Alpha-9 Oncology Secures $175M in Oversubscribed Series C Funding for Radiopharmaceuticals Development

Alpha-9 Oncology Inc., a clinical stage company focused on developing radiopharmaceuticals to enhance cancer treatment, has announced the successful closing of an oversubscribed $175 million Series C funding round. The financing was led by Lightspeed Venture Partners and Ascenta Capital, with significant participation from new investors including General Catalyst, a16z Bio + Health, RA Capital Management, Janus Henderson Investors, Delos Capital, Digitalis Ventures, Lumira Ventures, and a healthcare fund managed by abrdn Inc. Existing investors such as Frazier Life Sciences, Longitude Capital, Nextech Invest, BVF Partners LP, and Samsara BioCapital also contributed to the financing round.

The funds from this Series C round will be utilized to advance Alpha-9's diverse pipeline of clinical and discovery stage radiopharmaceutical assets into human studies. Additionally, the financing will support the enhancement of the company's R&D capabilities and continue investments in Chemistry, Manufacturing, and Controls (CMC) along with the supply chain. Shelley Chu from Lightspeed Venture Partners and Evan Rachlin from Ascenta Capital will join Alpha-9's Board of Directors as part of this round.

Alpha-9's portfolio encompasses a variety of clinical and discovery assets targeting both validated and novel oncology markers. The company's focus on creating bespoke radiopharmaceuticals involves a systematic and data-driven approach, utilizing a unique set of binders, linkers, chelators, and radioisotopes to ensure optimal selectivity, stability, and payload delivery. This meticulous design process aims to produce best-in-class compounds rapidly and efficiently, ready for clinical development.

David Hirsch, CEO of Alpha-9, expressed his enthusiasm for the progress enabled by the Series C funding, emphasizing the importance of the support from top-tier investors who believe in the transformative potential of radiopharmaceuticals. Shelley Chu echoed this sentiment, highlighting the differentiated and innovative nature of Alpha-9's portfolio, which holds promise for advancing multiple first-in-class and best-in-class radiopharmaceuticals.

Evan Rachlin from Ascenta Capital also remarked on the effectiveness of Alpha-9's molecule design strategy and infrastructure expansion, which differentiate the company within the radiopharmaceutical space. He noted that Alpha-9's thoughtful and strategic approach positions it well for continued success in delivering impactful treatments to cancer patients.

To support its ambitious goals, Alpha-9 has established state-of-the-art research facilities in Vancouver, which have been operational since their completion last year. These facilities are designed to streamline the drug development process, enhancing discovery and development efficiency. Furthermore, the company has collaborated with isotope suppliers and Contract Development and Manufacturing Organizations (CDMOs) to support its ongoing clinical trials, reinforcing its robust infrastructure and world-class capabilities.

Alpha-9 Oncology Inc. is committed to providing effective cancer treatments through its development of highly targeted radiopharmaceuticals. Utilizing proprietary technologies and deep expertise, the company aims to engineer radiopharmaceuticals that selectively deliver radiation to tumors while minimizing off-target effects. This approach is expected to expand into several validated oncology targets, supporting Alpha-9's mission to address high unmet needs in cancer treatment.