Immuneel Therapeutics, a biotech business specializing in cancer research, has secured Rs 100 crore or $12 million in additional funding for its Series A round from Taiba Middle East FZ LLC. This marks the company’s third round of funding since its establishment in 2018.
The company will utilize these investments to facilitate its growth and expansion, as determined by the board of directors.
The board of directors at Immuneel Therapeutic has unanimously approved a special resolution to issue 10 equity shares and 8,164 Series A1 CCPS (Compulsorily Convertible Preference Shares) at an issue price of Rs 1,22,330 apiece. This issuance aims to raise a total of Rs 100 crore or $12 million.
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The company has accumulated over $40 million in funding thus far, which includes a $15 million Series A fundraising round co-led by Eight Roads Ventures, True North, and F-Prime Capital in 2022.
Immuneel Therapeutics is an Indian business in the clinical stage that focuses on the development of cell and gene therapies specifically for cancer patients. The company is currently focused on creating its own portfolio of chimeric antigen receptor T-cell (CAR-T) treatments and other cellular immunotherapies to manage and treat cancer. The company asserts that it provides therapies at a cost that is 33% lower than the expenses incurred for gene therapies in the United States.
About Immuneel Therapeutics
Founded in 2018 by Kiran Mazumdar Shaw, A pioneering clinical-stage startup company leading the Cell & Gene therapy revolution, and is committed to bringing breakthrough cancer treatment to patients in India, making it accessible & affordable.
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