RayzeBio has raised $160m in a Series D funding round to advance targeted radiopharmaceuticals for cancer.
Viking Global Investors, Sofinnova Investments and Wellington Management jointly led the financing round.
Existing investors of the company and additional new investors, including Ally Bridge Group, Laurion Capital Management, Soleus Capital, Sands Capital and an undisclosed international investor, also took part in the funding.
With the latest funding round, RayzeBio has raised a total of $418m since it began operations in August 2020.
The company is currently progressing its lead drug candidate, RYZ101, into clinical trials for various solid tumour indications.
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The investigational radiopharmaceutical therapy delivers Actinium-225 (Ac225) to somatostatin receptor type 2 (SSTR2)- expressing tumours.
A Phase Ib clinical trial of the drug is underway, enrolling subjects with neuroendocrine tumours, and Phase III trials are anticipated to commence next year.
Currently, the company is making investments and obtaining crucial aspects of commercial-scale production and radioisotope supply.
Additionally, RayzeBio is establishing a 28,000ft² research and development facility in San Diego, California, US.
This centre will be equipped with a complete spectrum of expertise for exploring radiopharmaceutical drugs.
The company is also concluding more than 200 in vivo studies to gain insights and discover new drug candidates that could provide therapeutic radioisotopes for tumour-linked antigens.
Besides increasing its financing, the company has also appointed Dr Abhi Bhat as discovery senior vice-president.
RayzeBio president and CEO Ken Song said: “Our lead clinical asset, RYZ101, is poised to be the first Actinium-225 (Ac225) approved drug.
“In addition, our broad discovery engine has generated several novel drug candidates for clinical evaluation in the near future.
“This financing provides us the ability to further expand our leadership in targeted radiopharmaceuticals and allows us to reach several major value inflection points both clinically and operationally.”