Vivek Ramaswamy’s brother Shankar raises $1.2 billion for gene therapy firm with no successful results: 'Another pump-and-dump'

Kriya Therapeutics, a gene therapy company founded in 2019 by Shankar Ramaswamy, brother of GOP leader Vivek Ramaswamy, has raised more than $1.2 billion in funding without any approved products, according to funding trackers and reports from Labiotech.eu and BioPharma Dive.

Its latest boost came in September 2025, when it secured a $320 million oversubscribed Series D round co-led by Premji Invest and Patient Square Capital. Earlier rounds, including $313 million raised earlier in 2025 and prior Series A, B, and C rounds, pushed total funding beyond $1.2 billion. However, the sudden surge in financing raised questions as the company had no products approved by regulators.

What is Kriya Therapeutics?

Kriya develops gene therapies for serious eye, nerve, and metabolic diseases. Its main drug, KRIYA-825, is being tested in early trials for geographic atrophy, with lab results shown at ARVO 2025. Other experimental treatments focus on thyroid eye disease, type 1 diabetes, and trigeminal neuralgia. The company aims to start clinical trials for up to five treatments by the end of 2025. So far, none of the treatments have shown successful results in patients.

Vivek Ramaswamy’s 'fraud'

Shankar and his company have been compared to Vivek Ramaswamy’s previous venture, Axovant Sciences, which was accused of “pump-and-dump” tactics after promoting a failed Alzheimer’s drug, reported the Newsweek in 2023. Axovant’s stock jumped to almost $3 billion after its IPO but crashed when trials failed, with Vivek reportedly making millions while investors lost money. He was called a conman and thief following the ordeal by people across party lines.

Social media pointed out the same worry, seeing Kriya’s fast fundraising. However, supporters say the company’s platform and investor confidence in gene therapy justify the funding.

Vivek Ramaswamy responded to these allegations on X and said: (Friendly note to those trying to push defamatory lies: save your records & don’t delete them).