Rion

What Rion does

RION is a clinical-stage regenerative medicine company headquartered in Rochester, Minnesota, founded in 2017 out of the Mayo Clinic Employee Entrepreneurial Program by Drs. Atta Behfar and Andre Terzic. The company is built around a proprietary Purified Exosome Product™ (PEP™), a shelf-stable lyophilized powder drug substance containing up to 2 trillion regenerative platelet-derived exosomes per vial with 24-month room-temperature shelf life. PEP™ is administered via topical, intra-articular, intravenous, intramuscular, and nebulizer routes and is being developed for tissue regeneration across skin, heart, muscle, tendon, lung, nerve, and vaginal mucosa. RION also operates a patent-protected exosome-based drug-delivery platform for encapsulating mRNA, siRNA, DNA, and small molecules, positioned as a delivery alternative to lipid nanoparticles.

RION's pipeline is organized through three operational subsidiaries that verticalize the platform: RION Aesthetics (dermal/cosmetic applications, including a Phase 1 investigator-initiated trial at the Clinical Testing Center of Beverly Hills), INTENT Biologics (late-stage clinical exosome therapies in inflammation and immunology, led by CEO Suneet Varma), and RION Vet (animal-health biologic therapeutics with lead equine product ePEP-01, backed by a $15M Series A and led by CEO Mark Herthel). Active human clinical programs include Phase 2 in Diabetic Foot Ulcers, Phase 1b in Knee Osteoarthritis, and the FDA-allowed Phase 1 dermal study. Manufacturing is anchored by a Rochester, MN facility (expanded February 2024) and a CDMO partnership with Lonza announced September 2025.

The business model is pre-commercial and partner-driven: RION is not yet selling any approved product and generates value through investigator-initiated trial sponsorships, strategic partnerships and out-licensing of the PEP™ platform, non-dilutive grants (including a $2.4M Department of Defense award in November 2023), and equity financings channeled through subsidiaries such as RION Vet's $15M Series A. Pricing is not publicly disclosed and is negotiated per program or partner. The company's customer base today consists of research collaborators (Mayo Clinic, USU, Walter Reed, AFRIMS, Murtha Cancer Center), a CDMO (Lonza), government funders (DoD), and clinical research sites rather than paying end-users.

Name

Rion

Legal name

RION

Website

https://riontx.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

RION is a clinical-stage regenerative medicine company developing PEP™, a proprietary platelet-derived exosome platform for tissue regeneration and drug delivery across human, animal-health, and aesthetics indications.

Ownership category

akta.pro rank

Product category

Regenerative Medicine

NAICS

Medicinal and Botanical Manufacturing (325411), Pharmaceutical and Medicine Manufacturing (3254), Biological Product (except Diagnostic) Manufacturing (325414)

SIC

Medicinal Chemicals & Botanical Products (2833), Pharmaceutical Preparations (2834)

akta.pro primary industry

Xanthan & Gellan (Microbial Fermentation Gums) (AFAJABAF)

akta.pro secondary industry

Plant Gums (Guar, Locust Bean/Carob, Tara) (AFAJAMAB)

Keywords

• Regenerative medicine therapeutics
• Exosome-based therapeutics
• Platelet-derived exosomes
• Cell-free regenerative therapy
• Biologic drug substance

Headquarters

HQ city

Rochester

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Supply Chain

Revenue model

1. Strategic Partnering & Out-Licensing of PEP™ Platform: Pre-commercial clinical-stage biotech generating revenue (or in-kind value) via partnered programs with pharma/biotech, CDMO engagement (Lonza for manufacturing scale), and out-licensing of its PEP™ exosome platform to verticals including inflammation/immunology (INTENT Biologics) and animal health (RION Vet). Includes milestones and royalties expected as programs advance.
2. Investigational Product Supply for Clinical Trials (Aesthetics): RION Aesthetics supplies its PEP™ investigational product to investigator-initiated clinical studies (e.g., Clinical Testing Center of Beverly Hills Phase 1 dermal trial) and supports aesthetic/dermatology use cases in humans.
3. Veterinary Biologic Therapeutic (RION Vet): RION Vet is developing first-in-class biologic therapeutics for animal health, starting with equine lead product ePEP-01; pipeline planned across multiple high-value animal-health markets. Backed by a $15M Series A financing round.

Go-to-market motion4 records

Distribution channels4 records

Marketing channels7 records

Core offering

RION manufactures and develops Purified Exosome Product (PEP™), a proprietary lyophilized, shelf-stable drug substance containing up to 2 trillion regenerative platelet-derived exosomes per vial, used for tissue regeneration across skin, heart, muscle, tendon, lung, nerve, and vaginal mucosa indications. The company also licenses a patent-protected exosome-based drug delivery platform for encapsulating mRNA, siRNA, DNA, proteins, and small molecules. RION commercializes vertical applications of PEP™ through three subsidiaries: RION Vet (animal health), RION Aesthetics (dermatology/cosmetics), and INTENT Biologics (inflammation and immunology).

Product overview

RION's offering is a unified regenerative medicine platform-plus-pipeline architecture anchored by its proprietary Purified Exosome Product™ (PEP™) drug substance and RION Drug Delivery Platform. PEP™ is the core platelet-derived exosome technology discovered at the Mayo Clinic Van Cleve Cardiac Regenerative Medicine Program, while the Drug Delivery Platform extends it by encapsulating mRNA, siRNA, DNA, proteins, and small molecules within the PEP™ lipid bilayer for therapeutic delivery. Three sub-brands operationalize clinical programs around this platform: RION Vet (veterinary biologic therapeutics, lead product ePEP-01), INTENT Biologics (late-stage clinical therapies in inflammation and immunology), and RION Aesthetics (aesthetic and dermatologic applications of PEP™). Together, these products form a single vertically integrated exosome science platform spanning human clinical indications (e.g., knee osteoarthritis, diabetic foot ulcers, COPD/emphysema, wound healing), veterinary health, drug delivery, and aesthetics.

Differentiator

Problem solved

Functional benefit

Brands

• RION Vet: Veterinary biotechnology company developing biologic therapeutics for animal health; lead product ePEP-01 with equine studies and planned expansion into multiple high-value animal health markets.
• INTENT Biologics
• Rion Aesthetics

Products and services

• Purified Exosome Product™ (PEP™) Proprietary lyophilized powder Drug Substance containing up to 2 trillion regenerative platelet-derived exosomes per vial, with 24 months of room-temperature shelf life. Used for regeneration of skin, heart, muscle, tendon, lung, nerve, and vaginal mucosa tissues, administrable via topical, intra-articular, IV, IM, and nebulizer routes.
• RION Drug Delivery Platform Next-generation platelet-derived exosome drug delivery platform using the PEP™ lipid bilayer to encapsulate and deliver mRNA, siRNA, DNA, proteins, and small molecules, designed to improve biodistribution, targeting, and uptake compared with lipid nanoparticles while reducing systemic toxicities.
• RION Vet (ePEP-01) Veterinary biotechnology subsidiary developing first-in-class biologic therapeutics for animal health, starting with the lead equine product ePEP-01 and intended to expand into multiple high-value animal-health markets.
• RION Aesthetics RION subsidiary supporting the development of PEP™ exosomes for aesthetic and dermatologic applications, including providing investigational product and research support for the first U.S. investigator-initiated dermal injection trial of PEP™ exosomes.
• INTENT Biologics Wholly owned RION subsidiary developing late-stage clinical exosome-based therapies in inflammation and immunology, led by CEO Suneet Varma.

Quantifiable outcome

• Up to 2 trillion regenerative exosomes per vial of PEP™; 24 months room-temperature shelf life as lyophilized powder
• +7 more outcomes

Named customers1 record

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

14 partnerships are on record, tiered flagship, core and minor.

• Mayo ClinicflagshipStrategic or Co-development PartnerRION was founded out of the Mayo Clinic Employee Entrepreneurial Program in 2017 and is closely tied to the Mayo Clinic Van Cleve Cardiac Regenerative Medicine Program, where the first iteration of PEP™ was created in Dr. Behfar's laboratory. RION has co-led DoD-funded ($2.4M) exosome-based pulmonary therapeutics research with Mayo Clinic and USAMRICD.
• LonzacoreImplementation/ SI/ Consulting PartnerIn September 2025, RION engaged Lonza to scale manufacturing of exosome-based therapeutics — Lonza acts as RION's CDMO/manufacturing partner for global supply of PEP™.
• Uniformed Services University (USU)coreStrategic or Co-development PartnerListed as an "Additional Partner" on RION's About page; associated with DoD-funded exosome-based pulmonary research collaboration.
• Walter Reed National Military Medical CentercoreStrategic or Co-development PartnerListed as an "Additional Partner" on RION's About page; military-medicine collaborator on exosome-based regenerative research.
• Armed Forces Research Institute of Medical Sciences (AFRIMS)coreStrategic or Co-development PartnerListed as an "Additional Partner" on RION's About page; Department of Defense medical research collaborator.
• U.S. Army Medical Research Institute for Chemical Defense (USAMRICD)coreStrategic or Co-development PartnerJoint recipient (with RION and Mayo Clinic) of a $2.4M Department of Defense award announced November 20, 2023 to advance exosome-based research in pulmonary therapeutics.
• John P. Murtha Cancer CenterminorStrategic or Co-development PartnerListed as an "Additional Partner" on RION's About page; oncology research and clinical collaboration potential.
• Blood Centers of AmericacoreStrategic or Co-development PartnerListed as an "Additional Partner" on RION's About page; logical supplier/partner relationship given RION's platform is based on platelets (a blood-derived source).
• Henry M. Jackson Foundation (HJF)minorStrategic or Co-development PartnerListed as an "Additional Partner" on RION's About page (logo added March 2025); supports military medical research collaborations.
• Medical AlleyminorGTM or Marketing PartnerMinnesota health-industry trade association listed as a partner on RION's About page — provides regional industry networking and visibility.
• RAEDI (Rochester Area Economic Development Inc.)minorGTM or Marketing PartnerRegional economic development partner; awarded RION the Entrepreneur Award at the 11th Annual R.A.V.E. (Nov 2024).
• Clinical Testing Center of Beverly HillsminorStrategic or Co-development PartnerSponsors and independently conducts an FDA-allowed Phase 1 investigator-initiated trial of intradermal PEP™ exosome injections in healthy adults undergoing abdominoplasty. RION Aesthetics supplies the investigational product and research support.
• HDT Bio (Steve Reed, Co-founder & CEO)minorStrategic or Co-development PartnerAdvisory board relationship — Steve Reed, Ph.D., Co-founder and CEO of HDT Bio, serves on RION's Advisory Board. HDT Bio is a vaccine and immune-oncology biotech.
• Destination Medical Center (DMC)minorGTM or Marketing PartnerReferenced on Careers page — a 20-year, $5.6 billion economic development initiative in Rochester, MN in collaboration with Mayo Clinic and the City of Rochester that RION participates in as a biotech ecosystem partner.

Scale indicators8 records

Recent moves9 records

Expansion highlights7 records

Direct peers

• Capricor Therapeutics: Clinical-stage biotech developing exosome-based and cell-based therapeutics (e.g., CAP-1002 for Duchenne muscular dystrophy). Comparable as a direct peer in the cell-derived/exosome therapeutic space targeting serious diseases with novel regenerative modalities.
• Evox Therapeutics: UK-based clinical-stage biotech engineering exosomes for therapeutic delivery of nucleic acids and proteins. Comparable as a direct peer in the engineered exosome platform space, particularly for drug-delivery applications analogous to RION's PEP™ delivery platform.
• ExoCoBio: Clinical/commercial-stage exosome therapeutics company developing stem-cell-derived exosome products for regenerative medicine, dermatology, and aesthetics. Direct peer given overlap with RION Aesthetics and the broader regenerative exosome thesis.
• Codiak BioSciences: Pioneer in engineered exosome therapeutics (engEx platform). Comparable as a peer in the engineered-exosome-as-biologic modality, though Codiak wound down operations in 2023 — illustrating both the technical promise and execution difficulty of the space RION operates in.
• VetStem Biopharma: Veterinary regenerative medicine company providing autologous stem cell therapies for companion animals and equine injuries. Comparable as a direct peer to RION Vet in the veterinary regenerative/biologic therapeutics space, particularly for equine applications.

Broad incumbents

• Mesoblast: Commercial-stage regenerative medicine company developing cellular therapies (remestemcel-L) for inflammatory and cardiovascular diseases. Comparable as a broader regenerative medicine incumbent whose cell-based approach competes conceptually with RION's cell-free exosome platform.
• Athersys: Clinical-stage regenerative medicine company developing MultiStem cell therapy for stroke, ARDS, and trauma. Comparable as a peer in mid-to-late-stage clinical regenerative medicine, addressing overlapping indications including wound healing/inflammatory conditions.
• Arcturus Therapeutics: Clinical/commercial-stage mRNA medicines and lipid nanoparticle delivery company. Comparable as a peer in the nucleic acid delivery space — RION's PEP™ is positioned as an alternative to LNP-based delivery for mRNA/siRNA.
• Pluristem Therapeutics: Clinical-stage cell therapy company using placenta-derived mesenchymal-like adherent stromal cells for regenerative indications. Comparable as a broader regenerative medicine peer targeting wound healing, muscle, and inflammatory indications.

Emerging players

• Exopharm: Australian clinical-stage company developing exosome-based regenerative medicines (Plexaris, Exoria). Comparable as a small-cap emerging player in the same exosome therapeutic category as RION's PEP™.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

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• Instagraminstagram.com/rion_tx

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Rion