Immuneel Therapeutics Secures $12 Million in Extended Series A Funding

Preeti Bali / 8:09 am / July 10, 2024

Immuneel Therapeutics, a Bangalore-based company pioneering cell and gene therapies for cancer treatment, has secured an additional $12 million (Rs 100 crore) in an extension of its Series A funding round. This investment, led by Taiba Middle East FZ LLC, marks the third round of funding for Immuneel since its founding in 2018.

The company’s board of directors approved the issuance of new equity shares and convertible preferred stock to raise the capital. These funds will be used to fuel Immuneel’s growth and expansion plans, as determined by the board. Estimates from TheKredible suggest that the post-allotment valuation of Immuneel now stands at approximately $71 million (Rs 587 crore), with Taiba Middle East FZ holding a 17% stake following the investment. The funding round may still be ongoing, with the potential for further capital secured.

Building on Previous Success

This latest investment brings Immuneel’s total funding to around $40 million, following their successful $15 million Series A round co-led by prominent venture capital firms in 2022.

A Pioneering Force in Cancer Treatment

Founded by a distinguished team including Biocon founder Kiran Mazumdar Shaw, oncologist and Pulitzer Prize winner Siddhartha Mukherjee, and investor Kush Parwar, Immuneel is a leading Indian clinical-stage biotech startup. Their focus lies on developing innovative cell and gene therapies for cancer patients. This includes building a robust pipeline of chimeric antigen receptor T-cell (CAR-T) therapies and other cellular immunotherapies to combat various forms of cancer. Notably, Immuneel aims to offer these therapies at a significantly lower cost compared to current gene therapies available in the US market.

Investing in the Future of Cancer Care

While Immuneel’s annual financial statements for fiscal year 2024 are not yet available, the company remains in its pre-revenue stage. Despite this, their continued progress in securing funding underlines the promising potential of their cell and gene therapy development efforts. As they navigate the crucial early stages of development, Immuneel’s dedication to tackling cancer through innovative therapies offers a beacon of hope for patients worldwide.

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