Biotech startup Immmuneel Therapeutics has raised funds nearing Rs 100 crore ($12 million) in its extended Series A funding round from import-export company Taiba Middle East FZ LLC which now holds a 17% stake in the company.
As per the company filing, its board passed a special resolution to approve the issue of 10 equity shares and 8,164 Series A2 compulsorily convertible preference shares (CCPS) to secure the funds, each having an issue price of Rs 1,22,330. These funds will be deployed for company growth and expansion. As of April 30, the Bengaluru-based startup is set to be valued at Rs 587 crore post-allotment.
Biocon founder Kiran Mazumdar Shaw, Pulitzer winner and Oncologist Siddhartha Mukherjee, and Kush Parmar co-founded the biotech startup in 2018, which claims to offer affordable cancer therapy at one-third of the cost in America. It includes cell and gene therapies such as chimeric antigen receptor T (CAR-T), promoting better access to advanced care and solutions.
The startup has had three funding rounds raising a total of $40 million, with $15 million in the Series A funding round to expand its operations and development in April 2022. Eight Road Ventures, True North Fund VI LLP, F-Prime Capital, and existing investors led this funding round.
While the firm had losses worth Rs 39 crore in FY23, it is yet to file the financial statements for the fiscal year ended March 2024.
Another biotech firm, Pandorum Technologies, a regenerative medicine company, had raised $8 million with the major investors being Ashish Kacholia, Everest Finance and Investment Company.
