Ratio Therapeutics Secures $70M Series C to Advance Radiopharmaceutical Pipeline Led by FAP-Targeted Candidate
核心洞察
Ratio Therapeutics (搜索) closed a $70 million Series C financing round with participation from Bristol Myers Squibb (搜索), Eli Lilly, and new investor Catalio Capital Management (搜索).
Proceeds will advance the ATLAS Phase I/II trial evaluating [Ac-225]RTX-2358 (搜索), a FAP-targeted radiotherapeutic, in patients with advanced sarcomas (搜索).
The funding will also support a next-generation radioligand therapy candidate moving toward clinical studies and expansion into new tumor types.
Ratio Therapeutics (搜索), a Boston-based clinical-stage radiopharmaceutical company, has closed a $70 million Series C financing round, bolstering its efforts to develop targeted radiotherapies for cancer. The round drew participation from existing investors Duquesne Family Office and Bristol Myers Squibb (搜索), alongside new investors Catalio Capital Management (搜索), Eli Lilly and Company, and Wasatch Group.
The financing underscores growing investor confidence in radiopharmaceutical innovation, a field that seeks to deliver tumor-targeted radiation with optimal dosing while sparing healthy tissue.
ATLAS Trial and Lead Candidate
The company's lead program, [Ac-225]RTX-2358 (搜索), is a fibroblast activation protein (FAP) (搜索)-targeted radiotherapeutic currently being evaluated in the ATLAS Phase I/II trial for patients with advanced sarcomas (搜索). FAP is a protein found in cancer-associated fibroblasts, making it a compelling target for tumor-directed radiotherapy.
Ratio Therapeutics (搜索) CEO Dr. Jack Hoppin stated: "This financing reflects the confidence our investors and strategic partners have in the progress we have made to date and the opportunities that lie ahead. As we march the ATLAS trial forward and prepare for our fifth IND filing, these proceeds are instrumental across the development and ultimately the supply of our targeted and PK-optimised radiopharmaceuticals."
Proprietary Technology Platforms
Ratio's pipeline assets are built on two proprietary platforms: the Trillium pharmacokinetic tuning technology and the Macropa chelator platform. These technologies are designed to optimize the ratio between tumor uptake and off-target radiation exposure—a central challenge in radiopharmaceutical development.
Dr. John Babich, president and chief scientific officer, previously explained the approach: "The drug binding to the tumor is accomplished by having a molecule that binds with a strong affinity to the cell surface target. But then we want the rest of the molecule to wash out of the body as fast as possible – not get hung up in the kidneys where it would emit radiation to the kidneys and other tissues."
Pipeline Expansion and Manufacturing
Beyond the ATLAS trial, Ratio is advancing next-generation programs targeting gastrin-releasing peptide receptor (GRPR) (搜索), along with additional mono- and bispecific radioligand therapies and imaging agents. The Series C proceeds will also fund the advancement of a next-generation radioligand therapy candidate into clinical studies and support expansion of the discovery pipeline to additional cancer targets and tumor types not currently being addressed.
On the manufacturing front, Ratio employs a hybrid model that combines a vertically integrated site in Utah with outsourcing to external partners and diversified isotope supply. This approach is designed to provide flexible clinical and potential commercial supply as the radiopharmaceutical pipeline expands.
Strategic Validation
Ratio has established external validation through partnership programs, most notably an exclusive worldwide license and collaboration agreement with Novartis Pharma AG focused on somatostatin receptor type 2 (SSTR2) (搜索) radioligand therapy—a primary target for treating acromegaly and neuroendocrine tumors—as well as tumor-imaging radiopharmaceuticals.
Founded in 2021 by Dr. Jack Hoppin and Dr. John Babich, Ratio Therapeutics (搜索) has rapidly advanced from early operations in WeWork co-working spaces to a clinical-stage company with a growing pipeline and backing from major pharmaceutical investors.