Ray Therapeutics Raises $125 Million Series B to Advance Vision Restoration Gene Therapies
Ray Therapeutics, a Berkeley, California-based clinical-stage biotechnology company developing optogenetic gene therapies for severe retinal diseases, has raised an upsized and oversubscribed $125 million Series B financing to support the advancement of its lead clinical programs and prepare for future commercialization. The financing strengthens the company’s position as it expands the development of treatments designed to restore vision in patients with inherited retinal diseases and other blinding conditions.
The Series B round was led by Janus Henderson Investors, with participation from new investors Adage Capital Management, Franklin Templeton, Invus, and Marshall Wace. Existing investors 4BIO Capital, Deerfield Management, MRL Ventures Fund, Norwest, Novo Holdings, and Platanus also participated in the financing, demonstrating continued confidence in the company’s clinical progress and long-term strategy.
Founded in 2020, Ray Therapeutics is developing genotype-independent optogenetic gene therapies designed to restore vision for people with retinal degenerative diseases. Unlike conventional gene therapies that target specific genetic mutations, the company’s platform is intended to benefit patients regardless of the underlying mutation responsible for vision loss. This broader approach has the potential to expand treatment options for a significantly larger patient population affected by inherited retinal disorders.
The company’s lead program, RTx-015, is currently in clinical development for retinitis pigmentosa, a group of inherited diseases that gradually destroy photoreceptor cells in the retina and can ultimately result in blindness. RTx-015 uses an optogenetic approach that introduces light-sensitive proteins into surviving retinal cells, allowing them to respond to light after photoreceptors have been lost. By restoring photosensitivity to remaining retinal cells, the therapy aims to recover functional vision in patients with advanced disease.
In addition to RTx-015, Ray Therapeutics is advancing RTx-021, a program being developed for macular diseases including Stargardt disease and geographic atrophy, an advanced form of age-related macular degeneration. These conditions affect millions of people worldwide and currently have limited treatment options, particularly for patients who have already experienced significant vision loss.
The proceeds from the Series B financing will primarily support the continued clinical development of RTx-015, including later-stage studies and preparations for commercialization. The funding will also help advance clinical studies for RTx-021 while expanding the company’s manufacturing, regulatory, and operational capabilities necessary to support future product launches.
Ray Therapeutics has built its technology platform around optogenetics, an approach that combines gene therapy with light-responsive proteins to restore cellular function. The company’s proprietary technology seeks to improve upon earlier generations of optogenetic therapies by optimizing light sensitivity, expression levels, and safety profiles. The platform is designed to produce durable therapeutic effects while remaining compatible with standard ophthalmic procedures.
The participation of both new and existing investors reflects growing confidence in gene therapy and ophthalmology innovation. Janus Henderson Investors led the financing as a new investor, while long-time supporter 4BIO Capital continued its backing after investing in the company’s seed and Series A rounds. Existing investors including Deerfield Management, Norwest, Novo Holdings, MRL Ventures Fund, and Platanus also increased their commitments, highlighting sustained confidence in Ray Therapeutics’ scientific and clinical progress.
The financing comes as interest in gene therapies for ophthalmic diseases continues to grow. Advances in vector engineering, gene delivery, and retinal imaging have created new opportunities to develop treatments capable of restoring or preserving vision rather than simply slowing disease progression. Optogenetics has emerged as one of the most promising approaches for patients whose photoreceptor cells have already been lost and who may no longer benefit from mutation-specific therapies.
Ray Therapeutics has also received non-dilutive support through grants from the California Institute for Regenerative Medicine, complementing its venture financing and helping advance multiple research programs. Together with its private financing, these resources provide the company with substantial capital to execute its clinical development strategy and expand its therapeutic pipeline.
With the successful completion of its $125 million Series B financing, Ray Therapeutics is well positioned to accelerate the development of its optogenetic gene therapy platform and bring innovative vision restoration treatments closer to patients living with retinal degenerative diseases. Backed by Janus Henderson Investors and a strong syndicate of new and returning investors, the company is advancing toward later-stage clinical development with the goal of transforming care for individuals affected by blindness and severe vision impairment.
