RuiYi Closes $4MM Venture Loan from SVB
RuiYi announced the close of a $4 million debt financing from Silicon Valley Bank to advance a pipeline of novel monoclonal antibodies (mAb) targeting G protein coupled receptors (GPCRs). RuiYi plans to file an IND and initiate clinical trials in multiple countries in 2015 for the company’s lead asset, RYI-008, a novel anti-IL-6 mAb for rheumatoid arthritis and cancer. RuiYi will also be advancing RYI-018 into preclinical studies. Identified via RuiYi’s iCAPS(TM) platform, RYI-018 is a first-in-class monoclonal antibody to cannabinoid receptor 1 (CB-1), a commercially validated but previously intractable drug target.
“Providing companies such as RuiYi with capital to get through key value creating corporate milestones is an important way for us to expand SVB’s relationship with our clients,” said Mike White, managing director, Silicon Valley Bank. “By developing novel therapeutics, RuiYi is a trailblazer in finding innovative ways to help patients around the world. We are pleased to provide RuiYi with additional financing flexibility so that they can bring new medicines to market with a capital efficient path.”
Lei Lu, senior vice president of Finance & Operations added, “We appreciate this additional funding mechanism SVB brought to us. With RuiYi’s strategy of controlled burn and development through regional partnering, this funding, together with the $15m Series B financing closed in March, 2014, provides the company significant additional runway. The key to a successful financing is generating the appropriate combination of equity financing and debt to reach substantial valuation inflection points. Silicon Valley Bank has been a vital part of this equation for multiple industries for decades.”
RuiYi is focused on the discovery and development of novel biologic therapeutics that meet medical and commercial needs for China’s patients and healthcare system and that have the potential to be disruptive globally.