- Intellectual property-based businesses investor IP said its portfolio company Iksuda Therapeutics had completed a $42 million Series A financing round.

The funding round would support the advancement of Iksuda's lead antibody drug conjugate assets and expansion of its payload and conjugation platform technologies, enabling progression of its lead pre-clinical candidate, IKS03 to first-in-human phase 1 clinical trials.

Following completion, IP would have a 19.4% stake in Iksuda, which the directors anticipated would be valued at £8.3 million, representing a net unrealised fair value gain to the group of approximately £5.3 million.

IP agreed to sell $5 million (£3.5 million) worth of shares as part of the transaction to facilitate the introduction of Celltrion as a strategic partner to Iksuda.

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