RUBRYC, IBIO UNVEIL SERIES A2 PREFERRED EQUITY FINANCING, COLLABORATION, AND RTX-003 LICENSE

KUALA LUMPUR, Aug 26 (Bernama) -- RubrYc Therapeutics Inc (RubrYc) and iBio Inc (iBio) have announced the closing of RubrYc’s Series A2 Preferred Financing, and concomitant License and Collaboration Agreements directed towards the research, development, and commercialisation of epitope-targeted antibody therapeutics.

With this transaction, iBio becomes an important strategic investor with its US$7.5 million investment in RubrYc’s Series A2 Preferred equity, joining Third Point Ventures, Paladin Capital Group, Vital Venture Capital, and Hayan Health Networks in the Company’s investor syndicate. (US$1 = RM4.195)

Additionally, iBio secures exclusive worldwide rights to advance RubrYc’s lead programme, RTX-003, a CD25 targeted monoclonal antibody for selective depletion of regulatory T cells in the solid tumor microenvironment, according to a statement.

“We are excited to collaborate with iBio, an ambitious partner whose strategic transformation is aligned with our vision to efficiently discover and develop epitope-targeted therapies that promise to outperform conventionally discovered precedent molecules,” said RubrYc’s Co-Founder and Chief Executive Officer, Isaac Bright, MD.

The collaboration will allow the parties to combine RubrYc’s Discovery Engine and antibody discovery expertise with iBio’s capabilities as a developer of next-generation biopharmaceuticals and pioneer of the sustainable FastPharming Manufacturing System® to create novel therapies for patients in need.

Under the terms of the agreement, RubrYc will be responsible for the discovery of epitope-targeted drug candidates using RubrYc’s proprietary Meso-scale Engineered Molecules to steer antibody discovery campaigns to particular epitopes on mutually agreeable disease targets.

Meanwhile, iBio will collaborate in discovery campaigns and will be responsible for conducting preclinical, clinical and commercialisation activities for the selected drug candidates from the collaboration.

More details at www.rubryc.com.

-- BERNAMA