Clinical-stage radiopharmaceutical company ARTBIO has secured $90m in a Series A funding round to advance its pipeline of targeted alpha radioligand therapies (ARTs).
The financing round was led jointly by Third Rock Ventures and an undisclosed healthcare fund with participation from lead seed investors F-Prime Capital and Omega Funds.
In a seed funding round in June 2023, ARTBIO raised a total of $23m.
ARTBIO focuses on developing a new class of ARTs to enhance cancer care.
The funding will also help strengthen the company’s Pb212 isolation technology, AlphaDirect, and its distributed manufacturing strategy for consistent ART production and supply.
ARTBIO is progressing the development of three pipeline programmes with its lead programme, AB001, currently being evaluated in human trials.
The funding will also be used to advance AB001 in clinical trials to treat prostate cancer and progress the development of other pipeline programmes.
ARTBIO CEO Emanuele Ostuni stated: “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 programmes and pipeline.
“Next year will be an important one for the company as we advance our lead programme, AB001, and our entire pipeline, while further developing a distributed manufacturing network with our AlphaDirect technology.”
As part of the latest capital raising, ARTBIO named Philippe Dasse as chief technical officer and Daniel Rossetto as supply chain and external manufacturing head and senior vice-president.
Dasse and Rossetto will spearhead the manufacturing network’s development and expansion to support its clinical pipeline.
Third Rock Ventures partner Jeff Tong stated: “The foundational work conducted by the stellar team of experts at ARTBIO has established the potential of alpha radioligand therapies and gives us great confidence that this team can revolutionise today’s cancer treatment paradigm.”
