Ray Therapeutics announced the closing of an upsized and oversubscribed $125 million Series B financing round to advance its vision-restoration treatments. The round was led by Janus Henderson Investors, with participation from new investors Adage Capital Management, Franklin Templeton, Invus, and Marshall Wace. Existing investors, including 4BIO Capital, Deerfield Management, MRL Ventures Fund, Norwest, Novo Holdings, and Platanus, also participated in the financing.
The new capital will be used to support late-stage clinical development and commercial readiness for the company’s lead program, RTx-015, targeting Retinitis Pigmentosa. It will also fund ongoing clinical studies for RTx-021, which is being developed for Stargardt Disease and Geographic Atrophy.
Ray Therapeutics is advancing optogenetic therapies designed to restore vision in patients with severe retinal degenerative diseases. Its approach involves delivering a bioengineered, light-sensitive protein to targeted retinal cells, aiming to improve visual function regardless of the underlying genetic mutation.
RTx-015, the company’s lead candidate, is currently being evaluated in patients with advanced retinal degeneration and is delivered as a single intravitreal injection intended to restore functional vision. The company’s second program, RTx-021, targets retinal bipolar cells to address macular diseases, including Stargardt disease and geographic atrophy.
The financing follows recent regulatory progress for the company, including receipt of Regenerative Medicine Advanced Therapy designation from the U.S. Food and Drug Administration for its lead clinical program, signaling momentum as the company advances toward later-stage development.
KEY QUOTES:
“This funding is a decisive endorsement of our vision restoration platform. It underscores the value of our differentiated approach and the clinical and regulatory momentum we have achieved to date. Following our recent receipt of Regenerative Medicine Advanced Therapy (RMAT) Designation from the U.S. Food and Drug Administration for our lead clinical program, we are deeply appreciative of the tremendous enthusiasm for this financing among leading investors. These investors’ proven ability to identify value-creating biopharmaceutical companies reinforces our position at the forefront of vision restoration innovation. I am grateful to our existing investors for their continued support as well as our new Series B investors who were excited to add RayTx to their portfolios. Together, we share a commitment to life-changing treatments for patients living with blinding diseases.”
Paul Bresge, Chief Executive Officer and Co-Founder, Ray Therapeutics
“We are pleased to lead this Series B and support RayTx as the company advances clinical development in multiple indications. Having followed and surveyed the field for some time, we are confident that RayTx’s approach to optogenetics is uniquely differentiated. RayTx’s platform is not just an incremental improvement; it is a first and best-in-class technology with the potential to restore independence to patients and set a new bar for the standard of care in this patient population.”
Agustin Mohedas, Portfolio Manager and Research Analyst, Janus Henderson Investors
