Dark genome biotech company RyboDyn closes pre-seed fundraise from leading global investors to advance cancer immunotherapy

SAN DIEGO, Jan. 9, 2025 /PRNewswire/ — RyboDyn, Inc., has announced the discovery of a new proteome and the successful closing of a $4 million pre-seed financing round to advance its mission of targeting the dark proteome for the development of novel immunotherapies. The round was co-led by Genedant Capital and SeaX Ventures, with significant participation from SOSV and Swell VC as part of the investment syndicate.

Underscoring the urgent need for innovative strategies to overcome cancer, RyboDyn developed a proprietary RNA sequencing technology, RyboCypher™, to enable high-throughput detection of RNA molecules overlooked by existing next-generation sequencing methods. The first datasets generated using the RyboCypher™ sequencing method revealed a hidden or “cryptic” human proteome consisting of thousands of previously undiscovered proteins.

“We knew this class of RNA molecules existed in cells before we developed RyboCypher™ to observe them at high resolution. What we didn’t realize was how much protein is being produced from them,” says Dr. Corey Dambacher, Co-founder and President of RyboDyn and the creator of the RyboCypher™ sequencing method. “Our initial experiments allowed us to identify over 8,000 undiscovered fragments of proteins called peptides, on the surface of cells, and about 1,000 of these appear to be specific to cancer cells. We now have a scalable way to find and validate these peptides for making new immunotherapies.” 

According to the central dogma of molecular biology, DNA is transcribed into RNA, which is then translated into proteins. However, only about 2% of the genome encodes for proteins, while the remaining 98% consists of non-coding regions once dismissed as “junk” DNA or the “dark” genome. RyboDyn’s groundbreaking discovery reveals that some of these non-coding regions can indeed encode proteins, which play pivotal roles in diseases such as cancer.

“RyboDyn came to us with a major breakthrough in target discovery,” says August Lee, Principal at Genedant Capital and a lead investor in RyboDyn. “We got really excited when we understood just how scalable and widely applicable their target discovery and validation approach is across many different diseases. RyboDyn’s novel approach has significant potential to unlock the next developmental leap in therapeutics,” added Lee.

Notably, many of the newly discovered proteins are exclusively expressed on cancer cells and are absent in healthy tissue, making them ideal targets for cancer immunotherapy. The novel proteins are further triaged through RyboDyn’s proprietary computational pipeline, which prioritizes cancer-specific druggable peptides located on the cell surface—designated as Dark Targets™.

“What sets RyboDyn apart from other dark genome startups is their novel method for visualizing a dark proteome that others can’t see” said Po Bronson, General Partner at venture fund SOSV and Managing Director of IndieBio SF, an SOSV deep tech program in San Francisco. “Some of the proteins they’ve discovered appear to be conserved across multiple cancer types, which excites us because it holds the potential to help more patients and significantly expand the addressable market.”

The discovery of this novel proteome was first made by Dr. Dambacher and RyboDyn Co-founder Ashley Woodfin while at Oregon Health & Science University (OHSU) Knight Cancer Institute. This groundbreaking finding was independently validated on cell surfaces by Dr. Alex Jaeger, RyboDyn advisor and academic Co-founder, at Moffitt Cancer Center in Tampa, FL, a leading authority in cancer immunotherapy.

“When Alex independently confirmed our discovery on cell surfaces, it gave us tremendous confidence that we were on the right track,” adds Dr. Imad Ajjawi, CEO and Co-founder of RyboDyn. “We immediately recognized the therapeutic potential of our Dark Targets™, which could enable the development of entirely new first-in-class cancer therapies.”

While the initial focus is on advancing cancer immunotherapies, the RyboDyn team believes the newly discovered dark proteome has the potential to address a wide range of diseases, including immunology and neurology where long-term therapeutic solutions for these debilitating conditions are currently lacking.  

“Discovering such a vast set of previously uncharacterized proteins from the dark proteome is exceptionally rare. These novel proteins offer untapped potential for therapeutic discovery and position RyboDyn as a leader in developing first-in-class cancer immunotherapies,” says Dr. Kid Parchariyanon, Founder and Managing Partner at SeaX Ventures, who co-led the funding round with Genedant Capital. “At SeaX, we’re focused on identifying companies that have the potential to disrupt entire industries. With our extensive networks in the pharmaceutical and healthcare industry, we are eager to help RyboDyn explore strategic opportunities and navigate this rapidly growing market to unlock additional value in the region.”

In addition to its groundbreaking target discovery capabilities with RyboCypher™, RyboDyn has licensed the patent rights to three additional OHSU technologies. These patent rights encompass innovative methods for single-cell functional drug profiling and spatial biology applications designed to enhance patient stratification. By leveraging this proprietary IP portfolio, RyboDyn is driving the development of cutting-edge biologics both internally and through strategic partnerships.

The new funding will drive RyboDyn’s efforts to expand target discovery and accelerate drug development. By collaborating with leading academic institutions and biopharma partners, the company is advancing conserved targets with broad therapeutic potential. “Our goal is to build a premier pipeline of first-in-class, next-generation immunotherapies, developed both internally and in partnership with large pharmaceutical companies,” said Dr. Ajjawi.

“The timing is perfect,” added Rusty Ralston, Managing Partner at Swell VC. “The dark genome space is heating up, and RyboDyn has the right team and approach to make a significant impact on patients’ lives.”

About RyboDyn

RyboDyn, Inc., based in San Diego, CA, is a biotechnology company pioneering the development of first-in-class immunotherapies targeting the dark genome. By leveraging RyboCypher™, a proprietary sequencing method and advanced bioinformatics platform, RyboDyn is uncovering and validating previously unknown proteins and disease-specific targets. With its scalable, in-house platform for lead discovery and optimization and proprietary IP licensed from Oregon Health & Science University, RyboDyn is driving a unique “targets-to-assets” approach to therapeutic development. The company collaborates with leading clinical and academic institutions as well as biopharma partners to validate and advance its drug pipeline, focusing on transformative solutions for cancer and other diseases with unmet medical needs. For more information, contact info@rybodyn.com or visit www.rybodyn.com.

About Genedant Capital

Genedant Capital is a Singapore-based multi asset manager whose investors include family offices and high net worth individuals. Genedant’s private equity and venture capital practice invests in opportunities across various stages of growth, spanning domain applications across the Bio-Revolution, Advanced Manufacturing and Frontier Technologies. Leveraging a network of high technical expertise, Genedant invests in and supports portfolio companies globally, especially through an Asian expansion angle. More information is available at https://www.genedant.com/.

About SeaX Ventures

SeaX Ventures is a global venture capital firm dedicated to investing in deep-tech startups that are shaping the future through groundbreaking innovations. With a mission to empower entrepreneurs building exponential technologies, SeaX Ventures focuses on sectors with high potential to drive 1% GDP growth and reduce 1% of Global Carbon Emissions within the next decade. SeaX delivers unique access to a highly selective group of innovative companies from around the globe. SeaX leverages its relationship with over 500+ listed companies, MNCs, and huge family businesses in Southeast Asia to explore business opportunities together with portfolio companies.

For more information, visit https://seaxventures.vc

Press contact: seax@haymaker.co

About SOSV

SOSV is a multi-stage, deep tech venture investor committed to human and planetary health, and invests from a startup’s inception, the “First Check in Deep Tech®.”  SOSV operates the deeply resourced startup development programs in New York City and San Francisco (IndieBio) and Newark, NJ (HAX) equipped with labs for bio-safety, chem, food, EE, analytics and mechatronics.  The SOSV ecosystem spans the globe, with 800+ startups operating in 40 countries.

About Swell VC

Swell VC is a pre-seed and seed-stage venture capital firm focused on category-defining opportunities in high-growth sectors like B2B infrastructure, AI, space, healthcare, commerce, and defense. The firm focuses on backing founders with a commercial mindset, exceptional intellectual horsepower, and an obsessive drive to solve massive problems. With a deep understanding of talent dynamics and an unwavering commitment to supporting founders, Swell VC has built a reputation for driving portfolio success through strategic recruiting, follow-on fundraising, and industry-leading partnerships. Learn more at swell.vc.

SOURCE RyboDyn

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