2013-03-29 06:01:00 -
/EINPresswire.com/ FOR IMMEDIATE RELEASE
Hershey, PA, & Rockville, MD March 25th, 2013 – Immunomic Therapeutics, Inc., (“ITI,”Hershey, PA) a leader in developing novel allergy immunotherapies, announced today that is has raised more than $6.5 million in funding to date. ITI has moved forward with the support of both investments and drawing upon expertise. Tying this to a well-seasoned and experienced management team, ITI has taken great strides to advance its mission to develop products advancing human health using its next generation LAMP vaccine platform.
ITI’s CEO, Dr. Bill Hearl,
stated:“Our Company is centered around funding from private equity. Our private investors have provided both financial investments critical to our growth, as well as expertise in the biotech realm. We look forward to continuing ITI’s mission to advance the LAMP platform to improve human health, while creating and building shareholder value.”
ITI’s success in executing it milestones and building value for its investors stems from its core
proprietary LAMP technology. ITI retains the exclusive license to the LAMP patent estate, originally discovered at Johns Hopkins University. Over the past year, ITI has put JRC-LAMP-vax, a vaccine targeting treatment of allergy to the Japanese Red Cedar pollen, into Phase I clinical trials and has accelerated development of ARA-LAMP-vax for peanut allergies. ITI is continuing to expand upon other applications of DNA Vaccines using LAMP technology for peanut allergies, cancer, infectious disease, and animal health.
In addition to the $6.5 million raised to date, the Company has revenues of another $1.5 million in the form of non-dilutive capital, including a license from Geron, a partnership in Animal Health through a large pharmaceutical company, and local government funding from the State of Maryland and TEDCO. The $6.5 million in investment has come from several noteworthy organizations. In particular, ITI has been funded by over $1.1 million from the Kieretsu Forum and its affiliates, over $800,000 from the Life Sciences Greenhouse of Central Pennsylvania (LSGPA), and $500,000 from the Minority Angel Investor Network (MAIN).
About Life Sciences Greenhouse of Central Pennsylvania
Focused on central Pennsylvania, headquarters to ITI, LSGPA is devoted to advancing the life
sciences and healthcare technologies of companies with a long-term commitment to Pennsylvania. LSGPA provides seed and pre-seed life sciences funding, while also providing connections to angel investors, strategic partners and resources. More information about LSGPA may be found at: www.lsgpa.com/
About The Kieretsu Forum
The Kieretsu Forum is the World’s largest global Angel investor network, with more than one
thousand accredited investor members throughout its twenty-six chapters that span three continents. Keiretsu members are part of a global investment community, made up of accredited private equity angel investors, venture capitalists, and corporate/institutional investors. Kieretsu members’ interests lie in supporting a range of industries, from advancing human health care to clean technology. Their mission statement is “Great Association With Quality Deal Flow.” Information regarding their investment process can be found at: www.keiretsuforum.com/
About the Minority Angel Investor Network (MAIN)
The Minority Angel Investor Network, or MAIN, is an outgrowth of an initiative of the Ben Franklin
Technology Partners of Southeastern Pennsylvania (BFTP-SEP). MAIN supports minority-led or
minority-owned companies. Specifically, it focuses on lack of capital as the driving force for minorityled entrepreneurial ventures. MAIN is a member-led organization, and its members often assume active roles in networking, member recruitment, and deal screening. Additional information about MAIN can be found at: www.minorityangelinvestornetwork.com/
About Immunomic Therapeutics
Immunomic Therapeutics, Inc. (ITI) is a privately-held clinical stage biotechnology company with lab facilities in Rockville, MD and process-development plant in Hershey, PA. ITI is developing next generation vaccines based on the patented LAMP Technology. Our LAMP-vax™ 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. Our LAMP constructs have been validated in human clinical trials for cancer and have been applied to a wide breadth of targets including allergy, cancer and infectious diseases. For more information about ITI and LAMP Technology please visit www.immunomix.com.
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Dr. Bill Hearl, President/CEO