RayzeBio, Inc., which launched this year to develop a broad pipeline of targeted radiopharmaceuticals against validated solid tumor targets, today announced a $105 million Series B financing led by Venrock Healthcare Capital Partners (VHCP) alongside new investors OrbiMed, Redmile Group,
“In the past several months, we’ve built an exciting pipeline of seven programs, expanded our leadership team, and secured several key business partnerships,” said Ken Song, M.D., president and CEO of RayzeBio. “I am appreciative of the enthusiastic support from our elite group of investors. This additional capital allows us to fully invest in the potential of radiopharmaceuticals as a transformative therapy for cancer patients.”
With $150 million of capital from the two financings, RayzeBio will advance multiple programs in parallel toward the clinic. The company also is expanding its headquarters in San Diego with plans to further internalize key research and development capabilities.
“We’ve been following the radiopharmaceuticals space for several years and are impressed by the approach RayzeBio is taking to build a broad pipeline,” said Bong Koh, M.D., lead investor from VHCP who is joining the RayzeBio Board of Directors in connection with the Series B.
In addition to the financing, RayzeBio also announced the appointment of Gary Li, Ph.D. as senior vice president and head of biology and translational medicine and Eric Bischoff as senior vice president of development and operations. Dr. Li is an accomplished cancer cell biologist with over 15 years of drug development experience, with leadership positions at Ignyta and QED Therapeutics prior to joining RayzeBio. Mr. Bischoff has had an extensive and diverse career in drug discovery and development for more than 20 years including key roles at two oncology companies, Aragon and Seragon, which were both acquired.
About RayzeBio
RayzeBio is a biotechnology company focused on improving outcomes for people with cancer by harnessing the power of targeted radioisotopes. With a focus on clinically validated solid tumor targets, RayzeBio is developing novel peptide mimetic binders to deliver potent therapeutic radioisotopes such as Actinium-225, an alpha-emitter. The company is backed by a syndicate of sophisticated healthcare investors and was established in 2020. For additional information, please visit www.rayzebio.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20201208005030/en/
Source: RayzeBio, Inc.
View this news release online at:
http://www.businesswire.com/news/home/20201208005030/en
