Biotech startup Immuneel Therapeutics raised Rs 100 Cr in extended Series A round

Immuneel Therapeutics is a biotech startup that focuses on cancer. Taiba Middle East FZ LLC has extended its Series A round, raising Rs 100 crore, or $12 million. The Bengaluru-based company has raised money in three rounds since its founding in 2018.

Immuneel Therapeutic’s board has approved a special resolution to issue 8,164 Series A1 CCPS and 10 equity shares at a price of Rs 1,22,330 each in order to raise $12 million, or Rs 100 crore, according to the company’s regulatory filing, which can be accessed through the Registrar of Companies.

According to the filings, the board has decided that the company will use these investments for growth and expansion.

Media estimates that the company is worth approximately Rs 587 crore, or $71 million (post-allotment). Taiba Middle East FZ now owns a 17% share in Immuneel Therapeutics after the recent proceeds. It looks like there is still money being raised in this round.

With the addition of its $15 million Series A financing led by Eight Roads Ventures, True North, and F-Prime Capital in 2022, the company has raised about $40 million to date.

Immuneel Therapeutics, an Indian clinical-stage startup, was founded by biocon founder Kiran Mazumdar Shaw, oncologist and Pulitzer Prize winner Siddhartha Mukherjee, and Kush Parwar. The company’s goal is to develop gene and cell therapies for cancer patients. In addition, it is creating its own pipeline of cellular immunotherapies and chimeric antigen receptor T-cell (CAR-T) therapies for cancer treatment and management. The company says it can provide treatments for one-third of what gene therapies in the US cost.

Immuneel Therapeutics, a six-year-old company, stayed in the pre-revenue stage of operations in FY23, although it has not yet submitted its annual statements for FY24. Its losses for the fiscal year that ended in March 2023 totaled Rs 39 crore.