Ribozyme Pharmaceuticals Inc. said Thursday itcompleted a $10 million private financing, bringing to$28 million the total the Boulder, Colo. company hasraised since 1992.

The financing was led by Biotechnology Trust, which ismanaged by Rothschild Asset Management Ltd. JeremyCook, of Rothschild, joined Ribozyme's board. Otherinvestors were Morgenthaler Ventures, of Cleveland;Venrock Associates, of New York; CW Group, of NewYork; Advent International, of Boston; J.H. Whitney, ofNew York; Oak Investments, of Westport, Conn.; andJAFCO, of New York.

The company said the financing, together with thecompletion of additional partnerships, will provideenough money for Ribozyme to start human clinicaltrials.

Ribozyme was formed in 1992 to develop drugs based onthe work of 1989 Nobel Prize winner Thomas Cech, whodiscovered ribozymes, or RNA molecules with enzymaticactivity. Ribozymes may be used to modify a cell's geneexpression by acting as "molecular scissors," repeatedlycleaving RNA at rationally selected sites.

Ribozyme has collaborations ongoing with Chiron Corp.,of Emeryville, Calif.; Warner-Lambert Co.'s Parke-DavisPharmaceutical Research Division, of Ann Arbor, Mich.;and Dow Elanco, a joint venture between The DowChemical Co., of Midland, Mich., and Eli Lilly & Co., ofIndianapolis.

"One of the things we're doing is seeking other corporatepartners in the areas of cancer, cardiovascular disease,infectious diseases and inflammatory diseases," Gretchenvon Gustlin, Ribozyme's director of businessdevelopment, told BioWorld. "We're also looking tooutlicense our animal health program."

Only two of the five targets in the Chiron collaborationhave been disclosed: HIV and restenosis. According toterms of the deal announced in August 1994 (seeBioWorld Today, Aug. 5, 1994, p. 1), Ribozyme was toreceive $10 million from Chiron over 12 to 18 months inan equity investment that includes warrants.

The Parke-Davis collaboration was extended for one yearin June, with renewal options. That effort is in the area ofosteoarthritis. Ribozyme has said the collaborators haveidentified ribozymes that potentially could be takenforward, but timetables have not been discussed.

None of Ribozyme's products is in human trials.

The company's third deal, with Dow Elanco, involves anagricultural feasibility study for the use of ribozymes incorn. n

-- Jim Shrine

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