Ribopharma AG raises EUR 2 million in private financing round

Kulmbach, 27th January 2003 - Ribopharma AG, a biopharmaceutical company developing RNA interference- (RNAi-) based therapeutics, announced today that it has raised a EUR 2 million convertible loan from new investors, Abingworth, as the first step in a consortium private financing.

Ribopharma was founded in 2000 by Drs Roland Kreutzer and Stefan Limmer based on technology they developed at the University of Bayreuth, Germany. The company is developing novel therapeutics (termed SIRPLEX) that use short lengths of double stranded RNA to prevent the expression of specific genes. RNAi therapeutics are expected to be highly specific and potent compared with previous generations of nucleic acid-based drugs.

"We are delighted to be supported by such experienced life science investors," said Dr Roland Kreutzer, CEO of Ribopharma. "These funds will accelerate our SIRPLEX programmes."

"The scientific and pharmaceutical community is very interested in exploring the potential of RNAi as a basis for human therapeutics," said John Berriman, a Director of Abingworth. "We were attracted to Ribopharma by their progress to date, excellent facilities and the strength of their proprietary position covering their SIRPLEX platform."

Mr Berriman has joined Ribopharma's Board of Directors.

184 words/1,253 characters

About Ribopharma
Ribopharma is developing RNAi-based therapeutics that use short lengths of double-stranded RNA. This is important because although using longer stretches of RNA has also been shown to inhibit gene translation, it has also been shown to cause a toxic response in mammalian cells. Short lengths of RNA have not been shown to cause this adverse response. Ribopharma currently employs 24 people, including 12 PhDs, and occupies a 800 m2 research and development facility in Kulmbach, Bavaria, in Germany. www.ribopharma.de

About Abingworth 
Abingworth is an independent venture firm founded in 1973 and is a key player among life science venture capital investors on both sides of the Atlantic, having offices in London, Cambridge and Palo Alto. Abingworth has funds under management of close to $400 million and 9 experienced professionals with operational and venture capital expertise. It has backed more than 80 life science/medical companies, most of which have gone public or been acquired. www.abingworth.com 

Contact:

Ribopharma AG
Dr Roland Kreutzer
Tel: +49 9221/82762-0
Fax: +49-9221/82762-99 
eMail: kreutzer@ribopharma.de 

Fritz-Hornschuch-Str. 9
D-95326 Kulmbach, Germany
Web: www.ribopharma.de 

© BIOCOMMUNICATIONS.net GmbH, Brunnenstr. 128, D- 13355 Berlin, Germany - Thank you in advance for supplying copy