On May 16, 2023, optogenetics company Ray Therapeutics announced an upsized and oversubscribed $100 million Series A financing led by Novo Holdings A/S. The asset manager was joined by Deerfield Management, Norwest Venture Partners, Platanus, MRL Ventures Fund, the therapeutics-focused corporate venture fund of Merck & Co., Inc., and existing investor 4BIO Capital. Wilson Sonsini Goodrich & Rosati represented Novo Holdings, Norwest Venture Partners and Platanus on the transaction.

Ray Therapeutics is focused on developing the world’s first bioengineered optogenetic therapies designed to help improve visual function. The company plans to use proceeds to advance various programs that target blinding diseases.

The Wilson Sonsini team advising Novo on the deal includes:

Corporate
Dan Koeppen
Kassandra Castillo

Patents and Innovations          
Maya Skubatch
Eric Grote
Evan Abbaszadeh
Phoebe Luo

Technology Transactions - Biotech
Lauren Wardle
Taylor Arterburn
Kacey Rajkovich

CFIUS/National Security
Joshua Gruenspecht
Mike Casey
Jonathan Davey

For more information, please see the press release.