Artbio Secures $132M Series B to Advance Radiopharmaceutical Pipeline and Strengthen Supply Chain

Artbio, a radiopharmaceuticals-focused biotech company, has successfully raised $132 million in a Series B funding round, marking a significant milestone in its quest to revolutionize cancer treatment. The Massachusetts-based firm aims to utilize these funds to propel its lead prostate cancer candidate through Phase 2 trials and bolster its manufacturing capabilities.

Funding Round Details and Investor Confidence

The Series B round was co-led by Sofinnova Investments and B Capital, both new investors to Artbio, alongside an undisclosed life sciences fund that had previously backed the company. The Qatar Investment Authority and Alexandria Venture Investments joined as new investors, while existing supporters F-Prime, Omega Funds, and Third Rock Ventures continued their commitment.

This substantial investment follows Artbio's rapid financial progression, having launched in June 2023 with $23 million in seed funding, followed by a $90 million Series A round just six months later. The latest influx of capital underscores growing investor confidence in Artbio's innovative approach to radiopharmaceuticals and its potential to address critical challenges in cancer treatment.

AB001: Spearheading the Fight Against Prostate Cancer

At the forefront of Artbio's pipeline is AB001, a promising candidate for metastatic castration-resistant prostate cancer currently undergoing first-in-human studies. AB001 is designed to target prostate-specific membrane antigen (PSMA), a protein often overexpressed in prostate cancer cells. The compound's mechanism of action involves delivering lead-212 isotopes directly to cancer cells, effectively irradiating and destroying them.

To support the development and potential commercialization of AB001, Artbio has strategically partnered with CDMO Nucleus RadioPharma for manufacturing assistance. This collaboration, established in May 2024, is crucial for ensuring a robust supply chain for Artbio's lead-212 therapies.

Innovative Technology and Manufacturing Approach

Artbio's radiopharmaceutical assets are built upon its proprietary AlphaDirect technique, which enables flexible, benchtop production of isotopes. This innovative approach circumvents the traditional reliance on nuclear reactors or cyclotrons, potentially offering a more accessible and scalable method for radioisotope production.

Maha Katabi, Ph.D., general partner at Sofinnova Investments, highlighted the significance of Artbio's technology, stating, "Equally impressive is their proprietary generator technology which is a game-changer for navigating around supply and production challenges for radioisotopes in today's complex environment."

The newly secured funds will not only support clinical development but also allow Artbio to expand its network of manufacturers. This strategic move aims to ensure sufficient production capacity for AB001 to support ongoing clinical trials and potential future commercialization efforts.