NEW YORK, Feb. 2, 2015 (GLOBE NEWSWIRE) -- Mid-Atlantic Bio Angels (MABA) announces today that Immunomic Therapeutics, Inc. (Immunomic), a company that obtained early investment from MABA members, has inked an exclusive licensing deal for Japan with Astellas Pharma Inc. to develop and commercialize a vaccine for Japanese Red Cedar Pollinosis. The deal could result in as much as $70 million for Immunomic in up front, milestone, and other payments and also provides for tiered double-digit royalties on net sales. This is an important milestone in the evolution of Immunomic, reflecting a significant increase in company value since the MABA members' investment.
"Mid Atlantic Bio Angels is an organization of early stage investors who are looking for true innovation in the biotech space. Immunomic presented a compelling case for their LAMP-vax platform and we continue to believe in its potential," said Yaniv Sneor, MABA Co-Founder and President of Blue Cactus Consulting. "We are gratified to see a company our members believed in begin to demonstrate execution and success and we continue to look for similarly promising early-stage biotech companies that are sound in both science and business fronts."
Immunomic's announcement of the licensing deal can be found at: http://www.prnewswire.com/news-releases/astellas-pharma-and-immunomic-therapeutics-announce-exclusive-license-for-jrc2-lamp-vax-a-vaccine-for-japanese-red-cedar-pollinosis-300027895.html.
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.
CONTACT: Jules Abraham JQA Partners, LLC 917-885-7378 email@example.comSource: Mid Atlantic Bio Angels