SHEFFIELD, England,
April 20, 2021 /PRNewswire/
-- Rinri Therapeutics, a biotechnology company developing a
novel stem cell therapy to restore hearing, today announces that it
has raised a total of £10 million from existing investors
Boehringer Ingelheim Venture Fund (BIVF), UCB Ventures and BioCity
alongside the UK Government Future Fund. The proceeds will support
the development of the Company's novel stem cell therapy to reverse
sensorineural hearing loss (SNHL).
Rinri's underlying technology, based on innovative research into
auditory stem cells led by Professor Marcelo Rivolta at the University of
Sheffield from where the company
was spun out, seeks to reverse SNHL through the repair of the
damaged cytoarchitecture in the inner ear. SNHL happens when there
is damage to the hair cells in the cochlear and/or the auditory
nerve. There are currently no pharmacological treatments available
for SNHL despite the increasing number of patients that suffer from
this condition globally.
Dr Simon Chandler, CEO of
Rinri Therapeutics, commented: "We are very pleased to
receive continuing support from existing investors alongside
matched funding from the UK Future Fund. Our major investors share
the vision we have for our technology to bring transformational
changes to the lives of patients suffering from hearing loss, and
the proceeds from this fund raising will allow us to advance our
pioneering journey towards first in man clinical trials and to
ultimately realise the potential of stem cell therapy to reverse
sensorineural hearing loss."
Frank Kalkbrenner, Global Head
of the Boehringer Ingelheim Venture Fund, added "We are
delighted to continue our backing of Rinri and its pioneering
approach to hearing loss, now with the added endorsement and
support of the Future Fund. We believe Rinri's' technology is
differentiated from other approaches to hearing loss restoration
and has the potential to make a significant impact on
treatment."
The UK Future Fund, launched in April
2020, issues convertible loans to private UK companies with
good potential that typically rely on equity investment and are
currently affected by COVID-19. The scheme is designed by UK
government and delivered by the British Business Bank.
About Rinri Therapeutics
Rinri Therapeutics is a private biotechnology company developing
advanced stem cell-based therapeutics to restore hearing. The
company's pioneering technology seeks to reverse sensorineural
hearing loss (SNHL) through the repair of the damaged
cytoarchitecture in the inner ear. SNHL is estimated to affect 64
million patients in the US and 34 million in Europe. There are currently no pharmacological
treatment options for SNHL patients.
Rinri, is backed by Boehringer Ingelheim Venture Fund (BIVF),
UCB Ventures, BioCity and the University of Sheffield. Rinri was founded in late-2018 and
is headquartered in Sheffield,
UK.
For more information, please visit:
www.rinri-therapeutics.com
Contacts:
Rinri Therapeutics
Dr Simon Chandler, CEO
admin@rinri-therapeutics.com
Citigate Dewe Rogerson
Sylvie Berrebi, Frazer Hall
E: rinri@citigatedewerogerson.com
T: +44 (0)20 7638 9571