Fusion Pharmaceuticals, a Canada-based cancer radiopharmaceuticals developer that counts medical technology provider Varian Medical Systems and pharmaceutical group Johnson & Johnson as investors, has filed for a $100m initial public offering.
Founded in 2014, Fusion is developing targeted alpha therapeutics, a type of cancer treatment that relies on equipping molecules such as antibodies with radioactive particles – called alpha emitting medical isotopes – to kill cancer cells.
Alpha particles can only travel a short distance, making it possible to localise radiation and avoid damage to healthy tissue surrounding the tumour. Fusion’s lead asset, FPI-1434, is undergoing phase 1 studies in an injected form for advanced, refractory solid tumours.
The company said in the IPO filing that it has been forced to pause further recruitment as the pandemic led to clinical trial sites to be closed. It has administered the drug to 12 out of a planned 30 patients to date.
Proceeds from the proposed offering would go towards the continued development of FPI-1434 as a monotherapy and a combination therapy, in addition to funding the development and expansion of Fusion’s pipeline and supporting research and development activities.
Fusion closed a $112m series B round in June this year following an April 2019 first close, according to the filing, with Varian Medical providing $22m and JJDC $7.7m.
Property developer Nan Fung’s Pivotal BioVenture Partners vehicle, OrbiMed, Perceptive Advisors, Rock Springs Capital, HealthCap, Adams Street Partners, TPG Biotech, Seroba Life Sciences, Genesys Capital, Facit and Canada Pension Plan Investment Board (CPPIB) also took part in the series B.
The company had collected $46m in a 2017 series A round featuring Varian, JJDC, Adams Street Partners, Seroba Life Sciences, HealthCap, Genesys Capital, Facit and TPG Biotech.
HealthCap is Fusion’s largest shareholder ahead of the IPO, with a 12.6% stake, followed by Adams Street Partners (12.3%), Varian (11.3%), Johnson & Johnson (10.4%), CPPIB (8.5%), TPG (8.1%), OrbiMed (7.8%) and Seroba (6.5%).
Morgan Stanley, Jefferies, Cowen and Company and Wedbush Securities have been appointed as underwriters for the offering.
Image courtesy of Fusion Pharmaceuticals Inc. The original version of this article appeared on our sister site, Global University Venturing.