Day: March 15, 2017

Rockville-based Immunomic Therapeutics raises $4.6 million

Immunomic TherapeuticsROCKVILLE, MD — A Rockville-based company that is developing treatments for common allergies such as pollen, food and animal has raised $4.6 million in a private debt and security offering, according to a Form D filed by the Securities and Exchange Commission.

Immunomic Therapeutics Inc. is seeking to raise an additional $5.4 million, according to the filing. It raised the $4.6 million from 47 investors.

The company has already executed three commercial partnerships — two with Astellas Pharma and one with Geron/Asterias. The company believes these partnerships provide important validation of its scientific platform and partnering strategy. Initial license payments received exceed $300 million, and pending milestone payments exceed $55 million.

William Hearl is the founder and chief executive officer of the 11-year-old company.

He is also a founder of Capital Genomix Inc., a Maryland-based biomarker and drug discovery company and served as its first chief executive officer from inception in 2000 to late 2002 when he assumed the role of chief scientific officer.  Hearl raised seed funds. He also acquired the Dynex Technologies division of Thermo Scientific in a leveraged acquisition deal. Dynex was subsequently divested and yielded a tenfold return to the company.

The company has been funded entirely by angel investors and family offices, totaling just less than $20 million in private equity and dividend re-investment. In December 2015, Immunomic Therapeutics paid over $90 million as a cash dividend to its investors.

The company claimed a Rule 506 (b) exemption for the filing. Companies relying on the Rule 506 exemption do not have to register their offering of securities with the SEC, but they must file a Form D electronically with the SEC after they first sell their securities.

The filing can be found here.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

New York money manager buys 7 percent stake in Laureate Education

LaureateBALTIMORE, MD — A New York-based money manager has purchased a 7 percent stake in Baltimore-based Laureate Education Inc., which went public earlier this year, according to a Securities and Exchange Commission filing.

Melvin Capital Management purchased 2.5 million shares, or 7.1 percent, of the company, according to the filing. Based on Wednesday’s stock price, that stake in the company is worth $32.1 million.

Melvin Capital Management’s largest position is 2.6 million shares of Visa Inc. worth more than $230 million, according to SEC filings.  It also owns more than $190 million of John Deere & Co. and Alphabet Inc., the parent of Google Inc.

Melvin Capital Management is long/short equity hedge fund founded by Gabriel Plotkin in December 2014. It has more than $2 billion in assets under management.

Laureate Education sold 35 million shares in early February at $14 per share, raising more than $450 million, in its initial public offering. The primary underwriters of the IPO were Credit Suisse, Morgan Stanley and Barclays.

Laureate was taken private in a management-led $3.8 billion buyout in 2007, backed by an investor group including Kohlberg, Kravis & Roberts and Citigroup Inc.

Laureate says it has a student body of which 95 percent reside outside the United States. The company owns, manages or partners with 71 institutions in 25 countries with 80 percent of its revenues originating abroad.

Its shares were trading Wednesday afternoon at $12.85, up 5 cents.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

Follow this website

Get every new post delivered right to your inbox.