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Laurus will get an additional stake of 7.24% in ImmunoACT, as part of Series-B funding. Post the completion of the latest round of funding, Laurus stake in ImmunoACT will increase to 33.86% (on a fully diluted basis).
Laurus in November 2021, has picked up 26.62% stake in ImmunoACT for a cash consideration of around Rs 46 crore.
The fresh infusion of capital will enable ImmunoACT to fast-track the scale-up of its lead candidate HCAR-19 by expansion of the multi-location cGMP facilities and R&D of new product pipeline.
“This investment will further help ImmunoACT to gear up for the manufacture of more treatments,” said Satyanarayana Chava, founder and CEO of Laurus Labs.
“We are looking to invest further in disruptive innovation with a disciplined approach, to enable our strategic partners and customers to bring these promising therapies to patients,” Chava added.“With the Laurus first tranche investment, ImmunoACT established a GMP facility along with State-of-the-Art R&D facility and sufficiently met funding requirements for conducting on-going Phase II trial,” said Rahul Purwar,
chairman of ImmunoACT.
“The current investment will help us to gear up to service more patients across India at an affordable price,” Purwar said.
Founded in 2018 by Purwar and a team of scientists, the IIT-Bombay incubated ImmunoACT is collaborating with institutions like Tata Memorial Hospital. Carl June, one of the pioneers in T-Cell therapies for treatment of cancer, is a member of its scientific advisory board.
CAR T-cell therapy uses a patient’s own immune cells called T-cells which are altered to seek and destroy cancer cells in the body. The therapy has demonstrated remarkable efficacy in blood cancers. ImmunoAct is promising the indigenous CAR-T therapy would cost Rs 30-40 lakh per patient, a fraction of cost compared to existing treatments.
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