C Ray Therapeutics

What C Ray Therapeutics does

C Ray Therapeutics is a Chengdu, China-based radiopharmaceutical CRDMO founded in 2021 that delivers end-to-end Contract Research, Development and Manufacturing Organization services for radiopharmaceutical developers globally. The company operates from a 28,000-square-meter integrated facility holding China's Class A Radiation Safety License, with 13 cGMP production lines compliant with FDA, NMPA, and EMA standards, a 2,800 sqm GLP-like preclinical research center, and a Class A pilot workshop. Service offerings span radiochemical manipulation of 30+ diagnostic and therapeutic isotopes (including Ac-225, Lu-177, Cu-64, F-18, Zr-89, and Ga-68), preclinical pharmacological and toxicological evaluation, molecular imaging CRO, IIT-powered clinical translation, and commercial-scale manufacturing. Technology differentiation rests on China's first fully automated intelligent production line with proprietary IP, a Ni-64 recycling system achieving up to 90% recovery rates for Cu-64, China's first end-to-end automated Zr-89 process, and FDA Type II DMF No. 43568 for Cu-64 Chloride.

The business model combines project-based CRDMO contract revenue (process development, IND-enabling, clinical supply, and commercial cGMP manufacturing) with radioisotope distribution, including exclusive mainland China distribution rights for n.c.a. Lu-177 through SHINE Technologies. Customer segments include Chinese and global radiopharmaceutical developers, biotech companies, and Western biotechs seeking cost-and-speed advantages via IIT-driven first-in-human data in 6-9 months versus 24+ months through traditional routes. The company is led by General Manager Haitao Qiao, was incubated by 6 Dimensions Capital, and has raised over $187 million in total funding as of 2024, including a $100M+ Series A+ in November 2024 co-led by SCGC and TaiLong Capital. C-Ray has delivered 100 CRDMO projects with two progressing to Phase III clinical supply, and maintains a proprietary cold-chain logistics network covering 90% of Chinese cities within 24-48 hours via NNSA-approved Class II transport containers.

Name

C Ray Therapeutics

Legal name

C-Ray Therapeutics (Chengdu) Co., Ltd.

Website

https://c-raytherapeutics.com

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

51–100 employees

Short description

C Ray Therapeutics is a Chengdu-based radiopharmaceutical CRDMO founded in 2021 that delivers end-to-end preclinical-to-commercial cGMP services for radiopharmaceutical developers globally, spanning 30+ isotopes across its 28,000 sqm Class A facility.

Ownership category

akta.pro rank

Product category

Radiopharmaceutical CRDMO Services

NAICS

Biological Product (except Diagnostic) Manufacturing (325414), Research and Development in Biotechnology (except Nanobiotechnology) (541714), Scientific Research and Development Services (5417), Drugs and Druggists' Sundries Merchant Wholesalers (42421)

SIC

Pharmaceutical Preparations (2834), Wholesale-Medical, Dental & Hospital Equipment & Supplies (5047), Services-Commercial Physical & Biological Research (8731)

akta.pro primary industry

Radiopharmaceutical Manufacturing & CDMO (Synthesis, GMP, Packaging, QA/QC) (EUAKAIAC)

akta.pro secondary industries

Radiopharmaceutical CDMO & Manufacturing (GMP Fill-Finish) (HLAIAGAF), Medical Radioisotope Production (Reactor/Cyclotron, Mo-99/Tc-99m, I-131, Lu-177, etc.) (EUAKAIAA), Radionuclide Supply Chain & Logistics (Shielding/Transport/Distribution) (HLAIAGAH), Radioisotope Production (Reactor/Cyclotron/Gamma) (HLAIAGAD)

Keywords

• Radiopharmaceutical CDMO
• Nuclear medicine manufacturing
• Radioligand therapy services
• Radioisotope supply
• Preclinical CRO services

Headquarters

HQ city

Chengdu

HQ country

China

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Infrastructure, Operations, Supply Chain, Marketing or Sales

Revenue model

1. CRDMO Services (Contract Manufacturing): Contract services spanning the entire radiopharmaceutical development lifecycle from process development, quality research, preclinical evaluation, IND Enabling, clinical supply, to commercial scale cGMP production. Revenue generated through project-based contracts with pharmaceutical partners.
2. Radioisotope Distribution: Distribution of medical isotopes including exclusive distribution rights for n.c.a. Lu-177 in mainland China through SHINE Technologies partnership, and supply of Cu-64, Ac-225, and other radioisotopes to Chinese radiopharmaceutical developers, biotech companies, and healthcare institutions.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

C Ray Therapeutics is a radiopharmaceutical Contract Research, Development and Manufacturing Organization (CRDMO) providing end-to-end services spanning radiochemical development, preclinical evaluation, IND-enabling work, IIT-based clinical translation, and commercial-scale cGMP manufacturing. It supports 30+ therapeutic and diagnostic radioisotopes (including Ac-225, Lu-177, Cu-64, F-18, Zr-89) from a 28,000 sqm Class A facility in Chengdu, and distributes medical isotopes such as n.c.a. Lu-177 across mainland China via its own cold-chain logistics network and the SHINE Technologies partnership.

Product overview

C Ray Therapeutics is a global radiopharmaceutical CRDMO (Contract Research, Development and Manufacturing Organization) offering integrated one-stop services from discovery to delivery. The company operates from a 28,000-square-meter cGMP-compliant facility in Chengdu, providing full-spectrum services including Radiochemical Services (handling 20+ nuclides including Ac-225, Lu-177, Cu-64, F-18, Ga-68), Pre-clinical Evaluation Services (GLP-like in vitro/inivo studies), CDMO Services (13 automated production lines compliant with FDA/NMPA/EMA), Molecular Imaging CRO, China's IIT Network for accelerated clinical translation, and Cold-Chain Logistics. Key products include lead clinical candidate TRC003 (Ac-225 PSMA therapeutic in Phase 1/2), Cu-64 production with FDA DMF No. 43568, and exclusive n.c.a. Lu-177 distribution rights in mainland China. The company has delivered 100+ CRDMO projects with 5 at IND/IND-enabling stages, 29 in IITs, 7 in clinical supply, and 2 in Phase III.

Differentiator

Problem solved

Functional benefit

Products and services

• Radiochemical Services Service offering qualified for manipulation of more than 20 types of diagnostic and therapeutic nuclides including Ac-225, Lu-177, Pb-212, Ga-68, F-18, Cu-64, Pb-203, and Zr-89, with capabilities for marking precursors (small molecules, peptides, macromolecules), developing chelating agents, and providing one-stop services from early R&D to commercialization for radiopharmaceutical developers.
• Pre-clinical Evaluation Services Pre-clinical pharmacological and toxicological evaluation services for radiopharmaceuticals, including in vitro and in vivo efficacy studies, pharmacokinetic evaluation, and toxicological evaluation, supporting IND and NDA registration with GLP-like facilities.
• CDMO Services Contract development and manufacturing services delivered from a 10,000 sqm automated, intelligent, and digital Grade A production site with 13 high-standard radiopharmaceutical production lines conforming to FDA, NMPA, and EMA cGMP, offering shared production line and dedicated customized production line options for radiopharmaceutical developers.
• Molecular Imaging CRO Molecular imaging technology services for radiopharmaceutical marking, in vivo imaging in small and large animals, preclinical efficacy studies, and pharmacokinetics, providing supportive data for IND registration and including PET/CT imaging and gamma counter capabilities.
• China's IIT (Investigator-Initiated Trial) Network Multi-center Investigator-Initiated Trial (IIT) collaboration ecosystem with top-tier Chinese medical centers providing accelerated radiopharmaceutical development via seamless preclinical-to-human translational validation, enabling first-in-human data in 6-9 months versus 24+ months through traditional routes.
• TRC003 Injection Lead therapeutic radiopharmaceutical product of C Ray, labeled with the radionuclide Actinium-225, currently being investigated as a single agent in a Phase 1/2 clinical trial for treatment of adult patients with PSMA-positive metastatic castration-resistant prostate cancer (mCRPC).
• Cu-64 (Copper-64) Radiopharmaceutical Product Cu-64 product produced by C Ray's independent accelerator-based nuclide production technology meeting international IAEA quality standards, processed by radiolabeling to obtain highly emissive-pure radiodiagnostic drug molecules for preclinical animal imaging, biodistribution studies, and subsequent IIT imaging in clinic, with FDA Type II DMF No. 43568.
• No-Carrier-Added Lu-177 Distribution Exclusive distribution service for non-carrier-added lutetium-177 (n.c.a. Lu-177) across mainland China through the SHINE Technologies supply agreement, providing end-to-end isotope solutions including conjugation, fill-and-finish, and quality control from SHINE's Cassiopeia production facility.
• Cold-Chain Radiopharmaceutical Logistics Services Temperature-controlled land-air integrated cold-chain logistics service covering nationwide delivery within 24-48 hours and extending across the Asia-Pacific region, using C Ray's proprietary TRSWRQ001 and TRSWRQ002 NNSA-approved Type 1 and Type 2 radiopharmaceutical transport containers.

Quantifiable outcome

• 100 CRDMO projects delivered and ongoing, with 5 at IND/IND-enabling stages, 29 in IITs, 7 in clinical supply, and 2 in Phase III
• +4 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eight partnerships are on record, tiered core and supporting.

• SHINE TechnologiescoreChannel Partner/ Reseller/ Distributor · 26 March 2026Master Radioisotope Supply Agreement granting C-Ray exclusive distribution rights for no-carrier-added lutetium-177 (n.c.a. Lu-177) across mainland China. SHINE's Cassiopeia facility in North America supplies the isotope to meet both Chinese and U.S. regulatory standards, while C-Ray provides downstream services including conjugation, fill-and-finish, and quality control.
• United ImagingcoreStrategic or Co-development PartnerPartner in Radiopharmaceutical Innovation Chain Alliance. United Imaging provides high-performance advanced medical imaging, radiotherapy equipment, life science instruments and intelligent digital solutions. Committed to improving global accessibility of high-end medical equipment through cooperation with hospitals, universities, research institutions, and industry partners.
• PerceptivecoreStrategic or Co-development PartnerPartner in Radiopharmaceutical Innovation Chain Alliance. Global technology-enabled service provider specializing in preclinical and clinical trial imaging, IRT/RTSM services for drug developers and clinical research community with operations spanning US, Europe, UK, and Asia.
• QuarkMedcoreStrategic or Co-development PartnerPartner in Radiopharmaceutical Innovation Chain Alliance. Professional clinical CRO service company headquartered in Beijing with branches in Shanghai, Guangzhou, Hangzhou, Chengdu, Wuhan, Zhengzhou, and Shenyang. Provides comprehensive clinical research services including biological testing, innovative drug clinical research, data statistics, and international registration services covering Europe, Australia, and North America.
• GoBroad Healthcare GroupcoreStrategic or Co-development PartnerPartner in Radiopharmaceutical Innovation Chain Alliance. Founded in 2017, focuses on clinical treatment, clinical research, reference laboratories and information technology. Created unique Academic Research Organization (ARO) to build innovative medical ecosystem from clinical discovery to industrial transformation.
• Grand Pharmaceutical Group LimitedcoreStrategic or Co-development PartnerPartner in Radiopharmaceutical Innovation Chain Alliance. Hong Kong-listed (00512.HK) research-based international pharmaceutical enterprise specializing in pharmaceutical technology, nuclear medicine anti-tumor diagnosis and treatment, and cerebro-cardiovascular precision interventional diagnosis and treatment technology.
• TRUKING TECHNOLOGY LIMITEDsupportingTechnology or IntegrationAutomation partnership for radiopharmaceutical manufacturing. Collaboration emphasizes precision, reliability, and GMP-compliant aseptic production capabilities for targeted cancer therapies.
• STÄUBLI (Stericlean Robots)supportingTechnology or IntegrationDeployment of STÄUBLI Stericlean robots for radiopharmaceutical manufacturing automation, supporting transition from development to commercial-scale supply.

Scale indicators13 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• PETNET Solutions (Siemens Healthineers): Operates a global network of radiopharmaceutical manufacturing and distribution centers, producing F-18, Ga-68, and other PET isotopes for hospital and clinical customers. Closest direct competitor to C-Ray in radiopharma CDMO, with overlap in isotope production, GMP manufacturing, and last-mile distribution; differs mainly in Western geographic footprint and broader modality coverage.
• PharmaLogic: US-based radiopharmaceutical CDMO and distribution company with a network of radiopharmacies producing F-18, Ga-68, Lu-177, and other isotopes for clinical and commercial customers. Closely comparable to C-Ray in CRDMO service mix, isotope breadth, and cGMP capabilities; differs in US-centric operations and earlier-stage commercial scale.
• ITM Isotope Technologies Munich: Vertically integrated radiopharmaceutical company producing medical radioisotopes (Lu-177, Ac-225) and providing CDMO services to therapeutic radiopharma developers. Highly comparable to C-Ray in isotope production (especially scarce alpha-emitters), GMP manufacturing, and supply agreements with pharma developers; differs in European base and broader own-pipeline strategy.

Broad incumbents

• GE HealthCare (Radiopharmaceuticals): Operates a broad radiopharma CDMO and cold-chain distribution business as part of its larger imaging and diagnostics portfolio, including F-18 and Tc-99m supply. Comparable to C-Ray in isotope production, cGMP manufacturing, and clinical supply; differs in scale, geographic reach, and adjacency to a broad imaging equipment business.
• Curia (formerly AMRI): Global contract development and manufacturing organization with radiopharmaceutical and sterile injectable capabilities. Comparable to C-Ray in CDMO service model and cGMP manufacturing expertise; differs in geographic focus (US/EU-centric) and broader small-molecule and biologics CDMO portfolio.
• Cardinal Health (Nuclear Pharmacy Services): Operates the largest US radiopharmacy network, distributing unit-dose radiopharmaceuticals (F-18, Tc-99m, I-131, Lu-177, Ga-68) to hospitals and clinics with cold-chain logistics. Comparable to C-Ray in isotope distribution and clinical supply; differs in mature US healthcare footprint and broader pharmaceutical distribution business.
• Lantheus Holdings: Radiopharmaceutical company with a portfolio of diagnostic and therapeutic agents (e.g., PYLARIFY, Point Biopharma pipeline) and in-house manufacturing/supply capabilities. Comparable to C-Ray in serving radiopharma developers and providing commercial supply; differs in being a product company rather than a pure CRDMO.

Emerging players

• SHINE Technologies: US-based fusion technology company producing medical radioisotopes (Mo-99, Lu-177) and serving as C-Ray's upstream Lu-177 partner. Comparable in radioisotope production and radiopharma supply; differs in being primarily an isotope producer with its own drug development, and operates as both a partner and a future competitor.
• Telix Pharmaceuticals: Commercial-stage radiopharma company developing and commercializing diagnostic and therapeutic agents (e.g., Illuccix for PSMA imaging), with its own manufacturing partnerships. Comparable to C-Ray in the broader radiopharma ecosystem and use of Cu-64/Zr-89 for theranostics; differs in being a sponsor rather than a CRDMO.

Regional players

• Grand Pharmaceutical Group: Hong Kong-listed pharmaceutical company with a nuclear medicine anti-tumor diagnosis and treatment business unit, and a member of C-Ray's Radiopharmaceutical Innovation Chain Alliance. Comparable as a Chinese-market radiopharma player with overlapping customer base and pipeline interests; differs in being a sponsor/end-customer rather than a CRDMO, and operates primarily in China.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/105892873/admin/dashboard

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds3 records

Investors6 records

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M&A

Investments

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Frequently asked questions about C Ray Therapeutics