SOURCE: Mid Atlantic Bio Angels

Mid Atlantic Bio Angels

October 17, 2013 07:55 ET

Mid Atlantic Bio Angels (MABA) Announces Second Investment of $400,000

The Life Science Investor Group Invests in Immunotherapeutic Vaccine Company, Immunomic Therapeutics

NEW YORK, NY--(Marketwired - Oct 17, 2013) - Mid Atlantic Bio Angels (MABA) today announced a $400,000 investment in Immunomic Therapeutics, a clinical stage vaccine platform technology company and MABA's second investment for the year. The funding, which was part of a $3 million investment round, will be used by Immunomic Therapeutics to help fund more in-depth clinical trials leading to a product acquisition.

MABA, the New York City area group, had individual investors and family members participate in this round of funding for Immunomic Therapeutics. "Our investors were particularly impressed by the company's ability to complete a human trial on a modest budget, the results of that trial, the company's management and the broader promise of its platform, and its potential impact on today's vaccine industry," said Yaniv Sneor, one of the founders of MABA. "The risk profile of this opportunity was mitigated by its positive trial results."

Based in Hershey, PA, Immunomic Therapeutics (ITI) is a clinical stage biotechnology company that is developing next generation vaccines based on the patented Lysosomal Associated Membrane Protein, or LAMP, Technology. The vaccine platform significantly increases the effectiveness of the immune response to nucleic acid vaccines while simplifying overall vaccine design and delivery, yielding safer, more cost-effective human and animal therapies. Dr. Bill Hearl, CEO of Immunomic Therapeutics, said, "MABA brings more to the table than just capital; the depth of experience of its members was a very attractive resource. This investment, along with the additional $2.6 million raised, will enable us to complete the pre-clinical work necessary for our Phase II trial."

This second investment was completed just three months after MABA's initial investment into Cerus Endovascular.

About MABA
Mid Atlantic Bio Angels group (MABA), is an angel investor group focused exclusively on new and emerging life science companies. Membership in MABA is by invitation only, and is extended to active, accredited investors (life science angels) who wish to make investments in life science companies, as well as institutional investors and life science company venture arms wishing to invest alongside the angels. MABA places no geographical restrictions or requirements for presenting companies, as long as meaningful and effective post-investment monitoring of these companies can be achieved. For more information: http://bioangels.net

About Immunomic Therapeutics
Immunomic Therapeutics, Inc. (ITI) is a privately-held clinical stage biotechnology company headquartered in Hershey, PA with lab facilities in Rockville, MD. ITI is developing next generation vaccines based on its patented LAMP™ Technology platform. LAMP-Vax™ vaccine technology has the potential to significantly increase the effectiveness of the immune response to nucleic acid vaccines while simplifying overall vaccine design and delivery, yielding safer, more cost-effective human and animal therapies. ITI's LAMP constructs have been validated in human clinical trials for cancer and have been applied to a wide breadth of targets including allergy and infectious diseases. For more information: http://www.Immunomix.com

Contact Information

  • Media Contact
    Katherine Chang
    Social Radius on behalf of MABA
    Email Contact