Immuneel Therapeutics, a biotech startup concentrating on cancer treatments, has raised Rs 100 crore (approximately $12 million) in an extension of its Series A funding round, led by Taiba Middle East FZ LLC. This marks the third round of investment for the Bengaluru-based company since its establishment in 2018.
According to a special resolution passed by the board at Immuneel Therapeutics, the company will issue 10 equity shares and 8,164 Series A1 Compulsorily Convertible Preference Shares (CCPS) at an issue price of Rs 1,22,330 each to accumulate Rs 100 crore ($12 million). This information is derived from regulatory filings accessed through the Registrar of Companies.
The company intends to utilize these funds for growth and expansion, as outlined by the board. Immuneel Therapeutics is valued at around Rs 587 crore ($71 million) post-allotment. With the latest investment, Taiba Middle East FZ now holds a 17% stake in the company. The round is still ongoing, indicating potential for additional fundraising.
To date, Immuneel Therapeutics has raised approximately $40 million, including a $15 million Series A financing round co-led by Eight Roads Ventures, True North, and F-Prime Capital in 2022.
Immuneel Therapeutics was founded by Biocon founder 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. It is also working on its own pipeline of chimeric antigen receptor T-cell (CAR-T) therapies and other cellular immunotherapies for cancer management and treatment. The company claims to offer therapies at one-third the cost of similar gene therapies in the United States.
