The funding will be used to solidify the firm’s AlphaDirect technology, which is a Pb212 isolation method, and advance the development of three pipeline programmes
ARTBIO has raised $90m Series A financing. (Credit: Alexander Grey on Unsplash)
ARTBIO has closed oversubscribed and upsized $90m Series A financing to advance the development of its pipeline and isotope technology for a new class of alpha radioligand therapies (ARTs).
The round was co-led by Third Rock Ventures and an undisclosed healthcare fund. It also saw participation from seed lead investors F-Prime Capital and Omega Funds.
ARTBIO is a clinical-stage radiopharmaceutical firm engaged in the development of a new class of targeted ARTs to enhance cancer care.
The company raised a total of $23m in a seed investment round in June 2023.
The funding will be used to solidify the firm’s AlphaDirect technology, which is said to be a first-of-its-kind Pb212 isolation method.
It will also be used to strengthen AlphaDirect’s distributed manufacturing network for the consistent production and supply of ARTs, ARTBIO said.
The company is also proceeding with three pipeline programmes with lead programme AB001 currently being assessed in human trials.
Additionally, the Series A proceedings will be used to advance AB001 in the study for the treatment of prostate cancer and support the development of other pipeline programmes.
ARTBIO CEO Emanuele Ostuni said: “We are thrilled to have the support of our new and existing investors, including Third Rock Ventures, F-Prime Capital and Omega Funds.
“These groups bring significant expertise in company scale-up and pipeline development that will be invaluable as we continue to progress our programs and pipeline.
“Next year will be an important one for the company as we advance our lead program, AB001, and our entire pipeline, while further developing a distributed manufacturing network with our AlphaDirect technology.
“Bringing Philippe and Daniel to the ARTBIO team also deepens our manufacturing expertise to ensure efficient manufacturing and seamless delivery of our novel Pb212 alpha radioligand therapies to patients.”
In a related development, the company has announced Philippe Dasse as chief technical officer and Daniel Rossetto as head and senior vice president of supply chain and external manufacturing.