Immuneel Therapeutics Secures INR 100 Crore to Expand Operations
- ByStartupStory | July 11, 2024
Cancer-focused biotech startup Immuneel Therapeutics has successfully raised INR 100 crore from TAIBA Middle East FZ LLC to fuel its growth and expansion. The latest investment brings the total funds raised by the company to over USD 40 million, which includes a USD 15 million Series A investment received in 2022 from True North, Eight Roads Ventures, and F-Prime Capital.
As part of its fundraising strategy, Immuneel Therapeutics’ board has approved a special resolution to issue 8,164 Series A1 CCPS and 10 equity shares at a price of INR 1,22,330 each, according to the company’s regulatory filing accessed from the Registrar of Companies. This move will facilitate the funding of USD 12 million, equivalent to INR 100 crore.
Founded by Biocon founder Kiran Mazumdar-Shaw, Pulitzer-winning oncologist Siddhartha Mukherjee, and Kush Parwar, Immuneel Therapeutics is an Indian clinical-stage startup dedicated to developing cell and gene therapies for cancer patients. The company is pioneering the creation of its own pipeline of cellular immunotherapies and chimeric antigen receptor T-cell (CAR-T) therapies, aiming to provide innovative cancer treatment and management solutions.
In a statement, the company highlighted its commitment to making advanced gene therapies more accessible and affordable. “Medicines are available for one-third of what gene therapies in America cost,” noted Immuneel Therapeutics.
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