Ray Therapeutics closes $100 million in oversubscribed Series A financing
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Key takeaways:
- Ray Therapeutics closed a Series A financing round of $100 million.
- The funding will advance optogenetic gene therapies for blinding retinal diseases.
Ray Therapeutics has closed an oversubscribed $100 million Series A financing round to advance the company’s optogenetic gene therapy programs targeting blinding retinal diseases, according to a press release.
The financing was led by Novo Holdings and joined by Deerfield Management, Norwest Venture Partners, Platanus, MRL Ventures Fund, the therapeutics-focused corporate venture fund of Merck & Co. and existing investor 4BIO Capital.
The funds will be used to advance programs in the company’s pipeline of genotype-independent therapeutics for vision restoration, including lead candidate RTx-015 in retinitis pigmentosa, which is expected to begin first-in-human clinical trials soon.
“This Series A financing marks a significant milestone in our mission to address the urgent unmet medical need of patients with blinding diseases,” Paul Bresge, CEO and co-founder of Ray Therapeutics, said in the release. “We are incredibly grateful for the support of 4BIO Capital, our other early investors and the California Institute for Regenerative Medicine who have been instrumental in our growth. We are excited by this new funding, led by Novo Holdings, with a top-tier investor syndicate which will accelerate our pipeline of potential first-in-class optogenetic gene therapies for patients.”
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