$50M fundraising will push radiotherapeutic developer Ratio into the clinic
18 Jan 2024
Acquisition
Ratio Therapeutics clinched a $50 million series B Wednesday to launch clinical trials of its fibroblast activation protein-alpha (FAP) targeted radiopharmaceutical. Ratio chairman and CEO Jack Hoppin said the company has filed two INDs for solid tumours.
Additionally, the funds will enable Ratio to expand the applications of its two technology platforms, which can be leveraged to develop alpha particle-based radiopharmaceuticals. Trillium is a pharmacokinetic modulation platform that can be altered to bind to any antigen-specific target, and Macropa is an Actinium-225 chelator.
With the potential for high efficacy and low safety risks, the radiopharmaceutical space has recently attracted a pair of Large Pharma deals – and dozens of investments. December saw Eli Lilly close its $1.4 billion acquisition of radioligand therapy developer Point Biopharma, as well as a proposal from Bristol Myers Squibb to take out RayzeBio and its radiopharmaceutical portfolio for $4.1 billion.
Ratio is one of more than 20 VC-backed startups that has raised new funds since the start of 2021 to advance radiotherapeutic platforms and programmes.
The company has raised $90 million in total. Ratio debuted in 2022 with $20 million in seed funding, and closed a $20 million series A last year.
Wednesday’s round saw participation from Series A leads Schusterman and Duquesne, as well as new investors PagsGroup, Bristol Myers Squibb and the Center for Technology Licensing at Cornell University.
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