RayzeBio makes development progress, nets $160M

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Radiopharmaceutical startup RayzeBio has made progress in the development of its RYZ101 targeted radiopharmaceutical candidate and secured $160 million in new financing.

Clinical development for RYZ101, a targeted radiopharmaceutical delivering actinium-225 for treatment of solid tumors, is now underway for two cancer indications: neuroendocrine tumors and small cell lung cancer, according to RayzeBio.

Patients are now enrolling in ACTION-1, a phase IB/III trial assessing the use of RYZ101 in treatment of neuroendocrine tumors. In this study, researchers will assess the safety, tolerability, and pharmacokinetics of RYZ101 in patients with somatostatin receptor-positive (SSTR+) gastroenteropancreatic neuroendocrine tumors who have progressed on lutetium-177-labeled somatostatin analog therapy, according to the vendor. Data from the trial is expected in 2023.

RayzeBio has also received U.S. Food and Drug Administration (FDA) for a second investigational new drug application for RYZ101 in small cell lung cancer. The company said it will now evaluate RYZ101 as a first-line treatment of patients with SSTR+ extensive-stage small cell lung cancer in combination with standard of care.

In other news, RayzeBio has raised $160 million in series D financing to support continued development of its targeted radiopharmaceuticals.

The financing round was co-led by Viking Global Investors, Sofinnova Investments, and Wellington Management, with participation by RayzeBio's current investors, an undisclosed global investor, and new investors Ally Bridge Group, Sands Capital, Laurion Capital Management, and Soleus Capital.

The firm said it has now raised a total of $418 million since commencing operations in August 2020.

RayzeBio has also named Abhi Bhat, PhD, as senior vice president of discovery. Abhi comes to RayzeBio after serving as senior vice president and head of R&D at Design Therapeutics.

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