Leidi.com Lei Jianping September 16
Biopharmaceutical company RayzeBio (stock code: "RYZB") was listed on Nasdaq yesterday. The issue price of RayzeBio is US$18, which is the highest end of the issuance range of US$16 to US$18.
RayzeBio also expanded the issuance scale this time, which increased the scale of financing.
RayzeBio issued 17,277,600 shares this time, raising a total of US$311 million. Among them, RayzeBio issued 16,114,600 shares, raising US$290 million; existing shareholders sold 1.163 million shares, cashing out US$20.93 million.
RayzeBio's opening price was US$25, an increase of 38.9% from the issue price; the closing price was US$24, an increase of 33.33% from the issue price; based on the closing price, the company's market value was US$1.328 billion.
Annual loss of US$68.6 million
Founded in 2020 and headquartered in California, USA, RayzeBio is a biotechnology company focused on developing cancer-targeted radioactive drugs.
RayzeBio uses targeted radioactive isotopes (such as actinium-225) to improve the prognosis of cancer patients. It believes that radiopharmaceutical therapy (RPT) is one of the most promising new methods for treating solid tumors, that is, the same drug conjugate can switch radioactive Isotopes enable diagnostic imaging or treatment of disease.
Currently, RayzeBio is developing an innovative drug pipeline targeting validated oncology drug targets to deliver alpha particle-emitting radioisotopes (actinium-225). The lead drug candidate it is developing is called RYZ101, a radiopharmaceutical designed to deliver the potent alpha particle radioisotope actinium-225 to tumors overexpressing somatostatin receptors (SSTR).
The prospectus shows that RayzeBio currently has no revenue. Its operating losses in 2021 and 2022 will be US$39.38 million and US$72.12 million respectively; its net losses will be US$29.44 million and US$68.6 million respectively.
RayzeBio's operating loss in the first half of 2023 was US$36.59 million, compared with US$33.71 million in the same period last year; net loss was US$30.61 million, compared with US$33.45 million in the same period last year.
Total funding raised exceeds US$400 million
The founder of RayzeBio is Dr. Ken Song, who serves as the company’s president and CEO.
Dr. Ken Song is of Chinese descent. Dr. Ken Song holds a Bachelor of Science degree from MIT and an MD degree from the University of California, San Francisco. He has extensive experience in clinical medicine, basic scientific research, product development and global commercialization, venture capital and other fields.
Before founding RayzeBio, Ken Song served as the president and CEO of Metarine, leading Metarine from research to mid-term clinical development and IPO preparations. Ken Song is also the co-founder of Abbots Medical, a Chinese startup focused on radiopharmaceuticals.
In 2021, Dr. Qiao Tiecheng, the co-founder, president and CEO of Abbots Pharmaceuticals, founded Abbots Pharmaceuticals together with Ken Song and Xu Ming, who had served as a senior consultant at Hopu Investment.
Abbots Pharmaceuticals raised US$75 million in Series A financing, and introduced shareholders including Vivo Capital, Shangxuan Capital, Nanfeng Life Sciences, Differ Biotech Capital, venBio, Samsara BioCapital and Venrock.
Since its establishment, RayzeBio has also completed 4 rounds of financing, raising a total of US$418 million. Investors include Venrock Healthcare Capital Partners, Viking Global Investors, venBio Partners, Wellington Management, Sands Capital Ventures, Ally Bridge Capital, etc.
Among them, RayzeBio completed a US$45 million Series A financing in August 2020, a US$105 million Series B financing in November 2020, a US$108 million Series C financing in June 2021, and a US$108 million Series C financing in September 2022. Completed US$160 million in Series D financing.
Before the IPO, Viking Global Investors LP held 12.4% of the shares, Versant Venture Capital VII and venBio Global Strategic Fund III held 12.2% each, Venrock Healthcare Capital Partners held 6.4%, PeptiDream held 5.5%, and Ken Song, MD held 5.8%, Arvind Kush holds 1.2%, Susan Moran, MD, MSCE holds 1.5%, Aaron Kantoff holds 1.2%, and Maha Katabi, Ph.D. holds 4.6%.
After the IPO, Viking Global Investors LP holds 9.5% of the shares, Versant Venture Capital VII and venBio Global Strategic Fund III hold 9.3% of the shares respectively, Venrock Healthcare Capital Partners holds 4.9% of the shares, PeptiDream holds 2.1% of the shares, Ken Song, MD holds 4.4%, Susan Moran, MD, MSCE holds 1.2%, and Maha Katabi, Ph.D. holds 3.5%.
The following is the RayzeBio roadshow PPT (edited by Rayze.com):
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