Canada-based radiotherapeutics developer Fusion Pharmaceuticals closed a $46m series A round on Monday following a $21m extension that included radiation oncology therapy and software producer Varian Medical Systems.
The second close also included private equity firm Adams Street Partners and venture capital firm Seroba Life Sciences.
Pharmaceutical firm Johnson & Johnson led the round’s $25m first tranche in February 2017 through its investment division, Johnson & Johnson Innovation – JJDC, with participation from HealthCap, Genesys Capital, TPG Biotech and Fight Against Cancer Innovation Trust.
Spun out of McMaster University’s Centre for Probe Development and Commercialization, Fusion Therapeutics is developing alpha-particle radiotherapeutics to destroy cancer cells with the precision of antibodies and the potency of radioisotopes.
Fusion’s lead candidate, FPX-01, selectively delivers a radioactive element known as actinium-225, to tumour cells to eliminate diseased tissue. The treatment is expected to enter a clinical trial in early 2018.
The company is also developing two additional therapies that it has licensed from Johnson & Johnson subsidiary Janssen Biotech, facilitated by Johnson & Johnson Innovation.
The extra series A funding will be used by Fusion to accelerate the development of FPX-01, expand its pipeline through more in-licensing and to suppoer additional strategic partnerships.
Terry Gould, partner at Adams Street Partners, and Alan O’Connell, partner at Seroba Life Sciences, have joined Fusion’s board of directors in conjunction with the round.