Radiopharma startups thrive as Alpha-9 secures $175M Series C

Another private radiopharmaceutical biotech has successfully secured substantial funding. Alpha-9 Oncology announced on Wednesday that it has raised $175 million in a Series C funding round. This influx of capital is intended to support clinical trials for several of its programs that are ready to be tested in human subjects. Additionally, the funds will help advance some preclinical candidates to a stage where they are ready for clinical trials.

The significant capital raise reflects sustained interest in radiopharmaceuticals from major pharmaceutical companies, startups, and venture capitalists. The $175 million raised by Alpha-9 matches the amount secured by Aktis Oncology in a Series B round last month, which also saw contributions from multiple firms involved in both fundraising efforts.

However, it remains unclear which specific programs at Alpha-9 will move forward into clinical trials with the new funds. In 2022, executives informed Endpoints News that the company had five active programs targeting various cancer markers, including PSMA, MC1R, CXCR4, B1R, and GRPR, with the PSMA program being the most advanced.

In May of this year, Alpha-9 announced that the first patient had been dosed in a Phase 1 study for its MC1R program, named A9-3202. This trial is focused on evaluating the compound's effects in patients with locally advanced or metastatic melanoma. Although no other trial launches have been publicly announced by Alpha-9, a company spokesperson mentioned that "multiple programs" had entered the clinic since the Series B round.

The latest financing round was co-led by Lightspeed Venture Partners and Ascenta Capital. Other investors who participated in the round included a16z Bio + Health, RA Capital Management, Janus Henderson Investors, and Samsara BioCapital.