In November 2024, C Ray Therapeutics, an innovative enterprise in the field of radiopharmaceuticals, announced the completion of its Series A+ financing round exceeding $100 million. This round was co-led by Shenzhen Capital Group Co., Ltd.’s Manufacturing Transformation and Upgrading New Materials Fund (referred to as “SCGC”) and TaiLong Capital, with participation from several renowned institutions and industry players including GL Ventures, 3SBio (01530.HK), Guanghua Wutong, and a well-known industrial investment institution. WinX Capital acted as the exclusive financial advisor for this transaction.
Amidst a backdrop of global economic downturn and increasingly cautious investment trends in the pharmaceutical sector, this milestone achievement further highlights C Ray’s comprehensive strength and development potential in the research, development, production, and clinical application of radiopharmaceuticals.
The main purpose of this round of financing is to further improve the company’s core technology platforms, such as targeted ligand discovery, upgrade the high-throughput screening capabilities for innovative RDC drugs, accelerate the clinical development process of multiple internationally leading R&D pipelines, especially alpha-emitting RDC drugs, and bring more effective treatment options to patients worldwide.
Radiopharmaceuticals are a specialized class of drugs that incorporate radioactive isotopes into specific molecules. These drugs leverage the distinct energy-level rays emitted by different isotopes to either visualize or destroy tumors, thereby integrating diagnosis and therapy. As modern medicine’s demand for precise diagnostics and treatments continues to grow, radiopharmaceuticals have demonstrated significant potential across various fields, including oncology, cardiovascular diseases, and neurological disorders. In 2023, Novartis successfully launched two radioligand therapy drugs, achieving substantial commercial success. Meanwhile, Lilly acquired nuclear medicine company Point for $1.4 billion, and BMS invested $4.1 billion in acquiring RayzeBio, further underscoring the market appeal and promising future of the radiopharmaceutical sector.
C Ray Therapeutics, established in 2021 and headquartered in Chengdu Medical City, is incubated by internationally renowned investment institutions 6 Dimensions Capital. Since its establishment, C Ray has been dedicated to the field of radiopharmaceuticals, aiming for world-class standards. Within just over three years, the company has achieved a series of landmark accomplishments:
- Construction of a nearly 30,000 square meter R&D and production base for radiopharmaceuticals.
- Obtaining the first Class A Radiation Safety License for an innovative radiopharmaceutical enterprise.
- Establishing a leading platform with advanced global equipment, cutting-edge technology innovation, and comprehensive functional support in the field of radiopharmaceuticals.
C Ray Therapeutics has established notable advantages in the radiopharmaceutical industry:
- Upstream and Downstream Industrial Chain Layout
C Ray has secured stable supplies of isotopes and logistics channels for products, enriching resources both upstream and downstream. This ensures the efficient, stable, and comprehensive operation of the supply chain. The company has assembled a multidisciplinary technical team from around the world, continuously building core capabilities in radiochemistry, molecular imaging, radiation dosimetry, and translational medicine. The team has extensive experience with labeling small molecules, peptides, and antibodies using isotopes such as 68Ga, 64Cu, 18F, 89Zr, 177Lu, and 225Ac, covering all stages from pilot studies, intermediate-scale trials, process scaling, non-clinical research, clinical research, to commercial production. - Advanced R&D and Production Facilities
The R&D platform can meet the full range of drug development needs, from process development, quality research, and quality inspection to efficacy, pharmacokinetics, and safety evaluations. It has obtained permits for handling over 30 types of medical isotopes and constructed 13 cGMP-standard radiopharmaceutical production workshops compliant with FDA, NMPA, and EMA regulations. These workshops are equipped with fully automated, intelligent, and digital radiopharmaceutical production lines featuring proprietary intellectual property. - One-stop Customized Services
Utilizing its top-notch R&D and production facilities, C Ray offers one-stop customized services to partners. These include:
– Providing CRO services and companion diagnostic development for conventional drugs using molecular imaging.
– Offering validation services for the druggability of new targets in innovative drug development.
– Delivering end-to-end CRDMO services for radiopharmaceuticals, from early discovery and PCC verification through IND filing, clinical supply, and commercial production, ensuring high-quality and efficient service throughout the entire process.
Statement from C Ray Therapeutics’ Board of Directors / Management Team:
We extend our heartfelt gratitude to the investors who have provided strong support in this round of financing, as well as to our existing shareholders for their consistent trust. C Ray Therapeutics has now entered a critical phase of rapid development. With the successful launch of our Class A production base, the smooth progress of IIT/clinical trials, overseas business development, and CRDMO services, we are confident that, with the trust and support of our shareholders, C Ray Therapeutics will accelerate the development of innovative radiopharmaceuticals, technologies, and service platforms that maximize benefits for patients. Our goal is to become a leading innovative radiopharmaceutical enterprise not only in China but also globally.
