Immunomet Secures Series B Funding... Boosting Development of Next-Generation Cancer Therapeutics

[Asia Economy Reporter Hyungsoo Park] Incon announced on the 6th that Immunomet has completed a $5 million Series B investment. Incon also participated in Immunomet's capital increase, raising its stake to 21.6% (1,069,651 shares).

Immunomet's corporate valuation reached approximately $40 million (about 47.3 billion KRW), more than doubling since the previous Series A investment. The $5 million investment will be used for upcoming Phase 2 clinical trials and indication expansion. The metabolic anticancer agent IM156 is scheduled to complete Phase 1 clinical trials within the first quarter, and this proactive fundraising is interpreted as a strategic move to secure funds in advance.

An Incon representative stated, "As the largest shareholder of Immunomet, Incon plans to support the advancement of clinical trials," and added, "We expect the metabolic anticancer agent IM156 to complete Phase 1 clinical trials within the first quarter of this year and to proceed smoothly with subsequent clinical developments."

The Phase 1 clinical trial of IM156 is in its final stages. The trial was designed to administer IM156 to patients with solid tumors to evaluate the drug's safety and patient tolerability. The focus was on gradually increasing dosage levels. Clinical research results showed no serious adverse reactions at high doses in safety analyses, including toxicity.

IM156 is a small-molecule oral drug extracted from biguanides and acts as a potent oxidative phosphorylation (OXPHOS) inhibitor. It is expected to treat cancer cells resistant to drugs as well as those sensitive to OXPHOS inhibitors. The range of indications is broad, showing efficacy in solid tumors such as lung cancer, stomach cancer, and brain tumors, suggesting therapeutic effects across various cancer types.

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