The Center for Innovative Technology (CIT) GAP Funds closed an investment in Riogin, a Charlottesville-based company that has solved many issues related to peptide therapeutics. Riogin is one of two spin out companies from SRI Shenandoah Valley.
Riogin developed a technology platform that overcomes many of the problems connected to peptide therapeutics, which represents a growing portion of the market opportunity for big biopharma. Current peptide drugs suffer from issues related to short half-lives, inconvenient frequency of dosing and administration, and undesirable side-effects. Riogin’s novel double-binding approach solves many of these problems and has the potential to make existing and future peptide drugs better and safer.
CIT President and CEO Pete Jobse said, “Riogin provides an elegant solution to many pressing issues in peptide therapeutics. Innovative solutions like these are what we look for when making CIT GAP Funds investments.”
Riogin CEO Dr. Mario Geysen said, “We will use the investment from CIT GAP Funds to add an additional senior technical person to our team, which will increase our in-house assay capability and help scale our business more rapidly.”
Tom Weithman, CIT Vice President and GAP Funds Managing Director, said, “With an investment from CIT GAP Funds, Riogin is able to immediately expand translational research in an area of growing interest to biopharma, thus generating significant economic return within the Commonwealth of Virginia.”