Hamilton-based biopharmaceutical company Fusion Pharmaceuticals has announced the completion of a $140 million CAD ($105 million USD) Series B round, to help develop its targeted radiotherapy cancer treatment.
“[Fusion’s] early stage clinical trials holds promise for improving the lives of cancer patients.”
The round was led by Varian and new investor, healthcare fund management firm, OrbiMed. Additional investors participating in the round include Perceptive Advisors, Pivotal bioVenture Partners, and Rock Springs Capital, along with an existing group of leading international investors.
“Fusion is delighted to welcome this group of preeminent healthcare investors to our existing and highly distinguished Series A investors,” said John Valliant, Fusion’s CEO. “We have made tremendous progress in the last two years, and this financing reflects strong support for our platform, people, and pipeline.”
Valliant noted the investment will help Fusion implement its clinical and partnering strategies around its lead product candidate, known as [225Ac]-FPI-1434. The product candidate, which Fusion calls its linker technology, combines the precision targeting of an antibody with the potency of alpha-particle emitting medical isotopes, which helps to specifically attack and eradicate cancer cells across multiple tumor types.
The financing will be used to advance and broaden the scope of Fusion’s ongoing clinical program in targeted alpha therapeutics, and accelerate a pipeline of new radiopharmaceuticals and combination therapy strategies. Fusion also plans to use the funding to expand its team.
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“We were attracted to Fusion by the excellent science, broad patient applicability, and great promise for its targeted alpha therapeutics, which have the potential to eradicate even the most resistant types of cancer,” said Deepak Khuntia, senior vice president and CMO at Varian. “The investment will enable Fusion to advance a pipeline of novel therapeutics that can deliver effective and personalized radiation therapies to cancer patients.”
In conjunction with the new financing, Khuntia, Chau Q. Khuong, partner at OrbiMed, and Heather Preston, managing director at Pivotal bioVenture Partners, are joining Fusion’s board of directors.
“OrbiMed is excited to co-lead the financing of Fusion, which is the industry leader in targeted alpha therapeutics,” said Khuong. “Fusion has a unique platform and an exciting lead program in early stage clinical trials that holds promise for improving the lives of cancer patients.”
He also noted, “there is significant re-emerging commercial interest in radiopharmaceuticals given recent advances in the field, and Fusion is at the forefront.”