Ray Therapeutics raises USD 125m Series B for optogenetic gene therapy programs

Ray Therapeutics, a Berkeley, California-based clinical-stage biopharmaceutical company developing optogenetic gene therapies for retinal degenerative diseases, has [closed](https://www.businesswire.com/news/home/20260421096801/en/Ray-Therapeutics-Announces-Upsized-and-Oversubscribed-%24125-Million-Series-B-Financing-for-Vision-Restoration-Treatments) a USD 125 million Series B financing round to advance its two clinical-stage programs targeting retinitis pigmentosa, Stargardt disease, and geographic atrophy. Janus Henderson Investors led the round, with new participants Adage Capital Management, Franklin Templeton, Invus, and Marshall Wace joining alongside returning investors 4BIO Capital, Deerfield Management, MRL Ventures Fund — the corporate venture arm of Merck & Co — Norwest, Novo Holdings A/S, and Platanus. The company said proceeds will support late-stage clinical development and commercial readiness for lead candidate [RTx-015 in retinitis pigmentosa](https://app.allsci.com/clinical-trial/ASC-CT-0000000047695-1.0-1745763661), as well as clinical studies for [RTx-021 in Stargardt disease ](https://app.allsci.com/clinical-trial/ASC-CT-0000001148399-1.0-1772207073)and geographic atrophy age-related macular degeneration. Ray Therapeutics previously closed a USD 100 million Series A in May 2023, led by Novo Holdings, bringing total disclosed funding to at least USD 225 million. The company's lead asset, RTx-015, is an optogenetic gene therapy administered as a single intravitreal injection and currently in late-stage clinical evaluation in patients with retinitis pigmentosa. The US FDA has granted the program [Regenerative Medicine Advanced Therapy designation](https://allsci.com/news/ray-therapeutics-rtx-015-optogenetic-gene-therapy-earns-rmat-designation-for-retinitis-pigmentosa/). Paul Bresge, CEO and co-founder of the company, cited the recent RMAT designation as evidence of clinical and regulatory progress ahead of the financing. Both programs are built on an optogenetics platform that delivers a bioengineered, light-sensitive protein to surviving inner retinal neurons via an adeno-associated virus vector. Because photoreceptors are lost in advanced retinal degeneration while downstream bipolar cells and retinal ganglion cells remain intact, the approach aims to confer light sensitivity on those surviving cells, restoring visual function independent of the patient's underlying genetic mutation. The platform's mutation-agnostic design distinguishes it from conventional gene replacement therapies, which are limited to patients carrying specific genetic variants. Ray Therapeutics [licensed the AAV.7m8 intravitreal capsid](https://adverum.com/press-archive/adverum-biotechnologies-grants-license-to-ray-therapeutics-inc-for-the-aav-7m8-intravitreal-capsid/) from Adverum Biotechnologies in June 2023 for use as the delivery vehicle for RTx-015. --- Spot something wrong? [Report an issue with this article](https://newsgen-prod.reframedata.com/feedback/optogenetic-gene-therapy-funding-ray-therapeutics)