomic's announcement of the licensing deal can be found at: http://www.immunomix.com/news-press/.
About Mid Atlantic Bio Angels
Mid Atlantic Bio Angels (http://bioangels.net) is a group of active angel investors, which meets in New York City monthly (except July and August) solely to hear from pre-screened early-stage life science companies. MABA members consist of individuals from Delaware to Massachusetts with significant expertise and experience in the biotechnology, pharmaceutical and healthcare industries, including former and current corporate executives, doctors and Ph.D. scientists with product development backgrounds, successful medical entrepreneurs and analyst/investors focused on life sciences. MABA's goal is to create an environment where the depth of investors' knowledge coupled with the pre-screening of presenting companies enhances the potential for meaningful investment.