C Ray Therapeutics raises $100 million to develop radiopharmaceuticals

19-Nov-2024 - Last updated on 19-Nov-2024 at 11:08 GMT

The financing round will fund the improvement of the company’s technology platform for the discovery and development of innovative radionuclide drug conjugates.

C Ray Therapeutics has announced the completion of a series A+ financing round, which has exceeded the $100 million mark. The round was co-led by Shenzhen Capital Group and TaiLong Capital, with participation of GL Ventures, 3SBio, Guanghua Wuting among others.

Headquartered in Chengdu, China, C Ray Therapeutics specializes in the development of radionuclide drug conjugates (RDCs), a drug modality consisting of a drug carrier molecule linked to a radioactive molecule. This technology enables the delivery of a radiotherapeutic payload to a specific target, preventing or reducing the potential side effects associated with systemic delivery of a radioactive compound.

Radiopharmaceuticals have a wide range of applications, including cardiovascular diseases, neurological disorders, and oncology. The latter is a major area of interest for the pharmaceutical industry, where RDCs can be used for diagnostic applications as well as a therapeutic modality.

Founded in late 2020, C Ray Therapeutics has rapidly established world-class facilities and expertise in R&D, production and supply chain management of radiopharmaceuticals. This includes end-to-end contract research, development and manufacturing organization (CRDMO) services for radiopharmaceuticals, from early discovery through commercial production.

Innovative radiopharmaceuticals

“C Ray Therapeutics has now entered a critical phase of rapid development,” stated a representative of the company’s board of directors and management team. “With the successful launch of our Class A production base, the smooth progress of clinical trials, overseas business development, and CRDMO services, we are confident that C Ray Therapeutics will accelerate the development of innovative radiopharmaceuticals, technologies, and service platforms that maximize benefits for patients. Our goal is to become a leading innovative radiopharmaceutical enterprise not only in China but also globally.”

Investment in radiopharmaceuticals has been on the rise over the past year, as big pharma have increased their activity in the space. Eli Lilly has been progressively increasing its reach into radiopharmaceuticals, with the acquisition of Point Biopharma for $1.4 billion last year, a $1.1 billion partnership with Aktis Oncology in May this year, and a recent acquisition deal with Radionetics Oncology potentially worth $1 billion in July.

Other major players include Novartis, which acquired Mariana Oncology in May, and BMS, which entered the field at the end of last year with the $4.1 billion acquisition of RayzeBio. The growing interest in this area has also led to the creation of contract development and manufacturing organization (CDMO) facilities fully dedicated to radiopharmaceuticals.