Oncobiologics, a New Jersey-based biotherapeutics company which had its ceremonial opening Friday, announced two deals that are valued by the company at nearly $80 million.
The agreements include a licensing deal with early-stage biotechnology start-up Parilis Biopharmaceuticals, an early-stage biotech company for an undisclosed biotherapeutic product. The second is with a big pharma company to conduct research focused on solving issues related to downstream processing of monoclonal antibodies. The identity of the client firm was not disclosed due to confidentiality terms in the agreement.
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At its official opening, Oncobiologics also announced a strategic partnership with Fox Chase Cancer Center to co-develop a next generation bi-specific antibody cancer platform with enhanced therapeutic capabilities against solid tumors to handle multiple targets.
Oncobiologics, led by CEO Pankaj Mohan, develops next generation biotherapeutics, including oncology, immuno-oncology, and immunology drugs. Mohan has 20 years of experience in the biopharmaceutical industry at companies such as Genentech, Eli Lilly and Bristol-Myers Squibb. It was started in January and currently has 20 employees. It expects to add 40 more next year.
The company received a $250,000 grant from the Qualifying Therapeutic Discovery Project and the U.S. Small Business Administration helped it secure a $1 million loan. It was also partially funded by angel investors.
The discovery project is a component of the Affordable Care Act which is aimed at, among other things, therapeutic discovery projects that have the potential to lead to new therapies to treat areas of unmet medical need, or significantly advance the goal of curing cancer within 30 years.
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Through the Qualifying Therapeutic Discovery Project, companies in 47 states received approximately $1 billion in grants and tax credits last year. About 123 New Jersey companies received $50 million.