German biotech Rigontec closes second series A financing
This article was originally published in Scrip
The private German company Rigontec has raised €4.8m in a second closing of its series A financing financing round, bringing the total to €14.25m, which it will use to move its lead drug candidate into clinical proof-of-concept studies, and to expand its pipeline based on its proprietary RNA-sensing technology. Rigontec is developing RNA-based immunotherapeutics for cancer and viral diseases by developing synthetic ligands of a novel receptor of the innate immune system, retinoic acid inducible gene I (RIG-I), which recognizes viral RNA. RNA motifs that activate RIG-I promote the destruction of diseased cells and the induction of a lasting immune memory to treat as well as preventing recurrence of disease. The latest financing was from the Dutch VC Forbion Capital Partners, and Copenhagen-based Sunstone Capital, adding to original investors Wellington Partners, Boehringer Ingelheim Venture Fund, NRW.BANK and High-Tech Gründerfonds (HTGF). Rigontec was spun out in January 2014 from the Institute for Clinical Chemistry and Clinical Pharmacology at the University Hospital of the University of Bonn, Germany.