ROCKVILLE, 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