BRIEF—Ryvu plans new fundraising in two-year plan

Polish drugmaker Ryvu Therapeutics plans to raise an additional $66.5 million through equity fundraising and partnering as part of its future development plan, covering the period up to 2024.

At a meeting of the firm’s management board, Ryvu said it plans to spend around $115 million over this period executing a strategy focused on completing Phase I trials for RVU120 in acute myeloid leukemia (AML), high-risk myelodysplastic syndrome (HR-MDS) and solid tumors.

The company will also seek to expand development of RVU120, a novel small molecule CDK8/19 inhibitor, with a Phase II study in hematology testing the drug as a monotherapy in areas including triple-negative breast cancer (TNBC).

In addition to this, the firm will seek to kick off Phase I/II development of the therapy, in combination regimens, in AML/HR-MDS, “with synergistic drug partners and additional hematology and solid tumor indications.”

Money for the plan will also come from existing cash ($9.6 million), milestone payments ($10.6 million) and venture debt of over $20 million from the European Investment Bank.