Ribonexus Receives €2M in Deep Tech Financing from Bpifrance
Ribonexus, a biotechnology start-up developing new therapies that can overcome resistance to current targeted therapies in cancer patients, today announces it has received €2 million ($2.19M) in funds from the French public investment bank Bpifrance.
This financing, which has been granted in connection with the French government’s ‘Deeptech Plan’, will enable Ribonexus to select the best drug candidate to enter preclinical development and leverage its proprietary platform based on a key selective pathway.
The company will receive two instalments via the French government’s ‘Future Investments Program’: €1.4M ($1.53M) in the form of a repayable advance and €600k ($658k) in grants.
Ribonexus, whose R&D programs focus on the treatment of melanoma, is developing a pipeline of molecules targeting the eukaryotic translation Initiation Factor-4A (eIF4A). This target is highly active in a variety of solid and hematologic cancers, including melanoma, and is associated with resistance to many current therapies. Inhibiting eIF4A appears therefore to be a promising therapeutic approach.
“Following our recent partnership with the leading pharmaceutical group Pierre Fabre, this funding is a clear recognition of the high potential of our pipeline, aiming to restore sensitivity and avoid resistance to current targeted therapies to dramatically improve the standard of care in cancer patients,” said Alejo Chorny, COO at Ribonexus. “Thanks to this strong pipeline, our experienced team of drug developers, scientists and investors, and this financing, we are well positioned to prepare our Series A funding round and proceed with IND-enabling studies.”
Ribonexus’ long-term strategy includes reinforcing its early-stage oncology pipeline and expertise to assess and expand its programs beyond melanoma to treat other cancer indications. The company is also looking to establish a licence agreement with a pharmaceutical / biopharma company based on the clinical data generated through the eIF4A inhibitor program.
The deep tech financing provided by Bpifrance is intended to fund the research and development phases of innovative, breakthrough projects prior to their industrial and commercial launch. Established in 2019, the Deeptech plan is comprised of funds worth €2.5Bn ($2.72Bn) over five years, with the objective of financing the creation of 500 start-ups each year.
People In This Post
Companies In This Post
- Eloxx Pharmaceuticals Announces Final Data Assessment from Phase 2 Combination Clinical Trial of ELX-02 in Class 1 Cystic Fibrosis Patients Read more
- Verge Genomics Announces Positive Safety and Tolerability Data from the Phase 1 Clinical Trial of VRG50635, a Potential Best-in-Class Therapeutic for All Forms of ALS Read more
- DEM BioPharma Appoints Wendy Young, Ph.D., to Scientific Advisory Board Read more
- Confo Therapeutics Enters into Research Collaboration for GPCR-Targeting Antibody Discovery with AbCellera Read more
- Vyriad Announces Expansion of T-Cell Lymphoma Trial at Mayo Clinic Read more