Ratio Therapeutics raises $70M Series C to push cancer radiopharmaceuticals into the clinic
What's the deal? Ratio Therapeutics, a Boston-based clinical-stage pharmaceutical company, has closed a $70 million Series C financing. Existing investors Duquesne Family OfficeDealroom has a profile for this one. Try Dealroom → and Bristol Myers SquibbDealroom has a profile for this one. Try Dealroom → joined new backers Catalio Capital ManagementDealroom has a profile for this one. Try Dealroom →, Eli Lilly and CompanyDealroom has a profile for this one. Try Dealroom →, and Wasatch GroupDealroom has a profile for this one. Try Dealroom →.
What's the endgame? Ratio engineers radiopharmaceuticals — drugs that use radioactive isotopes to target and treat cancer. Its lead asset, [Ac-225]RTX-2358, targets FAP in advanced sarcomas and is in the ATLAS Phase 1/2 trial.
Where's the money going? The company will advance the ATLAS study, move its next-generation candidate into the clinic, and expand its pipeline into new oncology targets. It also plans to scale its manufacturing to meet future commercial demand.
Why now? Ratio is preparing its fifth investigational new drug (IND) filing. "As we march the ATLAS trial forward and prepare for our 5th IND filing, these proceeds are instrumental across the development and ultimately the supply of our targeted and PK-optimized radiopharmaceuticals," said chief executive officer Dr. Jack Hoppin.
The round brings Ratio's total capital raised to over $240 million. Its manufacturing runs on a hybrid model anchored by a vertically integrated site in Utah, plus external partners and diversified isotope supply.
The company has also drawn external validation through partnered programs, including a NovartisDealroom has a profile for this one. Try Dealroom → SSTR2 radioligand therapy collaboration.
The signal: At $70 million, this is a sizeable raise for a clinical-stage biotech, and the backer list is telling. Duquesne Family Office called Ratio a "leader in radiopharmaceutical innovation" that has "backed up science with execution." The presence of Bristol Myers Squibb and Eli Lilly signals that pharma majors continue to bet on targeted radiotherapeutics as a growing modality in oncology.
Image credit: Ratiotx
