Fusion Pharmaceuticals has raised US $21 million in additional Series A funding to close Series A round of financing at US $46 million.
New investors in the second closing include Adams Street Partners, Seroba Life Sciences, and Varian Medical Systems Inc. In February 2017, Fusion Pharmaceuticals announced the closing of US $25M Series A led by founding venture investor, Johnson & Johnson Innovation – JJDC, Inc., with investments by HealthCap, TPG Biotech, Genesys Capital and FACIT (Fight Against Cancer Innovation Trust).
Terry Gould of Adams Street Partners and Alan O’Connell of Seroba Life Sciences have joined the company’s board of directors.
Hamilton, Ontario based Fusion Pharmaceuticals is a clinical-stage biopharmaceutical company developing targeted alpha-particle radiotherapeutics for treating cancer.
Targeted alpha-particle emitting radiotherapeutics combine the precision of molecular targeting agents, such as antibodies, with the potency of alpha-particle emitting radioisotopes to specifically attack and eradicate cancer cells. Fusion uses its radiochemistry expertise to convert established and novel targeting molecules into potent alpha therapies.
“We are delighted by the significant interest in Fusion Pharmaceuticals, which is driven by the excitement for our pipeline as well as the precision and potency that can be achieved through targeted delivery of medical isotopes that emit alpha particles,” said John Valliant, Ph.D., Fusion’s Chief Executive Officer. “Fusion will use the additional funds to accelerate the clinical development of our lead program FPX-01, expand our pipeline through in-licensing targeting molecules and form new strategic partnerships.”
FPX-01 is an antibody-targeted radiotherapy, which seeks out a specific biomarker of resistance that is present on nearly all types of treatment refractory cancers. The technology is designed to selectively deliver actinium-225 to tumor cells so that in conjunction with internalization, the alpha particles emitted will eradicate diseased tissue.
Founded by Dr. Valliant, Fusion Pharmaceuticals is a spinout from the Centre for Probe Development and Commercialization (CPDC), which is a Centre of Excellence for Commercialization and Research (CECR) located at McMaster University in Hamilton, Ontario, Canada. The CPDC, which was created with the support of multiple stakeholders, including the Networks of Centres of Excellence (NCE) and the Ontario Institute for Cancer Research (OICR), has rapidly become a world leader in the development, translation and manufacturing of radiopharmaceuticals.
Fusion Pharmaceuticals is also developing centyrin-based alpha therapies against a series of cancer markers. Centyrins are small proteins that are characterized by high selectivity and specificity, combined with tunable pharmaceutical properties and efficient manufacturing. Fusion obtained the candidates through two licensing agreements with Janssen Biotech, Inc. in transactions facilitated by Johnson & Johnson Innovation.
photo credit: Fusion Pharmaceuticals