Fusion Pharmaceuticals, a Canada-based cancer radiopharmaceutical drug developer backed by corporates Varian Medical Systems and Johnson & Johnson, secured up to $20m from Canada Pension Plan Investment Board yesterday.
Fusion is working on cancer treatments that will attach alpha radioactive particles to solid tumour cells to combat the disease without damaging healthy tissue.
The company’s lead drug candidate, FPI-1434, is soon to begin phase 1 clinical testing in an injected form for advanced, refractory solid tumours. It will put the capital towards its growth trajectory as it seeks additional radiotherapy-based candidates through strategic partnerships and licences.
The technology is the result of research from McMaster University’s Centre for Probe Development and Commercialisation, part of its Centre of Excellence and Commercialisation.
Fusion raised $105m in an April 2019 series B round led by oncology technology provider Varian and backed by conglomerate Nan Fung’s Pivotal BioVenture Partners firm and Johnson & Johnson Innovation – JJDC, part of medical group Johnson & Johnson.
Fight Against Cancer Innovation Trust (Facit) also invested in the round, as did OrbiMed, Perceptive Advisors, Rock Springs Capital, HealthCap, Adams Street Partners, TPG Biotech, Seroba Life Sciences and Genesys Capital.
The company closed its $46m series A round in 2017 with a $21m extension from Varian, Adams Street Partners and Seroba Life Sciences. Johnson & Johnson Innovation – JJDC led the first tranche, which included HealthCap, Genesys Capital, Facit and TPG Biotech.
The original version of this article appeared on our sister site, Global University Venturing.