Immunomic Therapeutics has operated a highly capital efficient business since its inception, relying primarily on operating revenue from licensing and collaborative deals. In mid-2011, Immunomic Therapeutics closed its debt financing round, successfully raising $2 million in short term funds, fully convertible to Common Stock. In order to meet the financial needs for clinical development of its first product, the Company successfully closed a Series A Private Placement Memorandum PPM offering in April 2012, raising an additional $1.6 million. On September 30th, 2012, the Company raised an additional $1.2 million through a Rights Offering to existing investors. Further, on May 30th, 2013, the Company raised a $2.8M bridge round in the form of Convertible Debt. These funds, combined with the proceeds of an executed license with a large biopharmaceutical company, will provide ITI sufficient capital to operate the Company through the end of 2014 and to complete Phase I/II Clinical Trials for JRC-LAMP-vax™ vaccine. The Company has currently initiated a Series B preferred round for $8.8M which will prepare the Company for exit, potentially through IPO. ITI also plans to secure a commercialization partner for the JRC-LAMP-vax product to provide additional revenue in 2014.
Immunomic Therapeutics, Inc.
Headquarters: 1214 Research Blvd, Suite 2016, Hershey, PA 17036
Lab: 15010 Broschart Rd. Ste. 250, Rockville, MD 20850
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