Innovation Kyoto 2016 Investment Limited Partnership ("KYOTO-icap No.1 Fund"), with Kyoto University Innovation Capital Corporation ("Kyoto iCAP") (Head Office: Sakyo-ku, Kyoto; Representative Director: Kimi Kusumi) as unlimited liability partner, has made an investment in Regeneflo Corporation (Head Office: Sakyo-ku, Kyoto; President: Toshihiro Ishikiriyama), a venture company utilizing Kyoto University's research results. (Head office: Sakyo-ku, Kyoto; Representative Director: Toshihiro Ishikiriyama), a venture company that utilizes research results from Kyoto University.

Outline of this investment
REGENEFLO is a venture company established in September 2019 based on the research results of Professor Kenji Osafune of the Division of Mechanisms of Proliferation and Differentiation at the Center for iPS Cell Research (CiRA), Kyoto University. Starting with the world's first discovery of the existence of renal progenitor cells, Professor Nagafune has succeeded in establishing technologies for highly efficient production of renal progenitor cells from iPS cells, expanded culture technology for these cells, and cryopreservation technology.

The number of patients suffering from chronic kidney disease (CKD) is increasing steadily as society ages, and the number of CKD patients has reached 13% of Japan's adult population, or approximately 13 million people. The number of dialysis patients is increasing every year, and the annual cost of dialysis exceeds 1.5 trillion yen, making the development of technology to improve CKD symptoms and reduce the number of dialysis patients an urgent social need.

The iPS cell-derived renal progenitor cells invented by Professor Nagafune have shown significant improvement in renal disorders in animal experiments. REGENEFLO will work on the practical application of cellular medicine using iPS cell-derived renal progenitor cells as the active ingredient, aiming to obtain approval for the indication of CKD.

Kyoto iCAP highly evaluated the potential of RegenerativeFlo, which is taking on the challenge of developing new therapeutic technologies for intractable diseases using iPS cells created at Kyoto University, and set an investment limit of 150 million yen for the company. Of that amount, the company invested ¥100 million. The total amount raised this time is 360 million yen, and in addition to Kyoto iCAP, investment limited partnerships managed by JAFCO Corporation, Fujifilm Corporation, the National Science and Technology Agency, and Kyogin Leasing Capital Co. Kyoto iCAP will invest the remaining 50 million yen once the previously agreed milestone in the research and development of RegenerativeFlo is achieved.

Kyoto iCAP and Jafco will dispatch one outside director each as part of their management support to Regenefro. In addition, Fujifilm has concluded a business alliance agreement with Regenefro and has obtained preferential negotiating rights for the development and contract manufacturing of regenerative medical products using iPS cell-derived renal progenitor cells in the U.S. and for the domestic sales of cells for drug discovery support.

Overview of Regeneflo Corporation

Establishment	September 2019
Business	Research and development, production and sales of cell therapy derived from iPS Cell for renal diseases
Head Office Location	Sakyo-ku, Kyoto
President & CEO	Toshihiro Ishikiriyama