Ring Therapeutics Raises $86.5M in Series C Funding to Create Next Generation Programmable Medicines
Ring raised a total of $86.5 million from new and returning investors, validating its unique approach to creating next-generation programable genetic medicines
The proceeds from this raise will further advance its Anellogy™ platform toward the clinic, transforming commensal anelloviruses into life-saving therapies
CAMBRIDGE, Mass., March 09, 2023 (GLOBE NEWSWIRE) -- Ring Therapeutics, a life sciences company founded by Flagship Pioneering to revolutionize gene therapy with its commensal virome platform, today announced that it raised $86.5 million in Series C funding, bringing its total funds raised to date to $230 million. Investors included Alexandria Venture Investments; Altitude Life Science Ventures; CJ Investment; Ring’s founder, Flagship Pioneering; Invus; Kyowa Kirin Co., Ltd; Partners Investment; funds and accounts advised by T. Rowe Price Associates, Inc.; UPMC Enterprises, and others including all of Ring’s existing institutional shareholders.
“This raise underlines our goal to progress the potentially transformative therapeutics from our Anellogy platform towards the patients that need them,” said Tuyen Ong, MD, MBA, Chief Executive Officer at Ring and CEO-Partner at Flagship Pioneering. “With the recent appointment of our first CMO, Christopher Wright, coupled with our extensive portfolio of published preclinical studies showcasing expansive anellovirus diversity, immune evasion, tissue-specific tropism and in vitro particle synthesis, we are poised to launch our anellovirus-based therapies toward the clinic. This exceptional group of new and returning investors will fuel our continued rapid progress toward our first AnelloVector IND filing to address delivery needs in genetic medicines and bring these potentially life-saving therapies to patients in need.”
Commensal anelloviruses have co-habited and co-evolved with humans over millions of years, yet they have remained largely understudied and untapped. Ring has developed the world’s first and only platform, the Anellogy™ platform, to discover and harness the unique characteristics of these viruses as programmable medicines capable of delivering a wide array of payloads including DNA and RNA in a highly-tropic, redosable manner. Through its Anellogy™ platform, Ring has developed the largest anellovirus database to date, having sequenced and identified over 5,000 anelloviruses from human samples. Ring has already begun harnessing this expansive diversity which offers tremendous optionality with respect to tissue- and cellular-level tropism, vectorization, in vitro assembly and paradigm-shifting manufacturing modularity.
Co-Founder and Chairman of Ring and General Partner at Flagship Pioneering, Avak Kahvejian, Ph.D., added, “By harnessing the human commensal virome, Ring’s unique approach has been a true disruption of the genetic medicine space and offers the opportunity to generate a plethora of novel vectors with tissue-specific tropism and the potential to be redosed. We appreciate the continued support of our current investors and are excited to welcome the support of this new group of investors as we take our next strides toward creating programmable medicines that have the potential to so widely impact human health.”
About Ring Therapeutics
Ring Therapeutics is revolutionizing the gene therapy and nucleic acid medicine space by harnessing the most abundant and diverse member of the human commensal virome, anelloviruses. The company developed the Anellogy™ platform which focuses on anelloviruses to potentially treat a broad range of diseases. Through harnessing the unique properties of these commensal viruses, the Anellogy™ platform generates diverse vectors that exhibit both tissue-specific tropism and the potential to be re-dosed. Ring Therapeutics, founded by Flagship Pioneering in 2017, aims to develop and further expand its portfolio by leveraging its platform to unlock the full potential of gene therapy and nucleic acid medicines, enabling a variety of mechanisms that successfully deliver therapeutic cargo to unreachable organs and tissues. To learn more, visit https://www.ringtx.com/ or follow us on Twitter at @Ring_tx.
About Flagship Pioneering
Flagship Pioneering conceives, creates, resources, and develops first-in-category bioplatform companies to transform human health and sustainability. Since its launch in 2000, the firm has, through its Flagship Labs unit, applied its unique hypothesis-driven innovation process to originate and foster more than 100 scientific ventures, resulting in more than $100 billion in aggregate value. To date, Flagship has deployed over $3.1 billion in capital toward the founding and growth of its pioneering companies alongside more than $19 billion of follow-on investments from other institutions. The current Flagship ecosystem comprises 42 transformative companies, including Denali Therapeutics, Evelo Biosciences, Foghorn Therapeutics, Indigo Agriculture, Moderna, Omega Therapeutics, Sana Biotechnology, and Seres Therapeutics.
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