RuiYi, a La Jolla, California-based developer of novel biologic therapeutics, raised a $15m Series B financing.
Backers included existing investors 5AM Ventures, Versant Ventures, Apposite Capital, SR One, the independent corporate healthcare venture capital fund of GlaxoSmithKline, Merck Serono Ventures, the strategic corporate venture fund of Merck Serono, and Aravis SA.
Led by Paul A. Grayson – President and Chief Executive Officer, Erik Karrer, Ph.D. chief scientific officer, and Brian Campion, Ph.D. vice president of business development, RuiYi has a pipeline of innovative monoclonal antibodies to previously untargeted G protein coupled receptors (GPCRs) for global, therapeutic needs.
The company intends to use the funds for the continued development of its lead asset, RYI-008, a novel anti-IL-6 monoclonal antibody (mAb), and the discovery and development of new therapeutic mAbs targeting GPCRs, including an mAb to cannabinoid receptor 1 (CB-1), a commercially validated drug target.
RuiYi has a research facility at the Zhangjiang Hi-Tech Park in Pudong, Shanghai, China.