Immune-Onc Therapeutics Announces Close of Series B Extension Financing, Bringing Total Round to $131 Million

Proceeds will advance development of Immune-Onc’s lead clinical programs IO-108 and IO-202 while expanding its immuno-oncology pipeline of differentiated myeloid checkpoint inhibitors

Immune-Onc will participate in an industry panel and provide additional corporate and clinical updates during investor and prospective partner meetings at the upcoming J.P. Morgan 41st Annual Healthcare Conference

Immune-Onc Therapeutics, Inc. (“Immune-Onc”), a private, clinical-stage cancer immunotherapy company developing novel biotherapeutics targeting myeloid checkpoints today announced the close of an additional $25 million through a Series B extension, for a total of $131 million in Series B financing. This extension was led by existing investor Triwise Capital and with participation from new investors including Proxima Ventures, among others. In addition, the company has received continued strategic capital investments from The Leukemia & Lymphoma Society’s Therapy Acceleration Program® (LLS TAP) and Wuxi Biologics HealthCare Venture.

Proceeds from the financing will be used to accelerate development of Immune-Onc’s lead clinical candidates, IO-108 and IO-202, and advance the selection of additional novel myeloid checkpoint inhibitor programs. Immune-Onc will provide additional corporate and clinical progress updates during 1:1 investor and prospective partner meetings at the upcoming J.P. Morgan 41st Annual Healthcare Conference.

"Immune-Onc had an incredible year of growth and development with two myeloid-checkpoint inhibitor programs progressing in the clinic in the U.S. and China for multiple types of cancer where great unmet needs remain,” said Charlene Liao, Ph.D., founder, chief executive officer and board chair of Immune-Onc. “We are confident in the long-term growth prospects for Immune-Onc and believe that our progress this past year provides a compelling foundation for continued success in 2023. We are on track to deliver on several key milestones for our lead clinical candidates, including obtaining proof-of-concept results in leukemia and solid tumor expansion cohorts for IO-202 and IO-108, respectively, completing dose escalation for IO-202 in solid tumors, and further characterizing clinical biomarkers and/or mechanisms of actions for our checkpoint inhibitors that may ultimately lead to new clinical programs.”

2022 Clinical & Corporate Highlights:


  • Dosed the first patient in the expansion cohorts of the company’s ongoing Phase 1 study for IO-108, a novel myeloid checkpoint inhibitor targeting Leukocyte Immunoglobulin-Like Receptor B2 (LILRB2, also known as ILT4) in adult patients with advanced or refractory solid tumors
  • Dosed the first patient with IO-108 in a Phase 1 clinical trial in China for patients with advanced solid tumors following the Center for Drug Evaluation of the China National Medical Products Administration approving the company’s Investigational New Drug application
  • Dosed the first solid tumor patient in the company’s Phase 1 clinical trial of IO-202, a first-in-class myeloid checkpoint inhibitor targeting Leukocyte Immunoglobulin-Like Receptor B4 (LILRB4, also known as ILT3)
  • Granted Fast Track designation by the U.S. Food and Drug Administration for IO-202 for the treatment of patients with relapsed or refractory acute myeloid leukemia


  • Entered a clinical supply agreement with Regeneron Pharmaceuticals, Inc. (“Regeneron”) to evaluate IO-108 in combination with Regeneron’s anti-PD-1 therapy, Libtayo® (cemiplimab), as part of its ongoing clinical development program in the U.S.
  • Entered into a clinical trial collaboration and supply agreement to evaluate IO-108 and IO-202 in combination with BeiGene’s anti-PD-1 antibody, tislelizumab, as part of its clinical development programs in China
  • Appointed Austin L. Gurney, Ph.D., and Barbara J. Klencke, M.D., to the company’s Board of Directors and Christopher Whitmore as chief financial officer
  • Won the 2022 BayHelix “R&D Achievement of the Year” award
  • Named the top 5 woman-led life science companies in the San Francisco Bay Area

Participation at upcoming industry panel:


Immune-Onc Therapeutics Inc. (“Immune-Onc”) is a private, clinical-stage cancer immunotherapy company dedicated to the discovery and development of novel myeloid checkpoint inhibitors for cancer patients. The company aims to translate unique scientific insights in myeloid cell biology and immune inhibitory receptors to discover and develop first-in-class biotherapeutics that reverse immune suppression in the tumor microenvironment.

Immune-Onc has a differentiated pipeline with a current focus on targeting the Leukocyte Immunoglobulin-Like Receptor subfamily B (LILRB) of myeloid checkpoints. Immune-Onc’s focused platform approach has led to the development of several promising therapeutics across various stages of development. Those include IO-108, an antagonist antibody targeting LILRB2 (also known as ILT4), in Phase 1 clinical development for solid tumors and IO-202, a first-in-class antagonist antibody targeting LILRB4 (also known as ILT3), in Phase 1 clinical development for the treatment of acute myeloid leukemia (AML), chronic myelomonocytic leukemia (CMML), and solid tumors. Additional assets in Immune-Onc’s pipeline include IO-106 (first-in-class antagonist antibody targeting LAIR1), IO-312 (bi-specific antibody targeting LILRB4), and multiple undisclosed programs for solid tumors and hematologic malignancies.

Immune-Onc has established agreements with leading biopharmaceutical companies, including BeiGene and Regeneron, to support its global product development plans for IO-108 and IO-202. It has received research grants from the National Cancer Institute (NCI) of the National Institutes of Health (NIH) and the California Institute for Regenerative Medicine (CIRM) and investment from The Leukemia & Lymphoma Society Therapy Acceleration Program® (LLS TAP®). Headquartered in Palo Alto, California, Immune-Onc has assembled a diverse team with deep expertise in drug development and proven track records of success at leading biopharmaceutical companies. For more information, please visit and follow us on Twitter and LinkedIn.

We're thrilled to announce the close of a Series B extension financing as we advance & expand our pipeline of novel myeloid checkpoint inhibitors.


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