Immune Onco Completes $25M Series B Funding Round

Tumor immunotherapy product developer Immune Onco announced the completion of US$25 million in Series B financing, led by Eli Lilly Asia Fund (LAV), followed by LYFE Capital, and the Series A investor Licheng Assets continued to invest more.

Founded in 2015, the company is developing bi-specific antibodies, novel recombinant proteins, target-specific natural killer (NK) cells, a target-activated NK (TANK) cell therapy, a CAR-T cell therapy, and mAbs that target immune regulation pathways. Tian Wenzhi, chairman and general manager, said the capital would support clinical studies of two ImmuneOnco candidates, IMM01 and IMM0306.

"This financing is mainly used to quickly advance the clinical trials of IMM01 (SIRPα-Fc), IMM0306 (CD47 x CD20 mAb-Trap) and IMM2510 (VEGF x PD-L1 mAb-Trap), as well as several follow-up studies based on new Preclinical research of target monoclonal antibody and double antibody projects.” said Dr. Tian Wenzhi, founder and chairman of Immune Onco. 

Lilly Asian Ventures makes venture capital investments in Asia for Eli Lilly and Company, a global innovation-driven pharmaceutical company. The company mainly invests in promising life science companies with strong management teams and innovative technology and/or business models. Its initial focus is primarily on opportunities in China, although it will take the investments in the east and south Asia into account.

Founded in 2015, LYFE Capital is a dedicated healthcare fund with US$1.27 billion in assets under management. Its investment focus spans biopharmaceuticals, medical devices, and diagnostics.