The Bengaluru-based cancer therapy business will distribute 10 equity shares and up to 8,164 Series A2 Compulsorily Convertible Preference shares as part of the deal.

Immuneel Therapeutics, a cancer-focused biotech business, has raised Rs 100 crore from TAIBA Middle East FZ LLC, according to a filing with the Registrar of Companies (ROC). The business approved a special resolution to issue 10 equity shares and up to 8,164 Compulsorily Convertible Preference shares with a face value of Rs 10 and a premium of Rs 1,22,320 per share.

This is the company’s fourth Series A financing, after $11 million in 2019, $1.4 million in 2020, and $15 million in 2022 from investors such as F-Prime Capital, Khosla Ventures, and Eight Roads Ventures, according to data website Tracxn. The round seems to be underway.

Immuneel Therapeutics was formed in 2018 by Biocon founder Kiran Mazumdar-Shaw, Pulitzer Prize laureate Siddhartha Mukherjee, and Kush Parker. The Bengaluru-based business wants to make CAR-T cell therapy commercially available to Indian patients at reasonable pricing, and it is now conducting the country’s first Phase 2 trial for CD19 CAR-T (IMN-003A) for B cell malignancies (leukemia and lymphoma).

According to Tracxn, the company’s revenue for the fiscal year 2021-2022 fell to Rs 80 lakh from Rs 3.1 crore in 2020-2021, while its net loss increased to Rs 30.9 crore from Rs 16.4 crore the previous year.

Immuneel, founded by a consortium of healthcare visionaries from the United States and India, is making cell therapies inexpensive and accessible in India, for India. Immuneel is a pioneer in cell and gene therapies in India, including Chimeric Antigen Receptor T Cell Therapy (CAR-T cell therapy). CAR-T cell therapies use genetically modified human immune cells to combat cancer.
Therapies based on this innovative theory are being developed globally, and Immuneel is attempting to make it a reality in India.

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