Immunomic Therapeutics, Inc. (ITI) announced the completion of a $3 million debt financing round in advance of a Series B round planned for later this year. The pre-B investment was initially planned for $2 million but was over-subscribed due to demand by a combination of existing shareholders and new investors from the Keiretsu Forum chapters on the west coast. The Life Sciences Greenhouse of Central Pennsylvania (LSGPA) continues to be the Company’s lead investor but it also has received strong support from its core of private angel investors. The round will provide sufficient capital to bridge the Company’s continued clinical development of its lead allergy product targeting cedar pollen, to establish its process development laboratory in Hershey and to advance ITI’s exciting new peanut allergy vaccine into Phase I.
The successful raise is a reflection of ITI’s ability to continue to meet milestones and expectations while operating a cash efficient business. The Company recently announced the successful completion of its Phase I clinical study for JRC-LAMP-vax, a novel immunotherapeutic vaccine to treat Japanese red cedar allergy. Immunomic Therapeutics expects to release pre-clinical data on its peanut allergy formulation later this year and plans to file an IND with the FDA to begin clinical studies for this product in 2014. ITI’s continued development of specific new applications of DNA Vaccines using its patented next-generation LAMP technology should favorably position the Company for its Series B round in an improving investment climate for biotechnology later this year.
“With the completion of this financing round, ITI is well positioned to continue the clinical development of our LAMP — based vaccines,” said CEO Dr. Bill Hearl. “This will enable us to achieve key milestones that should build shareholder value, as well as facilitate partnering initiatives to move our business development program forward.”…
