RiboBio Secures RMB 470 Million in Series C2 Financing to Advance Oligonucleotide Therapeutics Pipeline

On April 3, 2020, VCBeat (WeChat ID: vcbeat) learned that Suzhou Ribo Life Science Co., Ltd. (“Ribo Life Science”) had announced the completion of a C2 financing round amounting to RMB 470 million. The round was led by China State-Owned Capital Venture Investment Fund, with CICC Qide Fund and Hillhouse Ventures serving as co-lead investors. Other prominent institutional investors participating in the round included Hengxu Capital, Longma Peak Ventures, Sinopharm CICC Fund, Shenzhen Zhonghui, Shanghai Free Trade Zone Fund, and Hongtao Capital. The funds raised will continue to support the research and development of Ribo Life Science’s pipeline candidates at various stages.

Since its establishment in 2007, Ribo Life Science has been dedicated to the research and development of oligonucleotide therapeutics, building robust comprehensive capabilities in innovative oligonucleotide technologies, drug portfolios, R&D facilities, and team development. With strong support across these areas, Ribo Life Science has established a rich pipeline of oligonucleotide drug candidates covering multiple therapeutic areas, including infectious diseases, oncology, metabolic disorders, cardiovascular and cerebrovascular diseases, and neurological conditions. Currently, two of its drug candidates are in Phase II and Phase III clinical trials, respectively. Its independently developed oligonucleotide therapeutic for hepatitis B received formal acceptance from the National Medical Products Administration (NMPA) for clinical trial application in early 2020, with several other candidates entering the clinical trial application stage. Leveraging its independent intellectual property rights, Ribo Life Science has established an oligonucleotide liver-targeted delivery technology platform that runs parallel to world-leading standards, applying it to the development of oligonucleotide drugs for various liver-related diseases, thereby laying the foundation for the accelerated development of China’s oligonucleotide pharmaceutical industry.

Dr. Liang Zicai, Chairman of Ribo Life Science, stated, “With the consecutive launches of two international oligonucleotide drugs, the field of oligonucleotide therapeutics is entering a harvest phase after nearly two decades of perseverance. Through more than ten years of relentless efforts, Ribo Life Science has also entered a stage of rapid development. We appreciate the high recognition and strong support from our investors. Ribo Life Science will spare no effort to continue advancing the research and development of oligonucleotide drug candidates and technological innovation, striving to deliver more precise and efficient therapeutic solutions to patients worldwide at the earliest possible time.”

Ma Shaojing, Managing Director of the China State-owned Capital Venture Investment Fund, stated, “After years of accumulation, oligonucleotide therapeutics has emerged as a high-potential sector, and Ribo Life Science is the undisputed leader in China’s oligonucleotide pharmaceutical industry. Under the leadership of Dr. Liang Zicai, Ribo Life Science has independently mastered key technical capabilities that are scarce in the industry and developed an innovative product pipeline that truly meets clinical needs. This investment will promote breakthrough innovations in Chinese biotechnology and the industrialization of original research achievements, aligning with the strategic direction of the China State-owned Capital Venture Investment Fund.”

Ms. Liang Ying, head of the CICC Qide Fund, stated, “The development of small nucleic acid drugs is based on groundbreaking discoveries that have been awarded the Nobel Prize. We have every reason to believe that, once the bottlenecks in delivery systems are resolved, small nucleic acid drugs will experience explosive growth over the next decade. As the sole pioneer in Asia mastering core GalNAc delivery technology, Ribo Life Science has cultivated deep expertise in this field for many years and is fully prepared to bring blockbuster small nucleic acid therapeutics, innovated in China, to the world.”

Ribo Life Science is an innovative drug development company dedicated to developing nucleic acid therapeutics based on RNA interference (RNAi) and antisense oligonucleotide technologies, serving as a primary pioneer in China’s small nucleic acid technology and pharmaceutical industry. Through independent research and development as well as high-level international collaborations, Ribo Life Science has established a diverse portfolio of small nucleic acid drug candidates. Since its inception, the company has achieved remarkable accomplishments in small nucleic acid technology R&D, drug development, scaled-up manufacturing, active pharmaceutical ingredient (API) quality research and process control, and GMP production line construction. It has built a series of small nucleic acid drug development platforms addressing the critical medical needs of the Chinese population. Ribo Life Science boasts a founding team composed of distinguished scientists in the field of RNAi in China, along with the country’s most experienced R&D and operational management team specializing in small nucleic acid pharmaceuticals.

China State-Owned Capital Venture Investment Fund was established in 2016. It is a national-level industrial investment fund approved by the State-owned Assets Supervision and Administration Commission of the State Council, with a total scale of RMB 200 billion. The fund primarily invests in areas such as technological innovation and technical upgrades, with biopharmaceuticals being one of its key focus sectors.

CICC Qide (Xiamen) Innovative Biopharmaceutical Equity Investment Fund (hereinafter referred to as the “CICC Qide Fund”) is an equity investment fund under CICC Capital Management Co., Ltd. (hereinafter referred to as “CICC Capital”), focusing on innovative pharmaceuticals. It represents a significant breakthrough in CICC Capital’s strategic layout within the biopharmaceutical industry. Leveraging its strong performance, brand reputation, and investment management capabilities, the CICC Qide Fund has gained recognition and support from numerous well-known fund-of-funds, institutional investors, listed companies, and clients of CICC Wealth Management. Despite challenging market conditions, it successfully completed oversubscribed fundraising in a short period, emerging as one of the largest RMB-denominated biopharmaceutical funds in the past two years.

Hillhouse Ventures is the venture capital fund under Hillhouse Capital, focusing on early-stage innovative companies. It primarily invests in four key sectors: biopharmaceuticals and medical devices, software services and original technological innovations, consumer internet and technology, and emerging consumer brands and services. Established in 2005, Hillhouse Capital is dedicated to discovering and creating value, and is one of the largest investment institutions in Asia. Biopharmaceuticals and healthcare have always been a core focus for Hillhouse, which aims to build a “people-centric medical ecosystem that supports innovation.” Leveraging its professional investment capabilities and in-depth industry research, Hillhouse Ventures has invested in a large portfolio of innovative companies, including BeiGene, Innovent Biologics, Junshi Biosciences, I-Mab, Frontage Laboratories, Nanomicro Tech, Mindray Medical, PINS Medical, Pharnext, Peijia Medical, Perfect Diary, Jiangxiaobai, ZOOM, Deepexi, Piaoyitong, Yunzhangfang, Moka, Walnut Coding, Codemao, Magic Ears, Kaochong, Ferris Wheel, Beidian, and Shanzhen. Looking ahead, Hillhouse Ventures will continue to identify outstanding early-stage entrepreneurs and help them grow into future industry leaders.