Ribometrix Secures $30 Million Series A Financing to Advance RNA-Targeted Drug Discovery

VCBeat (WeChat Official Account: vcbeat) has learned that on November 13, 2018, Eastern Time, Ribometrix, a company specializing in the development of RNA-targeted therapeutics, announced the completion of a $30 million Series A financing round. The round was led by M Ventures, with participation from Amgen Ventures, Pappas Capital, Illumina Ventures, SV Health Investors, AbbVie Ventures, Hatteras Venture Partners, MP Healthcare Venture Management, Dementia Discovery Fund, and Alexandria Venture Investments.

In addition to the financing, Hakan Goker, Senior Investment Director at M Ventures, will join the Ribometrix Board of Directors as a Non-Executive Director.

The company intends to use the funds to enhance its drug discovery platform, investigate the mechanisms of novel small-molecule drugs that directly modulate RNA activity, and support team expansion and business development activities. Following this round of financing, Ribometrix has raised a total of $37.5 million across two funding rounds.

Image source:RibometrixOfficial Website 

Ribometrix currently has 15 employees and is expected to double its workforce next year.

Ribometrix is a biotechnology company developing small-molecule drugs that directly target RNA to treat human diseases. The company focuses on researching small molecules capable of binding to RNA folded into complex three-dimensional structures, wherein the RNA forms pockets suitable for small-molecule binding with high selectivity and favorable drug-like properties. This platform is based on an invention by its scientific co-founder, Dr. Kevin Weeks, at the University of North Carolina at Chapel Hill, and enables comprehensive analysis of small-molecule–RNA interactions, incorporating three-dimensional structural information.

“A huge pharmaceutical market opportunity awaits small-molecule drugs targeting RNA, which can be systematically designed in a manner similar to current approaches used for discovering protein targets,” said Michael Solomon, CEO of Ribometrix. “As we pursue this exciting opportunity, we welcome strong support from both new and existing venture investors.”

“The ability to directly target RNA with small molecules unlocks a vast array of therapeutic targets previously considered ‘undruggable,’ which could revolutionize the treatment of various diseases, including cancer,” Goker said in a statement. “The Ribometrix team has created and leveraged a highly novel platform that provides strong momentum for future development.”

Ribometrix is conducting work in oncology and neurology. One of its targets is the c-MYC gene, a well-known cancer-associated gene that has traditionally been considered “undruggable.”

Ribometrix, founded in 2014 in South Carolina, USA, is a biotechnology company dedicated to the research and development of small-molecule drugs that target functional RNA three-dimensional structures for the treatment of human diseases.

M Ventures primarily invests in the following four key areas: healthcare, life sciences, high-performance materials, and new ventures. The total transaction volume of its venture capital funds amounts to €300 million.