On February 1, 2023 Ratio Therapeutics Inc., a pharmaceutical company specializing in the development of targeted radiotherapeutics for the treatment of cancer, reported the close of its Series A financing extension today, bringing the total raised to date to over $40 million (Press release, Ratio Therapeutics, FEB 1, 2023, View Source [SID1234626738]). The latest round was led by Duquesne Capital and Schusterman Family Investments, with Kenan Turnacioglu, Ph.D., General Partner at Catalio Capital Management representing them and joining as an executive advisor, along with continued significant participation from existing investor base.
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The proceeds will be used to optimize and expand the breadth of the company’s proprietary Trillium and Macropa technology platforms, accelerate the discovery and development of targeted radiotherapies and diagnostics leveraging the platforms’ tunable nature to advance programs through clinical-stage development as well as expand the team through hiring and forming new strategic partnerships.
Founded by entrepreneurial scientists Jack Hoppin, Ph.D., and John Babich, Ph.D., Ratio emerged in June of 2022 with over $20 million in seed financing while engaged in fully funded development alliances with Bayer and Lantheus Holdings Inc. Since then, the company has progressed its collaboration programs, established additional internal discovery and preclinical programs, implemented a comprehensive intellectual property strategy in targeted radiotherapies and diagnostics and filed numerous patent applications.
"We are grateful for the support and honored by the confidence of our investors, who have witnessed our tremendous progress in the past year and recognize the potential of our technology and the strength of our team," commented Dr. Hoppin, Ratio’s Chairman and Chief Executive Officer. "This financing extends our cash runway into 2024 and will allow us to continue making progress toward our milestones. We look forward to working closely with our shareholders as we continue to advance our R&D platforms and bring innovative treatments to address the unmet needs of patients as quickly as possible."
Ratio also welcomes Susan K. Whoriskey, Ph.D., to its board of directors as a strategic advisor who will work closely with the executive team at Ratio to implement strategies for translating scientific advancements into approved therapies. Dr. Whoriskey is a seasoned executive with 30 years of experience in the biotechnology and pharmaceuticals sectors and has sequentially been part of the Founding Executive Team for four successful biotechnology companies: Vera Therapeutics, Moderna, Momenta Pharmaceuticals and Cubist Pharmaceuticals.
Dr. Whoriskey’s expertise lies at the interface of integrating research, intellectual property and corporate development. Throughout her career, she has focused on pioneering new technologies and clinical candidates to address unmet needs in the healthcare industry. She has been involved in 5 FDA drug approvals.
"Both the financing round and Susan’s addition to our board of directors are a testament to the value of Ratio’s pipeline and the science behind our technology. We warmly welcome her!" said Dr. Babich, Ratio’s President and Chief Scientific Officer. "Susan’s expertise in working with teams to advance scientific discoveries from the lab bench to the market with several top biotech companies has already been invaluable and will continue to be as we advance our R&D platforms, pipeline and grow as a company in the emerging field of radiopharmaceuticals to address the unmet needs in solid tumors."
About Trillium and Macropa
Ratio Therapeutics’ fully integrated proprietary R&D platforms, Trillium and Macropa, harness the tumor-killing power of alpha particles. The tunable nature of the platforms enables the efficient and timely development of numerous novel radiopharmaceuticals for a broad range of high unmet need in solid tumors, while addressing the trifecta of typical challenges seen with most radiopharmaceuticals: delivery, safety and efficacy. Trillium is a pharmacokinetic modulation platform that can be altered to bind to any antigen-specific target, while Macropa is a best-in-class Actinium-225 chelator. The combination of these platforms enables the tumor-killing power of alpha particles with potential for first- and best-in-class radiopharmaceuticals.