RuiYi Gets $4M Loan From Sillicon Valley BankMonday, June 16, 2014
RuiYi Inc., a biotechnology business with headquarters in La Jolla and Shanghai, has obtained $4 million in debt financing from Silicon Valley Bank, the company announced.
RuiYi, founded in 2008, plans to use the funds to advance a pipeline of monoclonal antibodies. The drugs help treat anti-immune diseases.
In March, RuiYi received $15 million in Series B equity financing from a group of venture capital firms that included the venture arm of drug maker GlaxoSmithKline PLC (NYSE: GSK).