RuiYi Closes $4M Debt Financing from Silicon Valley Bank

ruiyi.amRuiYi, Inc., a La Jolla, California-based global therapeutic innovation provider, closed a $4m debt financing from Silicon Valley Bank.

The company intends to use the proceeds 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 its lead asset, RYI-008, a novel anti-IL-6 mAb for rheumatoid arthritis and cancer. It will also be advancing RYI-018 into preclinical studies.
Identified via RuiYi’s iCAPSTM platform, RYI-018 is a monoclonal antibody to cannabinoid receptor 1 (CB-1), a commercially validated but previously intractable drug target.

Led by Paul Grayson, president and CEO, RuiYi closed a $15m Series B financing in March, 2014 (read here). Its discovery efforts and research facility are located in in the Zhangjiang Hi-Tech Park in Pudong, Shanghai, China.



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