Fusion Pharmaceuticals Raises $105 Million in Oversubscribed Series B Financing
Fusion Pharmaceuticals, a clinical-stage biopharmaceutical company developing targeted alpha-particle radiotherapeutics for treating cancer, today announced the completion of a $105 million Series B financing led by Varian and new investor OrbiMed.
Additional investors participating in the round are Perceptive Advisors, Pivotal bioVenture Partners, and Rock Springs Capital, along with the existing group of leading international investors, that include HealthCap, Adams Street Partners, Johnson & Johnson Innovation – JJDC, Inc. (JJDC), TPG Biotech, Seroba Life Sciences, Genesys Capital, and FACIT.
In conjunction with the new financing, Deepak Khuntia, Senior Vice President (SVP) and Chief Medical Officer (CMO) at Varian, Chau Q. Khuong, Partner at OrbiMed, and Heather Preston, Managing Director at Pivotal bioVenture Partners, will join Fusion’s Board of Directors.
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. The company’s lead product candidate [225Ac]-FPI-1434, combines the precision targeting of an antibody with the potency of alpha-particle emitting medical isotopes to specifically attack and eradicate cancer cells across multiple tumor types.
“Fusion is delighted to welcome this group of preeminent healthcare investors to our existing and highly distinguished series A investors. We have made tremendous progress in the last two years, and this financing reflects strong support for our platform, people and pipeline,” said John Valliant, Ph.D., Fusion’s Chief Executive Officer. “The investment positions us to implement our clinical and partnering strategies around [225Ac]-FPI-1434, expand our team and fully exploit the unique advantages of our linker technology.”
Fusion’s proprietary Fast-Clear™ Linker Technology Platform promotes the rapid excretion of medical isotopes that are not specifically bound to cancer cells. The Fast-Clear™ Linker (the “connector” between a molecule and a medical isotope) is engineered to clear medical isotopes at a faster rate, compared to traditional technologies, with the aim of expanding the therapeutic window. Given the power and versatility of the Fast-Clear™ Platform, Fusion is applying this technology to different classes of molecules.
“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, SVP, 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.”
“OrbiMed is excited to co-lead the financing of Fusion, which is the industry leader in targeted alpha therapeutics. 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,” said Chau Q. Khuong, Partner at OrbiMed. “There is significant re-emerging commercial interest in radiopharmaceuticals given recent advances in the field and Fusion is at the forefront. We are excited to work with the Fusion team to meet the aggressive goals of the company.”
If you’d like to interview John Valliant, CEO at Fusion Pharma, contact me at [email protected] or 917-291-5744.
About Fusion Pharmaceuticals, Inc.
Fusion Pharmaceuticals is a biopharmaceutical company located in Hamilton, Ontario, Canada and Boston, MA, focused on targeted alpha therapy. Fusion exploits its unique expertise in linking medical isotopes to targeting molecules to create novel therapeutics. In addition to its lead program, [225Ac]-FPI-1434, Fusion is expanding its pipeline of products through a proprietary protein discovery platform, in-licensing targeting molecules, and forming new strategic partnerships. For more information, please visit www.fusionpharma.com or contact [email protected].