SDIC Leads $39M Round In Chinese Small Interfering RNA Drug Developer Ribo

An advanced manufacture industrial investment fund under China’s SDIC Fund Management Co. has led a RMB270 million (US$39 million) series B round in Suzhou Ribo Life Science Co. Ltd, a small interfering RNA (siRNA) drug developer.

Legend Capital, GGV Capital, China Resources, and a number of RMB funds also participated in the round, according to a company announcement.

Founded in 2007, Ribo develops siRNA therapy for hepatitis B, Hyperlipidaemia and liver cancer.

It formed a strategic partnership with a RNA interference company Quark Pharmaceuticals Inc. and established a joint venture Kunshan RiboQuark Pharmaceutical Science and Technology Co. Ltd in 2012, to focus on clinical research and development in siRNA pharmaceutical.

RiboQuark’s product QPI-1007, an anti Non-Arteritic Anterior Ischemic Optic Neuropathy siRNA Drug, was approved by CFDA in 2015.

Ribo previously raised RMB125 million (US$18 million) series A round from a number of investors including Legend Capital, GGV Capital and Legend Star.

Established in 2009, SDIC Fund manages over RMB50 billion (US$7.2 billion) in assets.

Last December, the firm led a RMB500 million (US$72 million) round in a Jiangsu province-based biopharmaceutical company Ascentage Pharma, as well as a RMB515 million (US$75 million) round in Beijing-based commercial genomic services provider Novogene Technology.