FINANCIAL SUMMARY

Immunomic Therapeutics, Inc. (ITI) has executed three commercial partnerships – two with Astellas Pharma and one with Geron/Asterias, with initial license payments of over $300 million and pending milestone payments of $55 million. Additionally, ITI will receive double-digit royalties on future allergy products. ITI achieved this agreement while retaining the rights to the LAMP-Vax platform for other applications, including cancer immunotherapy. With a successful track record in applying and partnering LAMP-Vax, the company now sets its sights on cancer immunotherapy where there is already supportive Phase II clinical data in oncology. ITI believes that this powerful nucleic acid vaccine platform could be complementary to the burgeoning immunotherapy market, expected to reach $60B by 2020.

ITI has been funded entirely by angel investors and Family Offices, totaling just less than $20 million in private equity and dividend re-investment. With that minimal investment, ITI created over $317 million in licensing revenue and created over a 5-6x return for its investors. Given the company’s success in validating its platform through significant partnerships, including those with Astellas Pharmaceuticals, this is a testament to ITI’s capital efficiency, its ability to reach significant milestones in a lean and cash efficient way, and avoiding the need to raise significant, non-dilutive funds.

A key differentiator for ITI is its fiercely distinctive investment model. Beginning in 2006, ITI employed a unique strategy of funding through angel investments to obtain small, early licenses for their technology. This was particularly remarkable given “Great Recession” which followed. The investment strategy proved to be an exceptionally successful and capital-efficient method, recently demonstrated in December of 2015, when ITI paid over $90 million as a cash dividend on invested capital of less than $20 million. ITI’s first partnerships were strategically chosen to maximize the value of the company’s initial pipeline – in allergy. By applying LAMP-Vax to Japanese red cedar allergy, ITI created a process that was low-cost and resulted in a short timeline for clinical trials needed to out-license that portion of the business and provide a significant cash return to investors.

KEY MILESTONES
05/2016 ITI wins TEDCO ICE award for Corporate Excellence
05/2016 ITI awarded “Life Science Company of the Year” from Tech Council of Maryland
10/2015 ITI & Astellas Pharma announce Exclusive Worldwide License Agreement for Lamp-Vax platform to prevent and treat allergies
07/2015 ITI & Partner, Astellas Pharma, initiates a Phase 1 trial of JRC2-LAMP-Vax in Japan
05/2015 ITI & Awarded 1.2M Dept of Defense Grant for Development of ARA-LAMP-Vax Peanut Allergy Vaccine
03/2015 ITI & Awarded SBIR Grant From NIH Nanoplasmid Peanut Allergy Vaccine Development
01/2015 ITI & Astellas Pharma announced exclusive license for JRC2-LAMP-Vax
10/2014 ITI Completes 6.7M Series A Preferred financing Round
10/2014 ITI Files an IND for a Phase II Study for JRC2*-LAMP-Vax in Japan
09/2014 ITI is Awarded SBIR Grant for Multi Nut Allergy Immunotherapy
07/2014 ITI Initiates a Phase IC Clinical Study
04/2014 ITI Successfully Completes Phase IB Clinical Study
07/2013 ITI completes $3M Bridge Round financing.
04/2013 ITI successfully completes Phase IA for JRC-LAMP-Vax
11/2012 “Chimeric Vaccines” patent, US Patent No. 8,318,173, issues in the US, company is provided IP protection until Apr 2022
09/2012 ITI begins Phase IA clinical study of JRC-LAMP-Vax
09/2012 ITI closes over-subscribed Series A Rights Offering round of funding at $2.9 million
09/2012 ITI receives notice of EU patent allowance for “Chimeric Vaccines” patent, a core component of LAMP-Vax IP
04/2012 ITI closes Series A round of funding for sale of $3M in common stock
04/2012 ITI receives authorization from FDA to proceed with its Phase I clinical study for Japanese red cedar immunotherapeutic vaccine.
12/2011 ITI enters into Collaborative Research and License Agreement with leading pharmaceutical company for applications in animal health, licenses several vaccines. The deal will bring several million dollars in fees and milestone payments.
03/2010 Life Sciences Greenhouse, M.A.I.N. and Trisiras Capital close on funding with immediate and future funding options of $1.75 million
03/2010 ITI selected as Frost & Sullivan Award Winner for 2010 Biotechnology Innovation of the Year Award in Vaccines
12/2009 Geron announces GRNVAC1 results from AML study meet Phase I/II endpoints. 15 of 21 patients receiving therapy continue to be in remission, some for up to 3 years
12/2006 ITI and Nature Technology agree to collaborate and cross-license vaccine technologies
10/2006 Sub-license granted to Geron Corp. for development of LAMP-telomerase cancer vaccine. ITI receives upfront fee and milestone payments as well as royalties once commercialized
09/2006 Exclusive, worldwide license to LAMP technology with Johns Hopkins University. ITI gains rights to all active LAMP-related Intellectual Property