Blue Earth Therapeutics Ltd secures $76.5M Series A funding for advanced radioligand therapy development

Blue Earth Therapeutics Ltd, a burgeoning leader in the therapeutic radiopharmaceutical space, has successfully concluded a $76.5 million Series A financing round. This significant funding round was spearheaded by Soleus Capital and Sands Capital Management, with additional support from longstanding investor Bracco Imaging S.p.A. New investors such as Woodline Partners and PBM Capital also took part in this financial infusion. This diverse backing from seasoned biotech investors will enable Blue Earth Therapeutics to push forward with its clinical development of PSMA-targeted radioligand therapies.

David Gauden, the CEO of Blue Earth Therapeutics, expressed enthusiasm about the mix of expertise and resources now available to the company. He emphasized that their mission is to advance radioligand therapies capable of delivering high radiation doses to tumors while maintaining the safety of normal organs. Gauden highlighted the completion of their Phase 1 clinical trial for both Lutetium (177Lu) rhPSMA-10.1 and Actinium (225Ac) rhPSMA-10.1 agents as a key milestone and looked forward to updating stakeholders on further progress.

Fulvio Renoldi Bracco, CEO of Bracco Imaging S.p.A., underscored the potential of PSMA-targeted radiopharmaceuticals to significantly improve outcomes for prostate cancer patients. He noted that the new investors share a strong belief in the potential of Blue Earth Therapeutics' radiohybrid agents to offer substantial improvements over current treatment options.

David Canner from Soleus Capital noted the rapid acceptance of Pluvicto® as the initial PSMA-targeted radioligand therapy for prostate cancer and saw opportunities for further advancements. He expressed confidence in Blue Earth Therapeutics' early data and the potential for their compounds to advance to later-stage trials.

Joining the Board of Directors from Soleus Capital is David Canner, and from Sands Capital Management, Michael Ginder. They will be working alongside representatives from Bracco Imaging S.p.A. and David Gauden, an experienced industry CEO.

Radiohybrid Prostate-Specific Membrane Antigen (rhPSMA) compounds are notable for their complex structure, which includes a PSMA-targeted receptor ligand, two labeling moieties that can be radiolabeled with diagnostic isotopes like 18F or 68Ga for PET imaging, or therapeutic isotopes such as 177Lu or 225Ac for radioligand therapy. These components are connected by a modifiable linker that can be adjusted to influence pharmacokinetic characteristics. Developed initially at the Technical University of Munich, Germany, Blue Earth Diagnostics acquired exclusive worldwide rights to rhPSMA diagnostic imaging technology from Scintomics GmbH in 2018 and subsequently secured therapeutic rights in 2020. They sublicensed the therapeutic application to Blue Earth Therapeutics.

Blue Earth Therapeutics is a clinical-stage company focused on developing next-generation targeted radiotherapeutics for cancer treatment. It operates under the umbrella of the Bracco family of companies, leveraging proven expertise in radiopharmaceutical and oncology drug development, and biotechnology startups. The company seeks to improve upon current technologies and rapidly bring new targeted therapies for serious diseases to market, with an initial focus on prostate cancer.

Bracco Imaging S.p.A., part of the Bracco Group, is a global leader in diagnostic imaging based in Milan, Italy. They specialize in developing, manufacturing, and marketing diagnostic imaging agents and solutions across various modalities, including X-ray imaging, MRI, CEUS, and Nuclear Medicine. In 2019, Bracco Imaging expanded its oncology nuclear imaging solutions portfolio by acquiring Blue Earth Diagnostics and later established Blue Earth Therapeutics in 2021 to develop radiopharmaceutical therapies.