Ranok Therapeutics (Hangzhou) Co. Ltd., a Hangzhou, China-based biopharmaceutical company focused on developing breakthrough therapies for cancer and other serious diseases, secured a $40m Series B funding round.
The round was led by Lapam Capital and Shanghai Healthcare Capital, with participation from Wu Capital, Zhongguancun Kaiyuan Capital and existing investors. Representatives of the new investors will join Ranok’s expanded board of directors. To date, Ranok has raised the equivalent of over $50m in funding.
The company intends to use the funds to:
- enable its first cancer therapeutic to progress into the clinic,
- develop its proprietary CHAMP tumor-targeted protein degrader platform, and
- expand its preclinical pipeline of novel therapies based on the CHAMP tech platform.
Led by Weiwen Ying, Ph.D., Founder and Chief Executive Officer, Ranok has developed a proprietary and innovative targeted protein degradation (TPD) platform technology, CHAMP (Chaperone-mediated Protein Degradation), that leverages its founders’ expertise in protein homeostasis to take advantage of the cellular chaperome network, potentially improving drug safety and efficacy due to selective targeting of disease tissues.