Alpha-9 Oncology Raises $175 Million in Oversubscribed Series C

Alpha-9 Oncology, a clinical-stage company committed to developing radiopharmaceuticals that improve cancer treatment, has secured an impressive $175 million in an oversubscribed Series C financing round.

The hefty financial backing, led by Lightspeed Venture Partners and Ascenta Capital, will be used to accelerate the company’s pipeline of cancer-targeting radiopharmaceuticals.

With a high-caliber group of new and returning investors onboard, Alpha-9 is positioned for significant growth.

Alpha-9's portfolio includes both clinical-stage and discovery-stage assets that are pushing the boundaries of cancer treatment.

The funds raised will go toward advancing human trials, expanding R&D capabilities, and ensuring that Alpha-9’s research infrastructure continues to grow. CEO David Hirsch, MD, PhD, was quick to highlight the impact of this achievement, stating:

"The Series C is an exciting, significant milestone for us and will greatly accelerate our growth. We are thrilled to have the backing of a top-tier investor syndicate who share our belief in the potential of radiopharmaceuticals."

This financing round is packed with heavy-hitting investors, including General Catalyst, a16z Bio + Health, and RA Capital Management. Returning supporters like Frazier Life Sciences and Samsara BioCapital also reaffirmed their belief in Alpha-9’s mission by joining this round.

• Shelley Chu, head of Lightspeed Venture Partners' healthcare team, emphasized her enthusiasm, noting, "Alpha-9 is developing a differentiated portfolio that includes multiple radiopharmaceuticals with first-in-class and best-in-class potential. We are impressed with the team's progress to date and are proud to support the advancement of these programs."

The radiopharmaceutical sector has been gaining momentum, and Alpha-9 is at the forefront with its rigorous, data-driven approach to molecule design. The company’s toolbox of binders, linkers, chelators, and radioisotopes allows them to develop bespoke molecules, offering cancer patients hope for more targeted and effective treatments.

Alpha-9’s ability to efficiently create compounds for rapid clinical development is a game-changer in the field.

Ascenta Capital’s cofounder Evan Rachlin, MD, echoed this sentiment, praising the company’s strategic approach to both drug development and infrastructure.

"What differentiated Alpha-9 was its effective approach to molecule design as well as its thoughtful strategy on infrastructure expansion," he said, underscoring why the biotech venture fund was eager to invest in the company’s future.

In addition to ramping up its pipeline, Alpha-9 has also been focused on building out its infrastructure. The company’s research facilities in Vancouver, completed last year, have already been operating at full capacity, helping to streamline the drug discovery process.

Alpha-9 has also partnered with isotope suppliers and contract development and manufacturing organizations (CDMOs) to ensure the smooth operation of ongoing clinical trials. These steps are all part of the company’s commitment to providing effective cancer treatments on a global scale.

With the financial muscle provided by this Series C funding round and the backing of some of the industry's most respected investors, Alpha-9 Oncology is poised to make significant strides in the development of cutting-edge radiopharmaceuticals.

As the company continues to build upon its robust infrastructure, cancer patients worldwide may soon have access to more precise and effective treatments. It’s clear that Alpha-9 has not only set its sights on the future but is well on its way to shaping it.