Seoul-based biotech startup Illimis Therapeutics has raised 58 billion won (US$42 million) in series B funding, bringing its total to US$63 million since 2021.

The round was led by DSC Investment, with participation from Aju IB Investment, IMM Investment, LB Investment, and GS Ventures.

The funds will support research into Alzheimer’s treatments and expand its focus to immune diseases.

Co-founded by Park Sanghoon, Chung Wonsuk, and Kim Chanhyuk, Illimis is developing ILM01, a drug candidate that targets toxic amyloid proteins without causing harmful inflammation.

ILM01 is expected to enter preclinical trials in late 2025.

🔗 Source: Forbes

🧠 Food for thought

1️⃣ Alzheimer’s drug development faces extraordinary challenges despite massive investment

Illimis Therapeutics is entering a field with notoriously high failure rates. For example, 99.6% of Alzheimer’s drugs failed in clinical trials between 2002-2012, with only one medication (memantine) receiving approval during that period 1.

This trend has persisted, with an analysis of 98 unique compounds showing that the overall success rate for Alzheimer’s treatments remains at just 2%, despite two recent approvals (aducanumab and oligomannate) 2.

The difficulties stem from multiple factors, including insufficient evidence for pivotal trials and shortcomings in trial design that have challenged even large pharmaceutical companies with extensive resources 2.

Both Leqembi (Biogen/Eisai) and Kisunla (Eli Lilly) mentioned in the article represent rare successes. However, their limitations, such as only slowing progression rather than stopping it and significant side effects like brain swelling, highlight the continued challenges in the field.

2️⃣ The shift beyond the amyloid-only approach represents a critical evolution

Illimis Therapeutics’ focus on removing amyloid protein without triggering harmful inflammation addresses a key limitation of current therapies mentioned in the article.

This approach reflects a broader shift in the field, which has historically prioritized amyloid-targeting approaches. Despite billions invested in amyloid-targeting drugs, their limited effectiveness has pushed researchers toward more holistic approaches that consider multiple factors, including neuroinflammation—exactly what Illimis appears to be targeting 3.

The startup’s expansion into immune diseases, particularly multiple sclerosis, further demonstrates this broader biological systems approach that experts increasingly advocate for addressing complex neurological conditions 4.