US-based radiotherapeutics developer Aktis Oncology closed a $72m series A round yesterday that included pharmaceutical firms Novartis and Bristol Myers Squibb.
MPM Capital, the venture capital firm that incubated Aktis, co-led the round with investment adviser EcoR1 Capital and life sciences investment firm Vida Ventures. It also featured The Column Group’s TCG Crossover unit and Octagon Capital.
Aktis is working on targeted radiopharmaceuticals intended to treat a range of solid tumour-based cancers. It is focusing on alpha radiotherapies, which have the potential to work more effectively than existing solid tumour treatments while clearing from other areas of the body more quickly to ensure they are less toxic.
Matthew Roden, president and CEO of Aktis, said: “Alpha radiotherapy is the future of radiopharmaceuticals. By harnessing the power of alpha particles – with nearly 1000 times the potency of beta particles – we believe our approach has the potential to deliver game-changing results for patients.”
Todd Foley, a managing director of MPM Capital who is also chairman of Aktis, added: “Aktis Oncology is building on recent successes in the radiopharmaceutical field, using a novel approach to extend the efficacy of targeted radiopharmaceuticals into a wide range of solid tumours.
“We are incredibly excited by the science, the team and a world class syndicate of institutional and strategic investors that share in our vision to realise the potential of targeted radiotherapy to become a mainstream anti-cancer modality.”
