HANGZHOU, China. – 27 March 2020 – Ranok Therapeutics Co. Ltd., a biopharmaceutical company focused on developing therapeutics for cancers and other serious diseases, today announced the closing of a follow-on seed funding round denominated in both U.S. dollars and Chinese renminbi. The financing was led by TF Capital (Shanghai, China), with additional participation from Med-Fine Capital (Shanghai, China) and LC Ventures (Jiaxing, Zhejiang, China). This brings Ranok’s total funding raised to date to greater than $10 million US dollars.
“This financing reflects our success since the founding of the company in the second half of 2018 at demonstrating the enormous potential of our unique CHAMPTM targeted protein degradation platform,“ said Weiwen Ying, Ph.D., founder and chief executive officer of Ranok Therapeutics. “We are excited by this commitment from a group of leading industry investors and expect that it will enable us to advance our pipeline of first-in-class therapeutics rapidly towards the clinic.”
“We have been very impressed by Ranok’s progress in establishing their innovative drug discovery platform,“ said Ming Li, Ph.D., managing partner of TF Capital. “We feel fortunate at this time to join our peers in capitalizing Ranok’s advancement towards the clinic of several exciting discovery programs with the potential to treat major unmet medical needs.”
In conjunction with the financing, Dr. Li has joined Ranok’s board of directors. He is joined on the board by company co-founders Dr. Ying and Junlin Wang, Chairman and CEO of Shanghai UNIONLAB Co. Ltd.
Financing proceeds will support the further development of Ranok’s technology platform for targeted protein degradation, as well as progressing its pipeline of undisclosed cancer therapies towards the clinic.
About Ranok Therapeutics
Ranok is a privately held, pre-clinical stage biopharmaceutical company that is pioneering an innovative targeted protein degradation technology for the discovery and development of novel therapeutics. Ranok was founded by a leadership team composed of industry veterans from both Chinese and American biotech and pharmaceutical companies and is based in two of the world’s leading centers of innovation and medical research: Hangzhou, China and Boston, Massachusetts USA. By bringing together the cutting edges of medical research from both China and the United States, our goal is to create transformative medicines for patients suffering from cancer and other serious diseases. For more information, please visit the company website at www.ranoktherapeutics.com or follow us at LinkedIn and on Twitter @RanokTx.
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