Sheffield, UK, 20 April 2021: 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.