Fusion Pharmaceuticals, a Hamilton, Ontario, Canada and Boston, MA-based clinical-stage biopharmaceutical company developing targeted alpha-particle radiotherapeutics for treating cancer, completed a $105m Series B financing.
The round was led by Varian and new investor OrbiMed with participation from Perceptive Advisors, Pivotal bioVenture Partners, and Rock Springs Capital, along with the existing group of international investors including 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 company intends to use the funds to advance and broaden the scope of its ongoing clinical program in targeted alpha therapeutics, and accelerate a pipeline of new radiopharmaceuticals and combination therapy strategies.
Led by John Valliant, Ph.D., Chief Executive Officer, Fusion Pharmaceuticals is advancing [225Ac]-FPI-1434, its lead product candidate that 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.
The company’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.
Fusion is applying this technology to different classes of molecules.