On April 21, 2026, Ray Therapeutics (RayTx), an industry-leading clinical-stage biopharmaceutical company pioneering differentiated vision restoration therapies for those living with severe retinal degenerations, announced the closing of an upsized and oversubscribed $125 million Series B financing. The round was led by Janus Henderson Investors, with participation from additional new investors Adage Capital Management, Franklin Templeton, Invus, and Marshall Wace. The financing includes strong follow-on support from existing investors 4BIO Capital, Deerfield Management, MRL Ventures Fund (the therapeutics-focused corporate venture arm of Merck & Co), Norwest, Novo Holdings A/S, and Platanus. Wilson Sonsini Goodrich & Rosati advised Novo Holdings A/S, Norwest, and Platanus on the transaction.

The funding provides significant capital to support late-stage clinical development and commercial readiness for lead program RTx-015 in Retinitis Pigmentosa, and clinical studies for RTx-021 in Stargardt Disease and Geographic Atrophy.

The Wilson Sonsini team that advised Novo Holdings A/S, Norwest, and Platanus included Dan Koeppen, Kassandra Castillo, and Nimit Dhir.

For more information, please see RayTx’s news release. Additional coverage can be found on Fierce Biotech and Pulse 2.0.