Biotech startup Immuneel Therapeutics raises $15M in Series A round
Bengaluru-based biotech startup Immuneel Therapeutics has announced raising $15 million in a Series A funding round. The round was co-led by existing investors Eight Roads Ventures, True North Fund VI LLP, and F-Prime Capital. Other investors also participated in the round.
The company said that the capital will help it to advance its development pipeline and scale.
Founded in 2019 by Kiran Mazumdar-Shaw, Founder and Chairperson of Biocon; US-based oncologist and author Dr Siddhartha Mukherjee; and Dr Kush Parmar, Founder of Boston-based 5AM Ventures; Immuneel Therapeutics offers cell and gene therapy to treat cancer at affordable prices in India.
The company also announced that it has initiated patient dosing as part of phase II trials of its Chimeric Antigen Receptor T-cell therapy (CAR-T) to target blood cancer under the name IMAGINE at Narayana Hrudyalaya in Bengaluru.
“This milestone is significant in building an ecosystem to accelerate and make cell therapies accessible to patients in India, in line with global standards at affordable and disruptive costs. Personalised cell therapies are in their nascency the world over and we have an opportunity to differentiate through partnerships and cutting-edge innovation,” said Kiran Mazumdar-Shaw, Co-founder and Director at Immuneel Therapeutics, in a statement issued by the company.
The trial is funded by Immuneel and will include 24 pediatric and adult cancer patients. The startup has exclusive rights to manufacture and commercialise the CAR-T cell therapy—currently under trial in India—from Hospital Clínic de Barcelona and Institut d’Investigacions Biomèdiques August Pi i Sunyer in Spain.
CAR-T therapies to treat blood cancers are available internationally at $350,000 per dose and are currently unavailable in India.
“CAR-T cell therapy in the US started a decade ago, and has proven to be advantageous for patients who relapse following leukaemia or lymphoma treatment, despite its cost which is beyond the means of most people, including Indians,” said Dr Devi Shetty, Chairman of Narayana Health, in the statement.
He added, “With Immuneel setting up India’s first integrated centre and making CAR-T therapy here at Narayana Health City (Bengaluru), we hope to reach thousands of patients in need.”
Eight Roads Ventures and its sister fund from the US, F-Prime Capital, had first invested in Immunneel in January 2020.
Immuneel Therapeutics is apparently a moving startup with prodding improvement on biotechnology research platform. I’m sure this startup would continue to prosper in its journey ahead. My best wishes to the entire group of Immuneel Therapeutics. This will give them a giant accomplishment later on.Shishir Gupta, Founder and CEO, StartupLanes
Don’t keep wondering about funding, you can also raise funds. Learn how to raise funds here: Yes I want to raise funds.
If you are an emerging startup and are looking for investors to raise funds, StartupLanes has its own angel network and investment banking services and is connected to angel investors and VCs in 15 countries that ensure that our member startups have easy access to external funds to scale up constantly.
You can subscribe to our news posts by entering your email in the box on the right side of this page.
Check out our YouTube channel for insightful content from the Indian startup ecosystem.
The right investment is key to beating inflation and growing your wealth. Do you wish to become an angel investor? Yes, I want to be an angel investor.
Are you a startup and facing challenges in your business? Do you want to grow your business? It is not as difficult as it sounds. Learn how to grow your business here- Yes, I want to grow my business.