Aktis Oncology announced yesterday (August 25) that it has raised a series A extension financing of $84 million bringing its total capital raised to date to $161 million.
The Massachusetts-based company develops targeted alpha radiopharmaceuticals to treat a broad range of solid tumors.
Aktis Oncology‘s investors
The extension included participation from new health investors Cowen Healthcare Investments, MRL Ventures Fund, the therapeutics-focused corporate venture fund of Merck & Co., ArrowMark Partners, Mirae Asset Venture, Timefolio Capital (formerly known as NS Investment), Pappas Capital, and other undisclosed participants. All existing investors MPM Capital, Vida Ventures, EcoR1 Capital, Octagon Capital, TCG Crossover, Bristol Myers Squibb, and Novartis participated in the financing.
Matthew Roden, chief executive officer of Aktis Oncology, said: “We are gratified to have the support of an impressive array of new and existing investors who share our vision for translating the science of targeted radiopharmaceuticals into transformative patient impact.
“This additional funding will fuel the advancement of our miniprotein programs into the clinic and enable further investment in our differentiated development capabilities as well as our end-to-end supply chain and distribution strategy.”
Radiopharmaceutical therapies
Aktis Oncology is working in radiopharmaceutical therapies to treat solid tumors. The company says its technology leverages the power of potent alpha radiation to more effectively destroy cancer cells.
Aktis is taking a new approach using radiopharmaceuticals to selectively target and deeply penetrate tumors, while also clearing rapidly from the rest of the body to minimize harm to healthy tissue.
Todd Foley, chairman of Aktis Oncology said: “In just two years from inception, Aktis has made impressive progress building and broadening its platforms and pipeline, enhancing its supply capabilities, and attracting highly skilled and experienced industry professionals to lead all key functional areas.
Cancer care
“We are excited to continue our support of the leadership team in the execution of its bold strategy to bring alpha radiotherapy into the mainstream of cancer care.”
Aktis also announced that in conjunction with the series A extension, Kevin Raidy, managing partner at Cowen Healthcare Investments and Jason Ruth, partner at MRL Ventures will be joining Aktis’ board of directors as observers.