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Seoul-based Illimis Therapeutics has raised 58 billion won ($42 million) to fund its treatment of Alzheimer’s disease and expand it into an immune disease.
Series B is led by South Korean venture capital firm DSC Investment, whose portfolio includes biotech Caregen from billionaire Chung Yong-ji. Other investors include local venture capital firms AJU IB Investment, INM Investment, LB Investment and GS Ventures, the venture capital division of GS GS Group. The Series B round raised the startup’s total funding to $63 million.
Illimis Therapeutics was founded in 2021 by Sanghoon, a former Fengkou Capitalist Park, as well as Chung Wonsuk and Kim Chanhyuk, professors of biological sciences. The biotech startup focuses on treating Alzheimer’s disease, a major cause of Alzheimer’s disease.
Park Sanghoon, co-founder and CEO of Illimis Therapeutics.
Ilymis Therapy.
Illimis Therapeutics says its primary drug, ILM01, is designed to clear out the brain’s main promoter proteins (considering the main driver of Alzheimer’s) without causing harmful inflammation, a major obstacle to currently available Alzheimer’s therapies. According to Illimis Therapeutics, ILM01 will enter the preclinical stage in the second half of 2025.
With new funding, Illimis Therapeutics will also expand its therapeutic targets to immune diseases. The startup’s current pipeline includes the treatment of multiple sclerosis, a chronic neurological disorder. It also partnered with U.S. pharmaceutical giant Eli Lilly to discover potential drugs for undisclosed diseases.
“This investment, government grants and partnership with Eli Lilly will enable us to accelerate efforts to conquer diseases with high unmet clinical needs,” said Park, co-founder and CEO of Illimis Therapeutics.
Global pharmaceutical Titan giants, including Biogen and Eli Lilly, have already provided billions of dollars for potential treatments for Alzheimer’s disease, which currently affects millions of people around the world, expected to increase due to aging population.
However, it has proven that producing some working therapies for Alzheimer’s has proven challenging. The latest drugs available include Leqembi, developed by Biogen and Japan’s Eisai, and Eli Lilly’s Kisunla. Both drugs are designed to be early stages of progress in Alzheimer’s disease, but do not stop or cure. Their side effects include brain swelling and cerebral hemorrhage.
Many startups are also trying to provide promising treatments for Alzheimer’s disease. These include Cerecin in Singapore, backed by Nestlé and South Korea’s SK Securities, among others
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