Under the terms of the agreement, Siamab will receive a multimillion-dollar initial payment and is eligible to receive additional payments when specific milestones are achieved. No additional terms are being disclosed.
“We’re pleased to have inked a deal with a leading biopharma that will accelerate the development of our glycan-targeted therapeutics so that cancer patients will be able to benefit more quickly,” said Jeff Behrens, President and Chief Executive Officer of Siamab.
“This validates our TACA discovery platform technology and its potential to develop promising new approaches in treating solid tumors. We’ve made tremendous progress advancing our discovery platform and pre-clinical programs on modest funding.”
Siamab is the rare biotech that made significant progress without traditional venture capital funding. The company has raised just over $12 million from angel investors and has leveraged $7 million in grants and corporate partnerships.
Alongside angel investors and several angel groups including Mass Medical Angels (MA2), Launchpad Ventures, and Boston Harbor Angels, funding came from National Institutes of Health (NIH) grants, an early investment from Momenta Pharmaceuticals, and a collaboration with Boehringer Ingelheim.
“We are very pleased with the hard work of the Siamab team and the outcome they have achieved, and thrilled that our investment may make a difference for cancer patients,” said Richard Anders, MA2 Founder and Executive Director. “It is extremely difficult to successfully exit an early-stage drug company, and I expect this exit will encourage angel investors to further invest in biotech and biotech cures for humankind’s afflictions.”
Siamab was founded by Dr. Ajit Varki, a professor at the University of California, San Diego (UCSD) based on his early work on the TACA discovery platform technology. The company moved to Massachusetts in 2015 with a semi-virtual model that enabled high-quality scientific progress with a focused team and capital efficient operations. This transaction demonstrates that lean biotech companies can successfully launch innovative science into the biopharma pipeline.
Source: Company Press Release