Illimis Therapeutics harnesses key receptor system to clear pathological proteins without triggering harmful inflammatory responses.
South Korean biotech Illimis Therapeutics has secured $42 million in a Series B financing round to accelerate the development of drugs targeting central nervous system and immune-related diseases. With an initial focus on Alzheimer’s, the Seoul-based company’s approach harnesses the TAM receptor system, which plays a key role in controlling inflammation and immune homeostasis.
The TAM receptor system consists of three receptor tyrosine kinases – Tyro3, Axl,and MerTK –which are implicated in various biological processes, including the clearance of apoptotic cells and in modulating inflammatory responses. The pathway is being leveraged by Illimis to address critical limitations in current treatments, particularly in neurodegenerative conditions like Alzheimer’s.
The company’s lead therapeutic candidate, ILM01, is being developed to treat Alzheimer’s by clearing pathological proteins without triggering harmful inflammatory responses. While other antibody-based therapies are known to induce neuroinflammation leading to amyloid-related imaging abnormalities (ARIA), Illimis’ fusion proteins activate TAM receptors on microglia and astrocytes, promoting efficient clearance of amyloid beta while actively suppressing inflammation. The company claims its studies have shown that its approach yields stronger amyloid clearance without the neurotoxic side effects commonly associated with other therapies.
Targeting an investigational new drug application for ILM01 by the end of 2027, the newly acquired funds will support ongoing development and pipeline expansion. In addition to Alzheimer’s, Illimis says it also plans to apply its platform to a range of immune-related disorders.
The company has formed a research collaboration with Eli Lilly’s Catalyze360-ExploR&D initiative, aiming to enhance applications of its platform across neurodegenerative diseases. Illimis was also selected for the 2025 Global Joint Research to Defeat Dementia program led by the Korean Ministry of Health and Welfare and the Korean Dementia Research Center, securing funding over three years to support its research efforts.
“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 Illimis CEO Sanghoon Park.
The Series B financing round saw participation from both returning and new investors, with existing backers such as DSC Investment, Woori Venture Partners and Korea Development Bank joining new investors, including LB Investment, IMM Investment and the 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 DSC’s Yohan Kim, who led the investment round.
Illimis benefits from the strategic oversight of a Scientific Advisory Board that includes distinguished experts in neurobiology and drug development, including Dr Greg Lemke, emeritus professor at the Salk Institute, and Dr Morgan Sheng of the Broad Institute.
