Durham-based biotechnology company Ribometrix announced today an additional $7.8 million in funding from existing investors for drug research.

The company plans to use the money for research on its Ribometrix discovery platform, a process that uses small molecule therapeutics to directly target RNAs to treat human diseases.

The additional funding will come from the Dementia Discovery Fund and Illumina Ventures, two venture capital funds that specialize in biotechnology and medical investments.

“This additional investment from two of our earliest supporters demonstrates confidence in our team and scientific approach,” Ribometrix CEO Michael Solomon said.

“We appreciate their backing as we advance toward our goal of expanding the universe of druggable targets by identifying and optimizing functionally active RNA modulators.”

The company also announced that Mike Clayman will become its chairman of the board of directors. Prior to joining Ribometrix, Clayman co-founded Flexion Therapeutics in 2007 and has since served as its president and CEO.