Another private radiopharmaceutical biotech has raised big money.
Alpha-9 Oncology revealed on Wednesday that it’s put together a $175 million Series C, aiming to fund clinical trials for programs that are ready to be tested in humans and to advance preclinical candidates to the “clinic-ready” stage.
The raise highlights the continuation of a strong interest in radiopharmaceuticals from large pharma companies, startups and venture capital. Alpha-9’s $175 million raise matches a Series B by Aktis Oncology last month, with multiple firms contributing to both rounds.
It’s not immediately clear which of Alpha-9’s programs are expected to enter the clinic with the new fundraise. Execs previously told Endpoints News in 2022 that the company had five programs going after the cancer targets PSMA, MC1R, CXCR4, B1R and GRPR, with the PSMA program furthest along.
But this past May, Alpha-9 announced the first patient had been dosed in a Phase 1 study for the MC1R program, called A9-3202. That trial is researching the compound’s effect in locally advanced or metastatic melanoma. Alpha-9 hasn’t previously announced any other trial launches, and a company spokesperson would only say that “multiple programs” have entered the clinic since the Series B.
Wednesday’s financing was co-led by Lightspeed Venture Partners and Ascenta Capital. Other participating investors included a16z Bio + Health, RA Capital Management, Janus Henderson Investors and Samsara BioCapital.