Immuno Cure, a Hong Kong-based biotech startup, is preparing for an IPO with a $12 million investment.
Immuno Cure biotech, located in Hong Kong, has received $12 million from Gobi Partners GBA for the first closure of its Series A investment round, the business said on Thursday.
The Series A round is expected to raise $27 million. The revenues will be used to create DNA vaccines and antibodies as well as to prepare for an IPO in Hong Kong.
Immuno Cure develops vaccines and immunotherapies for HIV, cancer, and infectious disorders. It has created ICVAX, a therapeutic DNA vaccine candidate against HIV and AIDS, and additional vaccines for other malignancies are in pre-clinical or clinical testing phases.
Gobi GBA manages the funds generated, which are led by the Alibaba-backed AEF Greater Bay Area Fund. According to the announcement, it was not stated whether the round included other investors.
Gobi GBA is Alibaba’s AEF Greater Bay Area Fund and Alibaba Hong Kong Entrepreneurs Fund’s single general partner (GP). Gobi GBA has invested in approximately 70 businesses in the Greater Bay Area as of 2023, including unicorns like Airwallex, Amber, Animoca Brands, GoGoX, and Prenetics.
Last October, the biotech firm got HK$8 million ($1 million) in funding for clinical trials of its vaccine from the Hong Kong Science and Technology Parks Corporation, a government entity established to boost the city’s innovation and technology environment.
Last September, it also purchased a 92.6% stake in medical equipment producer Shanghai Teresa Healthcare in a cash and share transaction.