Ray Therapeutics has successfully raised $125 million in an oversubscribed Series B funding round. Led by Janus Henderson Investors and supported by prominent backers including Novo Holdings and MSD’s venture arm (MRL Ventures Fund), the capital is earmarked for the late-stage clinical advancement and commercial preparation of the company’s lead asset, RTX-015.
RTX-015 utilizes an innovative optogenetic approach to treat retinitis pigmentosa (RP). Unlike existing gene therapies that target specific genetic mutations, this treatment delivers light-sensitive rhodopsin proteins to surviving retinal neurons, essentially converting them into functional photoreceptors. This “mutation-agnostic” strategy is currently being evaluated in the Phase I ENVISION clinical trial.
The funding will also support the development of RTX-021, a secondary candidate aimed at restoring vision for patients with macular conditions such as Stargardt disease and geographic atrophy. The ophthalmology sector has seen a surge in strategic activity recently, with numerous mergers and alliances focused on RP treatments. Ray’s progress marks a significant milestone in a competitive landscape where other major pharmaceutical players have recently faced challenges in achieving late-stage trial objectives.