Company Name: Globeimmune Inc. Sector: Biotechnology
Stock Symbol: GBIM Trading around $2.90 per share (8/06/2015)
According to a recent SEC filing , GBIM reported a licensing deal with Celgene CELG which is great news for GBIM. Here’s The link to the 8-K : www.sec.gov/Archives/edgar/data/1245104/000119312515276621/d35446d8k.htm
In the 8-K it shows, $CELG Celgene exercised its option to exclusively license “GI-6207″ and Under the terms of the agreement, they mentioned GBIM will receive an upfront option exercise payment of $1.9 Million, and GBIM is eligible for regulatory and sales milestones payments up to 125 Million, as well as royalties on product sales in exchange for a worldwide license.
Surprisingly many major news sources have not picked this up yet but did some digging and found the PRESS RELEASE on the company website. We should probably see this circulating possibly any day now. Here’s the Headline “Celgene Exercises Early Option to Exclusively License GI-6207, a Novel Cancer Immunotherapy”
Link to PRE-PRESS RELEASE
Currently, This stock is
trading roughly at a 17M Market Cap which is quite low for a biotech
company at this stage. The company reported cash and cash equivalents of
$14.4 million for the first quarter of 2015 in their latest quarterly
filing. This stock used to trade around $8 per share earlier this year
but on May 27th GBIM shares fell off a cliff after the company failed
mid-stage study of its chronic hepatitis B program. However, GBIM has
other product candidates in its pipeline so investors may still see
value in the company especially after the Celgene deal. Currently this
stock trading a slightly above cash value according to latest filings.
We do not know the exact cash position of GBIM because Q2 results are
not released yet and the 1.9M from Celgene will not be included in the
Q2 “balance sheet” since we are currently in Q3. Here are some
Historical Payments from Celgene I came Across before the GBIM (IPO)
Initial Public Offering: Globeimmune Inc. received a $30,000,000 upfront
payment to perform research and development and for the option to
license products based on the GI-4000, GI-6200, GI-6300 and GI-3000
programs. This payment was made by Celgene in May 2009. Globeimmune Inc.
received $1,000,000 in October 2011 and $300,000 in April 2012 from
Celgene for additional immunology work for the GI-4000 program. Source:
SEC Filing 10-Q of GBIM
Who else likes this stock?
According to SEC filings,
Biotechnology Value Fund L P owns 11.8% of the company, holding 678,400 shares.
On June 5th, 2015 Biotechnology Value Fund L P has filled a SC 13G form stating ownership regarding Globeimmune Inc
www.sec.gov/Archives/edgar/data/918923/000092189515001570/sc13g07422glo_06042015.htm
Wexford Capital Lp, with ownership of 264644 shares of Globeimmune Inc as of Q1 2015
About GlobeImmune:
GlobeImmune is a biopharmaceutical company focused on developing products for the treatment of cancer and infectious diseases based on its proprietary Tarmogen® platform. Tarmogens activate the immune system by stimulating cellular immunity, known as T cell immunity, in contrast to traditional vaccines that predominately stimulate antibody production. To date, Tarmogen product candidates have been generally well tolerated in clinical trials for multiple disease indications and are efficient to manufacture. In 2009, the Company entered into a worldwide strategic collaboration and option agreement with Celgene Corporation focused on the discovery, development and commercialization of product candidates intended to treat cancer. Under this agreement, Celgene exercised their option to take an exclusive worldwide license to the GI-6300 Tarmogen product series, including GI-6301, targeting brachyury, as well as taking a license to the GI-6200 product series, including GI-6207, targeting carcinoembryonic antigen. In 2011, the Company entered into a worldwide, strategic collaboration with Gilead Sciences, Inc., to develop Tarmogens intended for the treatment of chronic hepatitis B infection. For additional information, please visit the company’s website at: globeimmune
