Hong Kong-based clinical-stage biotechnology group Immuno Cure BioTech has nabbed $12 million from Gobi Partners GBA for the first close of its Series A funding round, the company said on Thursday.
The company is targeting to raise $27 million in the Series A round. It will use the proceeds to develop its DNA vaccines and antibodies and prepare for an initial public offering (IPO) in Hong Kong.
Immuno Cure advances vaccines and immunotherapies for HIV, cancers, and infectious diseases. It has developed ICVAX, a therapeutic DNA vaccine candidate against HIV and AIDS, and has other vaccines for several types of cancers in pre-clinical studies or clinical trial stages.
The funds raised are led by Alibaba-backed AEF Greater Bay Area Fund, which is managed by Gobi GBA. Whether the round had other investors remained undisclosed, per the statement.
Gobi GBA is the sole general partner (GP) of Alibaba’s AEF Greater Bay Area Fund and Alibaba Hong Kong Entrepreneurs Fund. As of 2023, Gobi GBA has invested in over 70 startups across the Greater Bay Area, including unicorns such as Airwallex, Amber, Animoca Brands, GoGoX, and Prenetics.
Last October, the biotech firm received HK$8 million ($1 million) in funding from Hong Kong Science and Technology Parks Corporation, a government body set up to foster the city’s innovation and technology ecosystem, for clinical trials of its vaccine.
It also acquired a 92.6% stake in medical devices manufacturer Shanghai Teresa Healthcare in a mixed offering of cash and shares last September.