Fusion raises US $25 million for cancer targeting technology

Fusion Pharmaceuticals Inc, a spin out of the Centre for Probe Development and Commercialization (CPDC), has secured US$25 million in series ‘A’ financing to support and accelerate development of new next-generation therapeutics that precisely target cancer cells. The funding round is led by Johnson & Johnson Innovation – JJDC Inc, and includes investments from HealthCap, TPG Biotechnology Ventures, Genesys Capital and founding seed investor, the Fight Against Cancer Innovation Trust (FACIT). Fusion’s lead program — FPX-01 0151 — leverages alpha particle-emitting technology combined with monoclonal antibodies to target cancer cells with reduced damage to normal tissue and fewer side effects. The company’s platform is based on radiolabelling technologies developed by CPDC, a Centre of Excellence for Commercialization and Research. The financing will also help Toronto-based Fusion build a pipeline through development of its recently acquired centryin-based targeting technology program which is now in preclinical development.