ImmuneOncia Therapeutics said on Monday that it raised 24.5 billion won ($20.5 million) pre-IPO funds.

Earlier in 2019, the company attracted 45 billion won investment from Paratus Investment, a private-equity firm.

Before going public, ImmuneOncia raised 70 billion won in total.

Yuhan Corp., the largest stakeholder of ImmuneOncia, participated in the investment as a strategic investor. Other new investors include Premier Partners, K2 Investment Partners, Merits Securities, Shinvestor & Partners, BNH Investment, E & Investment, and Hanyang Securities.

ImmuneOncia selected Korea Investment & Securities as an underwriter for a listing on Kosdaq in the second half. The company is seeking IPO using the financial regulator’s policy to allow a company with exceptional technology to go public easily.

“We will use the raised funds to accelerate ongoing clinical and nonclinical trials,” an official at ImmuneOncia said.

ImmuneOncia is a joint venture formed between Yuhan and Nasdaq-listed Sorrento Therapeutics. It specializes in developing immunotherapies.

Last March, the company licensed out IMC-002, a monoclonal antibody against CD47, to 3D Medicines, a China-based biopharmaceutical firm, for 540 billion won. According to the company, the agreement involves the use of the drug candidate in the territory of Greater China (Mainland China, Hong Kong, Macau, and Taiwan).

On Wednesday, 3D Medicines obtained approval from China’s National Medical Products Administration (NMOA) to conduct a phase 1 trial of IMC-002 (3D197).