Aktis Oncology raises $84 million to advance novel targeted alpha radiopharmaceuticals
- Category: Proteins and Peptides
- Published on Thursday, 25 August 2022 15:08
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Funding to develop proprietary targeted alpha radiopharmaceutical pipeline for the treatment of highly prevalent cancers
CAMBRIDGE, MA, USA I August 25, 2022 I Aktis Oncology, a biotechnology company discovering and developing novel classes of targeted alpha radiopharmaceuticals to treat a broad range of solid tumors, today announced it has raised a Series A Extension financing of $84 million, bringing the total capital raised to date to $161 million. The extension included participation from new premier healthcare investors Cowen Healthcare Investments, MRL Ventures Fund, the therapeutics-focused corporate venture fund of Merck & Co., Inc., ArrowMark Partners, Mirae Asset Venture Investment, Timefolio Capital (formerly known as NS Investment), Pappas Capital, and other undisclosed participants. All existing investors MPM Capital, Vida Ventures, EcoR1 Capital, Octagon Capital, TCG Crossover, Bristol Myers Squibb, and Novartis participated in the financing.
“We are gratified to have the support of an impressive array of new and existing investors who share our vision for translating the science of targeted radiopharmaceuticals into transformative patient impact,” said Matthew Roden, PhD, President and Chief Executive Officer of Aktis Oncology. “This additional funding will fuel the advancement of our miniprotein programs into the clinic and enable further investment in our differentiated development capabilities as well as our end-to-end supply chain and distribution strategy.”
Aktis Oncology is working at the forefront of radiopharmaceutical therapies to treat solid tumors. Aktis’ proprietary technology leverages the power of potent alpha radiation to more effectively destroy cancer cells. The company is pioneering a novel approach to radiopharmaceuticals to selectively target and deeply penetrate tumors, while also clearing rapidly from the rest of the body to minimize harm to healthy tissue.
“In just two years from inception, Aktis has made impressive progress building and broadening its platforms and pipeline, enhancing its supply capabilities, and attracting highly skilled and experienced industry professionals to lead all key functional areas,” said Todd Foley, Chairman of Aktis Oncology, and Managing Director of MPM Capital. “We are excited to continue our support of the leadership team in the execution of its bold strategy to bring alpha radiotherapy into the mainstream of cancer care.”
Aktis also announced that in conjunction with the Series A Extension, Kevin Raidy, Managing Partner at Cowen Healthcare Investments and Jason Ruth, Partner at MRL Ventures will be joining Aktis’ Board of Directors as Observers. Mr. Raidy and Dr. Ruth join the existing Board and its Observers and Scientific Advisors, which can be found on www.aktisoncology.com.
About Aktis Oncology
Aktis Oncology is a biotechnology company pioneering the discovery and development of a new class of targeted alpha radiopharmaceuticals to treat a broad range of solid tumor cancers. Founded and incubated by MPM Capital, the company has developed proprietary platforms to generate tumor targeting agents with ideal properties for alpha radiotherapy. Designed for high tumor penetration and long residence time, Aktis Oncology’s molecules will quickly clear other areas of the body, thereby maximizing tumor elimination while minimizing side effects of treatment. This approach would enable clinicians to visualize and verify target engagement prior to exposure to therapeutic radioisotopes. To learn more about Aktis Oncology, visit www.aktisoncology.com.
SOURCE: Aktis Oncology