China-based cancer immunotherapy developer ImmuneOnco Biopharma has collected at least $89m in a series C round co-led by Lilly Asia Ventures, a corporate venturing vehicle for pharmaceutical firm Eli Lilly, DealStreetAsia has reported.
Chinese state-backed private equity fund Greater Bay Area Homeland Investments co-led the round, which included investment holding company Shanghai International Group’s Shanghai Innovation Fund and existing backers Lyfe Capital and Zhangke Lingge Investment.
ImmuneOnco is developing immunotherapies intended to use macrophages and natural killer (NK) cells to actively destroy cancer cells. It will use the capital to finance development of its clinical trial-stage programmes in China and the US.
Lilly Asia Ventures also led ImmuneOnco’s $25m series B round in October 2020, investing together with Lyfe Capital and Milestone Capital China.
The company raised $6.4m in a February 2020 pre-series B round that included Shengzhou Minglang Industrial Development Equity Investment Fund Partnership and Shijiazhuang High-tech Zone Pu’enguoxin Equity Investment Center.
IDG Capital has led a $15.8m series A round for ImmuneOnco in 2018, participating alongside Lanxess Investment, Zhonghai Investment, Longpan Investment, Licheng Assets, Yaluo Investment and Chongde Hongxin.
ImmuneOnco had received an undisclosed amount of pre-series A funding from Yaluo Investment in 2017, following an investment of undisclosed size from Zhangjiang Technology Investment the year before.
Shanghai Zhangke Lingyi Investment Corporation had earlier provided $3.9m of funding for ImmuneOnco in 2015. Its other investors include Lang Sheng Investment, Lapam Capital, Z&H Investment and Smilestone Asset Management.