Immuneel Therapeutics Raises INR 100 Cr to Expand Cancer Therapy Innovations As part of the deal, the Bengaluru-based firm providing cancer therapy will distribute up to 8,164 Series A2 Compulsorily Convertible Preference shares and 10 equity shares.
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Cancer focused biotech startup Immuneel Therapeutics has announced the raising of INR 100 crore from TAIBA Middle East FZ LLC.
The company has raised over USD 40 million so far, which includes the USD 15 million Series A investment that it received in 2022 from True North, Eight Roads Ventures, and F-Prime Capital.
Immuneel Therapeutic's 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 in order to fund USD 12 million, or INR 100 crore, according to the company's regulatory filing accessed from the Registrar of Companies show.
The company intends to utilise these investments for growth and expansion, in accordance with board decisions.
Founded by Biocon founder Kiran Mazumdar Shaw, oncologist and Pulitzer winner Siddhartha Mukherjee and Kush Parwar, Immuneel Therapeutics is an Indian clinical-stage startup which is engaged in developing cell and gene therapies for cancer patients.
In addition, it is creating its own pipeline of cellular immunotherapies and chimeric antigen receptor T-cell (CAR-T) therapies for cancer therapy and management. According to the company, medicines are available for one-third of what gene therapies in America cost.
