French Bank supports key drug development under Government Initiative

French biotechnology start-up Ribonexus, focused on new therapies that can overcome resistance built up against some targeted treatments for cancer patients, has received €2 million ($2.19M) in funds from the public investment bank Bpifrance, granted in connection with the French Governments Deeptech Plan which aims to create 500 start-ups each year.

The funding, in the form of two instalments, comprises €1.4M ($1.53M) in the form of a repayable advance and €600k ($658k) in grants, enabling the company to select a suitable drug candidate for development based on a selective pathway.

With R&D focused on treatment of melanoma, Ribonexus is developing molecules targeting the eukaryotic translation Initiation Factor-4A (eIF4A), a target highly active in a variety of solid and hematologic cancers, including melanoma and which is associated with resistance to many current therapies.

“Following our recent partnership with the leading pharmaceutical group Pierre Fabre, this funding is a clear recognition of the high potential of our pipeline, aiming to restore sensitivity and avoid resistance to current targeted therapies to dramatically improve the standard of care in cancer patients,” said Alejo Chorny, COO at Ribonexus. “Thanks to this strong pipeline, our experienced team of drug developers, scientists and investors, and this financing, we are well positioned to prepare our Series A funding round and proceed with IND-enabling studies.”

Long term the Villejuif-based company’s strategy is to reinforce its early-stage oncology pipeline and expertise to other cancer indications.

It is also seeking to establish a licensing agreement with a pharmaceutical/biopharma business based on the clinical data generated through the eIF4A inhibitor programme.

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