Fusion Pharmaceuticals, a Hamilton, Canada-based clinical-stage biopharmaceutical company developing targeted alpha-particle radiotherapeutics for treating cancer, completed a second closing of its Series A financing, securing an additional $21m.
This brings the total capital raised to $46m USD.
New investors in the second closing include Adams Street Partners, Seroba Life Sciences, and Varian Medical Systems Inc., who joined the existing group of international investors, FACIT, Genesys Capital, HealthCap, Johnson & Johnson Innovation – JJDC, Inc., and TPG Biotech. In conjunction with the funding, Terry Gould of Adams Street Partners and Alan O’Connell of Seroba Life Sciences joined Fusion Pharmaceuticals’ board of directors.
Fusion will use the additional funds to accelerate the clinical development of its lead program FPX-01, expand its pipeline through in-licensing targeting molecules and form new strategic partnerships.
Led by John Valliant, Ph.D., Chief Executive Officer, Fusion is advancing FPX-01, 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.
The company is also expanding its pipeline of products through a proprietary protein discovery platform, in-licensing targeting molecules and forming new strategic partnerships.
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.