Ray Therapeutics Closes Oversubscribed $100M Series A Financing to Advance Optogenetic Gene Therapies
Ray Therapeutics announced an upsized and oversubscribed $100 million Series A financing round to advance multiple programs targeting blinding diseases through clinical development.
Ray Therapeutics has developed an optogenetic platform to bioengineer a pipeline of genotype independent therapeutics for vision restoration in multiple retinal diseases where the normal light sensing cells (photoreceptors) are lost—for example retinitis pigmentosa—other inherited retinal dystrophies, and macular degeneration. The company’s lead candidate, RTx-015, is expected to begin first-in-human clinical trials shortly.
The funding was led by Novo Holdings A/S, and joined by Deerfield Management, Norwest Venture Partners, Platanus, MRL Ventures Fund, the therapeutics-focused corporate venture fund of Merck & Co., Inc., and existing investor 4BIO Capital.
“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 & Co-Founder, Ray Therapeutics, said in a company news release. “We are incredibly grateful for the support of 4BIO Capital, our other early investors and the California Institute for Regenerative Medicine (CIRM) 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."
“Ray Therapeutics is developing the world’s first bioengineered optogenetic therapies optimized for human vision, with the potential to restore both higher visual function and quality of life to blind patients, without the need for light enhancing devices,” said Ray Camahort, PhD, Partner in the Venture Investments group at Novo Holdings. “The company’s next-generation technology platform, strong preclinical data, and world-class genetic medicines team, position them as leaders in developing potential best-in-class vision restorative therapeutics, which aligns with Novo Holdings’ purpose to improve people’s health.”
In connection with the financing, Ray Camahort, PhD, Partner in the Venture Investments group at Novo Holdings; Tiba Aynechi, PhD, General Partner, Norwest Venture Partners; and Hannah Chang, MD, PhD, Managing Director, Platanus, will join Sean Ainsworth; Dima Kuzmin, PhD; and Paul Bresge on the Board of Directors at Ray Therapeutics. Brian Chow PhD, Principal at Deerfield; and Jason Ruth PhD, Partner, MRL Ventures Fund, will join as Board Observers.