Fusion raises $105m for radiopharmaceutical trials

Bayer’s Xofigo (radium 223) was a trailblazer in this field following FDA approval in 2013 – a calcium mimic, the drug selectively binds to bone metastases in prostate cancer to deliver a localised dose of radiation. Novartis has placed its big bet in therapeutic radiopharmaceuticals with its $3.9 billion buy of Advanced Accelerator Applications and its Lutathera (lutetium Lu 177 dotatate), approved by the FDA early last year for tumours known as GEP-NETS (gastroenteropancreatic neuroendocrine tumours). Now US-based Fusion Pharmaceuticals has raised $105 million in an oversubscribed second funding round to advance its work in the field. The company started off just two years ago with a $25 million launch round. Led by Varian and new investor OrbiMed, additional investors participating in the round are Perceptive Advisors, Pivotal bioVenture Partners, and Rock Springs Capital.