RuiYi Gets $4M In Venture Loan

La Jolla- and Shanghai-based RuiYi, a biopharmaceuticals firm developing treatments for rheumatoid arthritis and cancer, said yesterday that it has raised $4M in a venture debt funding, from Silicon Valley Bank. The company said it will use the funds to advance a pipeline of novel monoclonal antibodies (mAb) targeting G protein coupled receptors (GPCRs). RuiYi, which is led by Paul Grayson, has its operations split between the San Diego area and Shanghai.