BOSTON, Dec. 1, 2014 /PRNewswire/ -- Fort Point Angels LLC, an angel investment fund that makes seed and early-stage investments in growth-industry companies, announced its first successful "exit" with the initial public offering of Corbus Pharmaceuticals Holdings Inc., of Norwood, MA.
Fort Point invested in Corbus nine months ago and, based on the recent trading activity, achieved a return of eight times (8x) its initial investment.
Corbus, formerly JB Therapeutics, is an emerging drug development company focused on the production and commercialization of its lead product candidate, Resunab™, which treats rare, life-threatening inflammatory diseases.
"Over two years of the life of the fund, we're fully invested in 17 companies all of which are viable," said Fort Point founder and managing partner Oleg Uritsky. "Having our first exit after just nine months with an eight times return validates that we're doing something right."
Uritsky formed Fort Point in 2012 along with managing partner Alex Matov to co-invest and syndicate deals with other investment groups and venture capital companies in industries including healthcare, medical devices, and technology. The partners have begun raising a second vehicle, Fort Point Fund Two, under newly formed Helge Capital Inc., a "family office " venture fund.
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SOURCE Fort Point Angels LLC