180 Degree sells life science portfolio company

180 Degree Capital Corp., a Montclair-based investment management company, announced on Tuesday it has sold one of its privately held life sciences portfolio companies for $4.4 million.

The company also announced it received $305,000 in cash from its ownership in an entity affiliated with the portfolio. In addition to the $4.4 million upfront payment and additional proceeds, 180 is eligible to receive up to $87 million in potential future payments.

“We are pleased that this sale is closed, and we are now focused on deploying this cash in our public market investment strategy,” Kevin M. Rendino, CEO of 180, said. “Additionally, taking into consideration our currently estimated fair market value of the potential future milestone payments from this transaction, our current stock price reflects the rest of our private portfolio being valued at nearly zero.”