Hamilton, Ontario and Dublin, Ireland. April 2nd 2019. Seroba’s portfolio company, 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 Advisors.
Seroba participated in the round alongside new investors including Perceptive Advisors, Pivotal bioVenture Partners, and Rock Springs Capital, and the existing group of leading international investors, including HealthCap, Adams Street Partners, Johnson & Johnson Innovation – JJDC, Inc. (JJDC), TPG Biotech, 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 Advisors, 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 tumour 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.”
Alan O’Connell, Partner, Seroba added: “Seroba identified the potential of targeted radiopharmaceuticals for treating cancer as an emerging space. We recognized Fusion’s potential as a leader in this field with its proprietary technology, impressive team and its ambition to develop a robust pipeline of innovative therapeutics. Since our investment the company has advanced its lead programme into the clinic and expanded its development pipeline.
“As Fusion has grown, so has interest in the space, from investors and pharma alike. Notable recent deals include Novartis acquiring Advanced Accelerator Applications for $3.9 b and its $2.1b deal with Endocyte. This corporate activity and the scale of this funding round demonstrate Seroba’s ability to identify areas of increasing scientific and corporate interest and supports our view that Fusion has great prospects.”
About Fusion’s Fast-Clear™ Technology Platform
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.
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For more information, please contact: Vicky La Touche-Price in Seroba on +353 1 6334028.
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 info@fusionpharma.com.
About Seroba.
Seroba is a European life sciences venture capital firm focused on investing in winning innovations in biotech and medtech. The team has deep investment and industry experience enabling us to take an active role in helping entrepreneurs realise their ambitions whilst creating value for investors. The firm has three funds under management and has built a portfolio of investee companies across multiple indications. Seroba partners with entrepreneurs to create and build businesses around extraordinary science.