Rinri Therapeutics Secures Innovate UK Funding Grant for 3.2m Project to Advance its Novel Cell-Based Therapy to Restore Hearing Loss – PRNewswire

SHEFFIELD, England, May 13, 2021 /PRNewswire/ -- Rinri Therapeutics ('Rinri'), a biotechnology company developing a novel cell-based therapy to restore hearing loss, is delighted to announce that it has secured, a grant from Innovate UK, the UK's innovation agency. This grant will fund a 3.2 million project to further develop Rinri's novel stem cell therapy to reverse sensorineural hearing loss (SNHL) an area / a condition where there remains a significant global unmet need.

The project will be led by Rinri in collaboration with the Cell and Gene Therapy Catapult (CGTC), and the Universities of Sheffield and Nottingham.

Over the course of the project, the CGTC will help establish a process and analytical tools for clinical trial manufacture of Rinri's stem cell therapy for hearing loss, Sheffield University will further the nonclinical data package and Nottingham University will develop the necessary techniques for the first in human trial of Rinri's cell-based therapy to restore hearing loss.

Rinri's underlying technology, based on innovative stem cell research originating from the University of Sheffield, seeks to reverse SNHL by repairing 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 rapid increase in the number of patients that suffer from this condition globally.

Dr Simon Chandler, CEO of Rinri Therapeutics, commented: "We are delighted to receive this substantial grant from Innovate UK to conduct further important research into our stem cell therapy for hearing loss. We have made superb progress in refining and optimising our technology following our ground-breaking proof of concept data. This grant will be instrumental in supporting the development and initiating clinical studiesof our pioneering approach to reverse hearing loss."

Matthew Durdy, CEO of the Cell and Gene Therapy Catapult added: "Rinri's cutting-edge stem cell therapy is a very exciting development in the field, and we look forward to working with them to prepare for clinical manufacture. Combining forces under this Innovate UK funded grant will help accelerate the development of this promising technology."

Andrew Hogben, Head of Impact and Intellectual Property at the University of Sheffieldsaid: "Given Rinri was founded on pioneering research led by Professor Marcelo Rivolta at the University of Sheffield, we are really excited to participate in Rinri's Innovate UK funded project alongside Cell and Gene Therapy Catapult and Nottingham University to advance this novel treatment into the clinic."

Professor Douglas Hartley, from the School of Medicine at the University of Nottingham, said: "This significant award from Innovate UK is a substantial boost to our pioneering UK partnership that could lead to a revolution in the treatment of disabling hearing loss."

About Rinri Therapeutics

Rinri Therapeutics is a private biotechnology company developing advanced stem cell-based therapeutics to restore hearing. The company's pioneering technology seeks to reverse sensorineural hearing loss (SNHL) through the repair of the damaged cytoarchitecture in the inner ear. SNHL is estimated to affect 64 million patients in the US and 34 million in Europe. There are currently no pharmacological treatment options for SNHL patients.

Rinri, is backed by Boehringer Ingelheim Venture Fund (BIVF), UCB Ventures, BioCity, the University of Sheffield and the UK Future Fund. Rinri was founded in late-2018 and is headquartered in Sheffield, UK.

For more information, please visit: http://www.rinri-therapeutics.com

Contacts:

Rinri TherapeuticsDr Simon Chandler, CEO[emailprotected]

Citigate Dewe RogersonSylvie Berrebi, Frazer HallE: [emailprotected]T: +44 (0)20 7638 9571

About Cell and Gene Therapy CatapultThe Cell and Gene Therapy Catapult was established as an independent centre of excellence to advance the growth of the UK cell and gene therapy industry, by bridging the gap between scientific research and full-scale commercialisation. With more than 330 employees focusing on cell and gene therapy technologies, it works with partners in academia and industry to ensure these life-changing therapies can be developed for use in health services throughout the world. It offers leading-edge capability, technology and innovation to enable companies to take products into clinical trials and provide clinical, process development, manufacturing, regulatory, health economics and market access expertise. Its aim is to make the UK the most compelling and logical choice for UK and international partners to develop and commercialise these advanced therapies. The Cell and Gene Therapy Catapult works with Innovate UK. For more information please visit ct.catapult.org.uk or visit http://www.gov.uk/innovate-uk.

For further information please contact

FTI Consulting for the CGT Catapult:

Michael Trace +44 (0) 203 319 5674 / [emailprotected]

George Kendrick +44 (0) 203 727 1411/ [emailprotected]

About The University of SheffieldWith almost 29,000 of the brightest students from over 140 countries, learning along-side over 1,200 of the best academics from across the globe, the University of Shef-field is one of the world's leading universities. A member of the UK's prestigious Russell Group of leading research-led institutions, Sheffield offers world-class teach-ing and research excellence across a wide range of disciplines. Unified by the power of discovery and understanding, staff and students at the university are committed to finding new ways to transform the world we live in. Sheffield has six Nobel Prize win-ners among former staff and students and its alumni go on to hold positions of great responsibility and influence all over the world, making significant contributions in their chosen fields.

About The University of NottinghamThe University of Nottingham is a research-intensive university with a proud heritage, consistently ranked among the world's top 100. We have a pioneering spirit, expressed in the vision of our founder Sir Jesse Boot, which has seen us lead the way in establishing campuses in China and Malaysia - part of a globally connected network of education, research and industrial engagement. We are ranked eighth for research power in the UK according to REF 2014. We have six beacons of research excellence helping to transform lives and change the world; we are also a major employer and industry partner - locally and globally. Alongside Nottingham Trent University, we lead the Universities for Nottingham initiative, a pioneering collaboration which brings together the combined strength and civic missions of Nottingham's two world-class universities and is working with local communities and partners to aid recovery and renewal following the COVID-19 pandemic.

SOURCE Rinri Therapeutics

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Rinri Therapeutics Secures Innovate UK Funding Grant for 3.2m Project to Advance its Novel Cell-Based Therapy to Restore Hearing Loss - PRNewswire