SAN CARLOS, Calif., Aug 26 (Bernama-BUSINESS WIRE) — RubrYc Therapeutics, Inc. (“RubrYc”) and iBio, Inc. (“iBio”, NYSEA: IBIO) announced today the closing of RubrYc’s Series A2 Preferred Financing, and concomitant License and Collaboration Agreements directed towards the research, development, and commercialization of epitope-targeted antibody therapeutics. With this transaction, iBio becomes an important strategic investor with its $7.5M investment in the 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. Additionally, iBio secures exclusive worldwide rights to advance RubrYc’s lead program, RTX-003, a CD25 targeted monoclonal antibody for selective depletion of regulatory T cells in the solid tumor microenvironment.
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. iBio will collaborate in discovery campaigns and will be responsible for conducting preclinical, clinical and commercialization activities for the selected drug candidates from the collaboration.