Illimis Therapeutics, a biotechnology company focusing on central nervous system and immune diseases, closed a $42 million (58 billion KRW) Series B round of financing.
Eight existing investors led the round: DSC Investment, Worri Venture Partners, Korea Development Bank, Aju IB Investment, Quad Asset Management, Company K Partners, GS Ventures and Dayli Partners.
LB Investment, TS Investment, Shinhan Venture Investment, S&S Investment, Hana Ventures, Maple Investment Partners, A Ventures, IMM Investment, Schmidt and Industrial Bank of Korea also participated.
WHAT IT DOES
Illimis Therapeutics develops therapies for central nervous system and immune-related diseases.
The company's GAIA (Gas6-mediated Anti-Inflammatory Adaptor) platform is a bispecific fusion protein that combines an amyloid-targeting binder on one side with a TAM receptor-binding domain on the other.
The platform is designed to manage the therapeutic potential of TAM (Tyro3, Axl, Mer) receptor biology, a pathway involved in regulating inflammation and immune responses, according to the company.
Illimis has a partnership with Lilly Catalyze360-ExploR&D. Through Lilly Catalyze360, biotechs gain access to subject matter experts, vendors and connections that Lilly has established.
The funds will be used to accelerate the development of GAIA-based Alzheimer's disease drugs, expand the company's indications to include immune disorders and broaden its pipeline of drug candidates.
The company is also seeking early-stage collaborations with global pharmaceutical companies and research organizations.
"This investment, government grants and partnership with Lilly will enable us to accelerate our efforts to conquer diseases with high unmet clinical needs based on a comprehensive understanding of TAM biology and establish global leadership in TAM biology," Sanghoon Park, CEO of Illimis Therapeutics, said in a statement.
"We will continue to focus on innovative new drug development centered around the GAIA platform and provide tangible treatment options to patients worldwide through early research and development collaboration models."
MARKET SNAPSHOT
In 2023, Illimis Therapeutics closed a Series A financing round of $15 million (20 billion won). At the time of the financing, the company was finalizing the optimization of its GAIA platform.
Other companies involved in Alzheimer's disease include Grey Matter Neurosciences, a neurotechnology company, which in January secured $14 million in seed funding.
The funds were used to develop an ultrasound headset for individuals with Alzheimer's disease.
Grey Matter Neurosciences develops portable ultrasound helmet technology aimed at empowering seniors to restore brain function.
That same month, researchers from the National University of Singapore developed an analytical tool offering a new approach to analyzing brain activity.
The Brain-JEPA (Joint-Embedding Predictive Architecture) model identifies brain regions and how they function individually and dynamically with other regions. It also breaks down complex patterns of brain activity into smaller pieces so they can be analyzed more efficiently.
Research team member Dr. Li Ruilin, said, "Brain-JEPA could also help doctors diagnose conditions like Alzheimer’s disease earlier and more accurately, and also offer insights into how the brain works, which could lead to treatments for mental health and neurological disorders."
In 2024, Lenovo, alongside Innovations in Dementia, announced a proof-of-concept project dubbed Alzheimer's Intelligence, a photorealistic, AI-enabled 3D avatar that converses with individuals with dementia. It offers curated advice gathered from hundreds of real people living with dementia and Alzheimer's disease.
Lenovo's technology aggregates experience and advice collected from hundreds of individuals into a 3D avatar capable of having unscripted and natural conversations with a dementia patient in real time. The avatar can be used as a conversational resource and aid for dementia patients.
