Financing will support advancement of preclinical immunology pipeline
RayThera, a recently founded biotechnology company currently focused on discovering and developing small molecule therapies in immunology, announced that it has completed its Series A financing, with a total of $110M raised. The financing was co-led by Foresite Capital and OrbiMed Advisors, with participation from TTM Capital. Proceeds from the financing will be used to advance RayThera’s lead drug candidates through Phase 1 clinical studies.
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“We are grateful for the strong support from our investors, the same syndicate who funded our previous venture, XinThera,” said Qing Dong, co-founder, chairman and CEO of RayThera, “Their continued backing is instrumental as we advance our pipeline.”
Co-founded by Qing Dong, Ph.D., and Gene Hung, M.D., the company is led by a team of highly skilled drug hunters and executives with an extraordinary track record in the biotech and pharma industries.
“We are grateful for the strong support from our investors, the same syndicate who funded our previous venture, XinThera,” said Qing Dong, co-founder, chairman and CEO of RayThera, “Their continued backing is instrumental as we advance our pipeline.”
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“I’ve been impressed with the progress that the RayThera team has made in such a short time,” commented Michael Rome, Ph.D., Foresite Capital’s Partner and member of RayThera’s board of directors. “Our ongoing collaboration with this skilled team exemplifies our commitment to back repeat entrepreneurs who have strong track records partnering with us.”
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“We are proud to continue our partnership with this incredibly talented team as they work to develop first-in-class and best-in-class therapies in areas of high unmet need,” remarked Carl Gordon, Ph.D., CFA, General Partner at OrbiMed and member of RayThera’s board of directors.
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Source – PR Newswire