New startup Aktis Oncology debuts with $72M in financing for novel radiopharmaceuticals
A new biotechnology startup launched Friday with $72 million in financing to develop a novel type of targeted radiopharmaceuticals for treating specific cancers.
Cambridge, Massachusetts-based Aktis Oncology recently completed a series A round of financing, the company announced March 19. Big-name healthcare players participated in this round, including Novartis and Bristol Myers Squibb. The firm was founded and incubated by MPM Capital.
EcoR1 Capital and Vida Ventures also helped raise funds, with Octagon Capitol and TCG Crossover chipping in.
The startup is working on new alpha radiotherapies that enhance the impact of conventional solid tumor therapies while also limiting their toxicity. With lab operations in Research Triangle Park, North Carolina, Aktis said its agents penetrate deep into tumors but quickly clear through other areas of the body.
"We're incredibly excited by the science, the team and a world-class syndicate of institutional and strategic investors that share in our vision to realize the potential of targeted radiotherapy to become a mainstream anti-cancer modality,” Todd Foley, chairman of the startup and managing director of MPM Capital, said in an announcement.
This novel theranostic approach may also help clinicians visualize and confirm therapy targets before exposure to radioisotopes, ensuring a better selection of patients likely to benefit from therapy.
Matt joined Chicago’s TriMed team in 2018 covering all areas of health imaging after two years reporting on the hospital field. He holds a bachelor’s in English from UIC, and enjoys a good cup of coffee and an interesting documentary.