Fusion Pharmaceuticals has now raised $171m altogether to deliver cancer radiopharmaceuticals based on McMaster University research.
Fusion Pharmaceuticals, a Canada-based cancer radiopharmaceuticals developer spun out of McMaster University, attracted up to $20m yesterday from Canada Pension Plan Investment Board.
Fusion is working on cancer treatments that attach alpha radioactive particles to solid tumour cells to combat the disease without damaging healthy tissue.
The company’s lead candidate, FPI-1434, is soon to begin phase 1 clinical testing in an injected form for advanced, refractory solid tumours.
Fusion will put the fresh capital towards its growth trajectory, including seeking additional radiotherapy-based candidates through strategic partnerships and licences.
The spinout is the result of research from Centre for Probe Development and Commercialisation, itself part of McMaster University’s Centre of Excellence and Commercialisation.
Fusion raised $105m in a series B round in April 2019 led by oncology technology provider Varian Medical Systems and backed by Fight Against Cancer Innovation Trust (Facit), a commercialisation unit backed by Ontario Institute for Cancer Research and the province of Ontario.
Medical group Johnson & Johnson also invested, leveraging its corporate venturing unit Johnson & Johnson Innovation – JJDC, as did Pivotal BioVenture Partners, OrbiMed, Perceptive Advisors, Rock Springs Capital, HealthCap, Adams Street Partners, TPG Biotech, Seroba Life Sciences and Genesys Capital.
The company previously received $46m in a series A round closed in 2017, following a $21m extension from Varian, Adams Street Partners and Seroba Life Sciences. The initial tranche had taken place that February and was led by Johnson & Johnson Innovation – JJDC, with contributions from HealthCap, Genesys Capital, Facit and TPG Biotech.
