Kunshan RiboQuark Pharmaceutical Technology Co., Ltd. (“RiboQuark”), a Chinese-foreign equity joint venture and clinical stage pharmaceutical company, established by Suzhou Ribo Life Science Co., Ltd. (“Ribo”) and Quark Pharmaceuticals Inc., has raised nearly RMB 45 million in a series A financing round. The financing was led by BVCF, China’s leading life sciences venture capital firm. In addition to BVCF, investors in the financing included SBI Incubation Co., Ltd., a subsidiary of SBI Group of Japan, the Kunshan Industrial Technology Research Institute Investment Co., Ltd. and Kunshan Hongtu Hi-tech Venture Capital Management Co., Ltd.
The proceeds of this capital raise will be used primarily to accelerate the clinical development of RiboQuark’s lead product, QPI-1007, an ocular neuroprotectant RiboQuark has licensed from Quark Pharmaceuticals to sell in China and several other countries. QPI-1007 is entering global Phase III studies in non-arteritic anterior ischemic optic neuropathy (NAION) and a pilot Phase II study in acute angle closure glaucoma. NAION is a devastating, incurable orphan disease, which is an entirely unmet medical need. The only known treatment for angle closure glaucoma, which is a major cause of blindness worldwide, is surgical intervention.
In addition to the further clinical development of QPI-1007, this capital will enable RiboQuark to continue developing its broad pipeline of siRNA-based preclinical drug candidates, contributed by its two founders, for a wide range of diseases – including cancer, hepatitis and lung injury. RiboQuark is also developing for the Chinese market a siRNA-based cosmetic product for the prevention of hair loss as a result of chemotherapy and radiation.