Rgenta Therapeutics Announces the Successful Completion of Extension of Seed Financing
CAMBRIDGE, Mass., May 25, 2021 /PRNewswire/ -- Rgenta Therapeutics announced today that it closed an $18 million seed extension round and welcomed Lilly Asia Venture (LAV) and Vivo Capital as new investors to the syndicate. Rgenta Therapeutics is focusing on developing RNA-targeting medicines for historically undruggable disease targets.
"Small molecules targeting RNA regulation are an exciting new approach that can potentially unlock the therapeutic potentials of disease-causing genes that are undruggable at the protein level," said Hongbo Lu, Managing Partner at Vivo Capital. "We believe Rgenta has assembled a winning team to realize the potential of this novel modality."
BIVF, Matrix Capitals co-led the initial seed round with other early investors in 2020. With LAV and Vivo's participation and the additional contribution from Kaitai, the company has now raised $38 million, to pursue small molecules against a range of RNA targets for oncology and neurological diseases. The new funding will help accelerate Rgenta's pipeline toward clinical development and bring additional programs into Rgenta's pipeline.
The board of directors will now include Judith Li (LAV), Hongbo Lu (Vivo) in addition to Martin Heidecker (BIVF), Roger Sun (Matrix), Zhiping Weng (Founder), Simon Xi (CEO) and Debasish Roychowdhury (Independent Chairman).
"We are very impressed with Rgenta's unique target and lead discovery platform and expertise in developing RNA-targeting small molecules and the progress the Rgenta team has made in advancing their programs," said Judith Li, a partner at LAV.
"We are thrilled to welcome LAV and Vivo, two leading healthcare investors, to the syndicate," said Simon Xi, co-founder and CEO of Rgenta. "Both companies have a strong track record in funding ground-breaking science and supporting early-stage companies to develop innovative therapies. We look forward to working with the LAV and Vivo teams as we advance our therapeutic programs into the clinic and bring innovative therapies to benefit patients."
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SOURCE Rgenta Therapeutics