Radiopharma Startup Artbio Secures $132M for Prostate Cancer Drug Development and Manufacturing

Artbio, a radiopharmaceutical startup with operations in Cambridge, Massachusetts, and Oslo, Norway, has successfully raised $132 million in Series B funding to advance its pipeline of radiopharmaceutical drugs for cancer treatment. The company, led by former Novartis executive Emanuele Ostuni, is set to use the funds to progress its lead candidate, AB001, through mid-stage clinical trials for metastatic castration-resistant prostate cancer.

Innovative Approach to Radiopharmaceuticals

Artbio's AB001 program employs a novel approach to radiopharmaceutical therapy, utilizing a lead-based radioactive isotope called Pb-212. This isotope is believed to deliver radiation to tumors more rapidly than conventional radiopharmaceuticals, potentially resulting in a "more durable and efficacious response" in patients, according to Ostuni.

The company's technology stands out in the competitive radiopharmaceutical landscape, where drugs like Novartis' Pluvicto and Bayer's Xofigo use different isotopes such as lutetium-177 and radium-223, respectively. Artbio's approach aims to address the limitations of existing treatments and offer improved outcomes for patients with advanced prostate cancer.

Clinical Progress and Manufacturing Strategy

While still in early stages of development, AB001 has shown promise in initial studies. Results from a small, first-in-human trial focusing primarily on safety were published in the Journal of Nuclear Medicine in May. Artbio is now poised to commence a Phase 1 trial "imminently" this year, marking a significant step forward in the drug's clinical development.

Recognizing the critical importance of manufacturing capabilities in the radiopharmaceutical space, Artbio is simultaneously investing in production capacity to support global studies and potential future commercialization. This proactive approach to manufacturing is crucial given the limited supplies of radioactive materials and the complex supply chain requirements for radiopharmaceutical drugs.

Strategic Partnerships and Financial Backing

Artbio has established key partnerships to bolster its technological capabilities and market position. The company has formed alliances with biotech firms Parabilis (formerly known as FogPharma), AlphaGen Therapeutics, and 3B Pharmaceuticals, leveraging their expertise to enhance its radiopharmaceutical platform.

The recent Series B funding round, led by Sofinnova Investments and B Capital, also saw participation from F-Prime Capital, Omega Funds, Third Rock Ventures, Qatar Investment Authority, and Alexandria Venture Investments. This follows a $90 million Series A funding round in 2023, bringing Artbio's total funding to over $220 million in just two years.

Maha Katabi, a general partner at Sofinnova Investments, highlighted Artbio's isotope generation technology as a potential "game-changer for navigating around supply and production challenges" in the radiopharmaceutical industry.