NEW YORK – Ratio Therapeutics on Wednesday announced that it has raised $50 million in a series B financing round and that it will put the funds toward clinically developing its fibroblast activation protein-alpha (FAP)-targeted radiopharmaceutical therapies.
In July 2023, Ratio began studying its FAP-targeted, Cu-64-labeled radiopharmaceutical, RTX-1363S, in a Phase I trial in healthy volunteers. According to a statement from Ratio Chairman and CEO Jack Hoppin, the new funding allows the firm to move its first therapeutic candidate into clinical trials for solid tumors by the end of 2024.
Ratio said it also plans to develop new radiopharmaceuticals using its Trillium and Macropa technology platforms. The platforms are designed to deliver radioactive isotopes to cancer cells without added toxicity, with Trillium allowing the theranostic to bind to any antigen-specific target and Macropa allowing the agent to bind to the alpha-emitting isotope actinium-225.
Existing investors Schusterman and Duquesne participated in the Series B round, as did new investors PagsGroup, Bristol Myers Squibb, and Cornell University's Center for Technology Licensing. With the new financing, the Boston-based firm has now raised more than $90 million since launching.