China-based drug developer Suzhou Ribo Life Science has secured RMB203m ($28.8m) in a series C1 round featuring Legend Capital, the venture capital firm formed by conglomerate Legend Holdings, China Money Network has reported.
Panlin Capital and Trinity Innovation Fund co-led the round, which also featured SDIC Innovation, Hanyang Capital, Blue Ocean Capital Group, Daxie Yungong Investment, Shenzhen Zhonghui Investment and unnamed additional investors.
Ribo is developing ribonucleic acid (RNA)-focused therapeutics and its pipeline includes prospective treatments in areas such as tumours, infections, metabolic and central nervous system disorders.
VC firm BVCF led a $7.4m series A round for Ribo in 2014 that included SBI Incubation, which invests on behalf of financial services provider SBI, as well as Kunshan Industrial Technology Research Institute Investment and Kunshan Hongtu Hi-tech Venture Capital Management.
Legend Capital and Legend Star, Legend Holdings’ early-stage investment arm, subsequently joined VC firm GGV Capital to provide $18m in series A funding for the company, according to China Money Network.
Ribo added $39m in an early 2017 series B round led by private equity fund manager SDIC Fund Management and backed by Legend Capital, holding company China Resources, GGV Capital and undisclosed investment funds.
