Illimis Therapeutics, a Seoul-based biotechnology company developing treatments for central nervous system and immune-related diseases, has successfully closed a $42 million Series B financing round to advance its proprietary GAIA platform technology. The funding will accelerate development of Alzheimer's disease therapeutics and expand the company's pipeline into various immune disorders.
Strong Investor Confidence Drives Oversubscribed Round
The Series B round attracted significant participation from both existing and new investors, demonstrating high industry confidence in Illimis' vision and technology. Eight existing investors, including DSC Investment, Woori Venture Partners, Korea Development Bank, Aju IB Investment, Quad Asset Management, Company K Partners, GS Ventures, and Dayli Partners, reaffirmed their commitment to the company.
Ten new investors joined the round: 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.
"In the evolving landscape of new drug development where the limitations of existing medications are continually being overcome, Illimis' differentiated platform technology is expected to emerge as a next-generation treatment option for neuro-immune diseases with high unmet medical needs," said Yohan Kim, Senior Managing Director at DSC Investment, who led the investment round and has been appointed to the board of directors.
GAIA Platform Targets TAM Receptor Biology
Illimis' core strength lies in its proprietary GAIA (Gas6-mediated Anti-Inflammatory Adaptor) platform, designed to harness the therapeutic potential of TAM (Tyro3, Axl, Mer) receptor biology. This pathway plays a critical role in regulating inflammation and immune responses, positioning the platform to address challenging diseases with high unmet medical needs.
The company's lead pipeline candidate, ILM01 for Alzheimer's disease treatment, is entering the preclinical stage in the second half of 2025, with an investigational new drug (IND) submission expected by the end of 2027.
Strategic Partnerships and Government Support
Illimis has established significant partnerships to advance its research capabilities. In October 2024, the company partnered with Eli Lilly and Company's Catalyze360-ExploR&D, a core pillar of external innovation at Lilly. Under this research collaboration, Illimis and Lilly have been cooperating to advance the platform construct for applications in neurodegenerative diseases.
The company has also strengthened its global pharmaceutical collaborations by winning the 2023 BMS Innovation Square Challenge and joining Johnson & Johnson's global incubator network as a member company of JLABS Singapore in 2024.
Recently, Illimis was selected for the '2025 Global Joint Research to Defeat Dementia' led by the Ministry of Health and Welfare and the Korean Dementia Research Center, securing KRW 2.2 million ($1.6 million) in funding over three years. This initiative aims to develop Alzheimer's therapeutics through global joint research leveraging the GAIA platform.
Expert Scientific Guidance
To enhance its drug development competitiveness, Illimis operates a Scientific Advisory Board (SAB) that includes world-renowned experts. Dr. Greg Lemke, Emeritus Professor at the Salk Institute and a leading expert in TAM Biology, and Dr. Morgan Sheng, a prominent neuroscientist at the Broad Institute who previously served as Vice President of Neuroscience at Genentech, provide strategic guidance across the entire R&D lifecycle.
Future Development Plans
The proceeds from the Series B funding will be used to accelerate the development of GAIA-based Alzheimer's disease therapeutics, expand target indications to various immune disorders, and broaden the pipeline of potential blockbuster drug candidates. The company is actively pursuing early-stage collaborations with global pharmaceutical companies and research institutions to add value to internal programs.
"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," said Sanghoon Park, CEO of Illimis Therapeutics. "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 R&D collaboration models."
Jiwoong Chun, Managing Director at Woori Venture Partners and an active board member and investor since the company's inception, added, "Illimis is a prime example of a smart Korean biotech unlocking global markets with proprietary innovation and capital efficiency."
