RayThera launches with $110 million to advance immunology pipeline

US biotech start-up RayThera has secured $110 million in series A financing to fund the early clinical development of its small molecule drug candidates in immunology.

The round was led by healthcare investment firms Foresite Capital and OrbiMed Advisors, with additional backing from TTM Capital. The proceeds will support the San Diego, California-based company’s efforts to bring its lead programs into Phase I trials.

RayThera was co-founded by Qing Dong and Gene Hung, who also serve as chief executive and chief scientific officer, respectively. The company did not disclose which targets or indications it is pursuing, but said the new funding will provide a runway to push its lead candidates into first-in-human studies.