VENTURE CAPITAL
Duquesne Family Office Backs $70m Series C for Ratio Therapeutics
The financing will advance a clinical trial in advanced sarcomas and fund expansion of manufacturing capacity for the company's targeted cancer therapies.
Duquesne Family Office has taken part in a $70 million Series C financing for Ratio Therapeutics, Inc., a clinical-stage pharmaceutical company developing radiopharmaceuticals for cancer treatment. The round included continued participation from existing investors Duquesne Family Office and Bristol Myers Squibb, alongside new investors Catalio Capital Management, Eli Lilly and Company, and Wasatch Group. Proceeds will fund the next phase of growth for Ratio, a company that engineers radiopharmaceuticals intended to optimise therapeutic index for cancer patients.
Funding a clinical trial and manufacturing scale-up
The company said it expects to use the funding to advance its ongoing ATLAS study, which is evaluating its lead radiotherapeutic asset, [Ac-225]RTX-2358, in advanced sarcomas, and to move its next-generation radioligand therapy candidate into the clinic. Ratio also plans to expand its discovery pipeline into new oncology targets, extending its platform into additional tumour types, while continuing to strengthen its proprietary technology and scale manufacturing capabilities anchored by its vertically integrated site in Utah.
Family office conviction in the platform
Dr Jack Hoppin, Chief Executive Officer of Ratio Therapeutics, said: "This financing reflects the confidence our investors and strategic partners have in the progress we have made to date and the opportunities that lie ahead. As we march the ATLAS trial forward and prepare for our 5th IND filing, these proceeds are instrumental across the development and ultimately the supply of our targeted and PK-optimized radiopharmaceuticals."
Sue Meng, Managing Director of Duquesne Family Office, said: "Ratio is a leader in radiopharmaceutical innovation and it has backed up science with execution — hitting clinical milestones, deepening strategic partnerships, and building the manufacturing infrastructure this modality demands. We've tracked that progress closely, and our investment reflects our strong conviction in Ratio's platform and its potential to change outcomes for patients."
Ratio's broader pipeline includes a next-generation GRPR programme, additional mono- and bispecific radioligand therapies, and imaging assets, enabled by the company's Trillium pharmacokinetic tuning technology and Macropa chelator platform. The company has also demonstrated external validation through partnered programmes, including a Novartis SSTR2 radioligand therapy collaboration.