Armed with a fresh infusion of cash, newcomer RayzeBio will advance its lead targeted radiopharmaceutical candidate into clinical trials, the company said.
The San Diego-based company will advance RYZ101 into clinical trials for multiple solid tumor indications. RYZ101 is an investigational, targeted radiopharmaceutical drug designed to deliver Actinium-225 (Ac225), a highly potent alpha-emitting radioisotope, to solid tumors expressing the somatostatin receptor (SSTR). A phase 1b clinical trial is currently enrolling patients with neuroendocrine tumors and phase 3 studies could begin as early as 2023.
Earlier this week, RayzeBio announced a $160 million Series D financing co-led by Viking Global Investors, Sofinnova Investments, and Wellington Management. With this financing, the company has now raised $418 million since beginning operations in August 2020.
If all goes as planned, RYZ101 could be the first FDA-approved Ac225 radiopharmaceutical therapy. With a market estimated to exceed $13 billion by 2030 and a space lit up with acquisitions, the radiopharma sector is primed to be the next new pillar in oncology.