The Bangor Angels Fund and several members of the Maine Angels have received a return on their investments in Siamab Therapeutics, a Massachusetts-based biopharmaceutical company developing novel cancer therapeutics.
In mid 2019, Siamab Therapeutics announced it entered into a strategic agreement valued at up to $202 million with an undisclosed, large commercial-stage biopharmaceutical company. Shareholders in the company have received a series of milestone payments from the agreement based on results of the company’s Phase I clinical trial. Full details on the transaction have not been disclosed.
“Siamab developed a unique platform to target sugar receptors on tumor cells, in contrast with traditional protein-based targets,” said Fritz Oldenburg, a former physician who helped launch the Bangor Angels group in 2014. “Their recent studies suggest that the molecules are particularly effective against uterine, GI, and kidney cancers.”
Ten Maine Angel members and the Bangor Angel Fund invested approximately $750,000 in Siamab Therapeutics since 2013, according to Ralph Nodine, chair of Maine Angels. (Whereas the Maine Angels invest as individuals, though share their expertise and due diligence, the Bangor Angels pool their capital into an investment fund that does the investing.)
The Maine investors are anticipating additional payouts based on the future success of a Phase II clinical trial, according to Nodine.
While the majority of investments by Maine Angel members and Bangor Angel Fund are in Maine-based companies, the groups also use the expertise of its members to consider investments in certain out-of-state companies in other industries, such as medical technology.
Maine Startups Insider recently reported that the Maine Angels group, which consists of high-net-worth individuals who pool their resources to invest in and mentor early-stage companies, invested $3.3 million in 19 companies in 2020, and grew its membership by more than 40%.
