Ray Therapeutics Announces Upsized and Oversubscribed $125 Million Series B Financing for Vision Restoration Treatments

Funding provides significant capital to support late-stage clinical development and commercial readiness for lead program RTx-015 in Retinitis Pigmentosa, and clinical studies for RTx-021 in Stargardt Disease and Geographic Atrophy

BERKELEY, Calif.--(BUSINESS WIRE)--Ray Therapeutics (RayTx), an industry-leading clinical-stage biopharmaceutical company pioneering differentiated vision restoration therapies for those living with severe retinal degenerations, today announced the closing of an upsized and oversubscribed $125 million Series B financing. The round was led by Janus Henderson Investors, with participation from additional new investors Adage Capital Management, Franklin Templeton, Invus, and Marshall Wace. The financing includes strong follow-on support from existing investors 4BIO Capital, Deerfield Management, MRL Ventures Fund (the therapeutics-focused corporate venture arm of Merck & Co), Norwest, Novo Holdings A/S, and Platanus.

“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,” said Paul Bresge, Chief Executive Officer and Co-Founder of RayTx. “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.”

“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,” said Agustin Mohedas, Portfolio Manager and Research Analyst at Janus Henderson Investors. “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.”

About Ray Therapeutics

Ray Therapeutics (Berkeley, California) is a clinical-stage biopharmaceutical company advancing optogenetic therapies to restore vision in patients with retinal degenerative diseases. By delivering a bioengineered, highly light-sensitive protein to targeted retinal cells, the approach is designed to improve visual function regardless of the underlying genetic mutation.

RTx-015 is Ray Therapeutics’ lead optogenetic gene therapy currently being evaluated in patients with retinitis pigmentosa. Delivered as a single intravitreal injection, the treatment aims to restore functional vision to those with advanced visual impairment.

Ray Therapeutics has a second clinical-stage program, RTx-021, which has been designed to restore vision to those with macula diseases, such as Stargardt disease and geographic atrophy age-related macular degeneration (GA AMD) by targeting retinal bipolar cells.

For more information, visit www.raytherapeutics.com.