Ratio

Ratio Therapeutics Inc. operates as a clinical-stage pharmaceutical company from its headquarters in Boston, Massachusetts, focused on developing next-generation radiopharmaceuticals for treating solid tumors. The company was co-founded in June 2021 by Dr. Jack Hoppin, a mathematician by training with a background in molecular imaging, and Dr. John Babich, a pharmaceutical chemist with extensive experience in nuclear medicine. Their collaboration began after the acquisition of a previous venture, Noria Therapeutics, leading them to establish Ratio Therapeutics with a refined technological focus.

The company's business model centers on the discovery and development of its proprietary drug candidates and forming strategic collaborations with major pharmaceutical companies. Ratio enters into licensing and collaboration agreements, such as the one with Novartis, which involves upfront payments, potential milestone payments that could reach up to $745 million, and tiered royalties. Under these agreements, Ratio typically drives preclinical activities, after which its larger partner assumes responsibility for further development, manufacturing, and commercialization. This strategy is supported by substantial venture capital funding, including a $50 million Series B round in January 2024, which brought its total funding to over $90 million. Key investors include Schusterman, Duquesne, PagsGroup, and Bristol Myers Squibb.

Ratio's core technology consists of two proprietary R&D platforms: Trillium™ and Macropa™. Trillium™ is a pharmacokinetic modulation platform designed to be adaptable to any antigen-specific target, aiming to optimize drug delivery. Macropa™ is a chelator for Actinium-225, a potent alpha-emitting radioisotope used to kill tumor cells. The synergy between these platforms allows for the creation of 'fit-for-purpose' radiopharmaceuticals that address common challenges in delivery, safety, and efficacy. One of the company's leading programs is a fibroblast activation protein-alpha (FAP)-targeted radiopharmaceutical therapeutic intended to treat a wide array of solid-tumor cancers. By creating compounds that accommodate both imaging and therapeutic radioisotopes, the company utilizes a 'theranostics' approach, which helps to de-risk and accelerate compound selection through small-scale imaging trials.

Keywords: radiopharmaceuticals, oncology, cancer treatment, targeted therapy, solid tumors, Trillium platform, Macropa platform, theranostics, FAP inhibitors, Actinium-225, drug delivery, pharmacokinetic modulation, clinical-stage, pharmaceutical partnerships, venture capital, Jack Hoppin, John Babich, precision medicine, nuclear medicine, alpha emitters, radioligand therapy, cancer diagnostics