Cancer-focused biotech startup Immuneel Therapeutics has raised Rs 100 crore (approximately $12 million) in an extension of its Series A round from Taiba Middle East FZ LLC. This marks the third investment round for the Bengaluru-based company since its inception in 2018.
According to regulatory filings accessed from the Registrar of Companies, Immuneel Therapeutics’ board passed a special resolution to issue 10 equity shares and 8,164 Series A1 CCPS at an issue price of Rs 1,22,330 each. The funds raised will be allocated towards growth and expansion as determined by the board.
Following this investment, Taiba Middle East FZ now holds a 17% stake in Immuneel Therapeutics. The round remains open, suggesting that additional funds may be raised.
To date, Immuneel Therapeutics has accumulated around $40 million in funding. This includes a $15 million Series A financing round in 2022, co-led by Eight Roads Ventures, True North, and F-Prime Capital.
Immuneel Therapeutics was founded by Biocon’s Kiran Mazumdar Shaw, oncologist and Pulitzer Prize winner Siddhartha Mukherjee, and Kush Parwar. The Indian clinical-stage startup focuses on developing cell and gene therapies for cancer patients, with a particular emphasis on chimeric antigen receptor T-cell (CAR-T) therapies and other cellular immunotherapies. The company aims to offer these therapies at a fraction of the cost compared to similar treatments available in the United States.
Although Immuneel Therapeutics has not yet filed its annual statements for FY24, the six-year-old company remained at a pre-revenue stage in FY23, reporting losses of Rs 39 crore for the fiscal year ending March 2023.
