Immuneel Therapeutics Bags INR 100 Cr To Expand Operations

SUMMARY

Biotech startup Immuneel Therapeutics has secured close to INR 100 Cr (almost $12 Mn) as a part of its extended Series A funding round from Taiba Middle East

The company’s board passed a special resolution to issue 10 equity shares and 8,164 Series A2 compulsorily convertible preference shares (CCPS) at an issue price of INR 1,22,330 each

Immuneel Therapeutics is currently valued at INR 488 Cr, as of April 30, 2024

Biotech startup Immuneel Therapeutics, cofounded by Kiran Mazumdar-Shaw, has secured close to INR 100 Cr (almost $12 Mn) as a part of its extended Series A funding round from Taiba Middle East FZ LLC.

Immuneel Therapeutics board passed a special resolution to issue 10 equity shares and 8,164 Series A2 compulsorily convertible preference shares (CCPS) at an issue price of INR 1,22,330 each to raise the fund, the company said in a filing.

The company plans to use the fresh funds for growth and expansion.

Entrackr reported the development first.

Founded in 2018 by Shaw, Kush M Parmar and Siddhartha Mukherjee, Immuneel Therapeutics offers cell and gene therapies such as chimeric antigen receptor T (CAR-T) cell therapy in India to fight cancer.

The company claims to provide affordable cancer therapy and works to offer advanced options for care, improve access and drive better patient outcomes.

Immuneel Therapeutics is currently valued at INR 488 Cr, as of April 30, 2024.

In April 2022, the Bengaluru-based startup raised close to $15 Mn in a Series A funding round led by Eight Roads Ventures, True North Fund VI LLP and F-Prime Capital, and other existing investors to scale up its operations and advance its development pipeline.

This funding adds to the list of biotech startups who are determined to expand cell therapy in the country.

Earlier this year, regenerative medicine company Pandorum Technologies raised $8 Mn from ace investor Ashish Kacholia, Everest Finance and Investment Company, among others.