NEW YORK – ARTBio earlier this week announced its launch after raising $23 million in seed financing.
The Oslo, Norway-headquartered firm is developing alpha radioligand therapies (ART) based on the radioactive isotope lead-212 (Pb212). Its lead candidate, AB001, is undergoing Phase 0/I clinical testing in prostate cancer. ARTBio has also pioneered the AlphaDirect Pb212 isotope isolation technology, which enables distributed manufacturing of ARTs. The scientific underpinnings of the company are rooted in research done originally at the University of Oslo and Norway's Radium Hospital.
The company will use the proceeds from the seed funding round, led by F-Prime Capital with Omega Funds, to develop AB001, advance a differentiated pipeline, further develop the AlphaDirect Pb212 isolation technology, and expand its distributed manufacturing network. The ongoing Phase 0/I trial of AB001 involves around two dozen metastatic castration-resistant prostate cancer patients who have prostate-specific membrane antigen-positive lesions confirmed by 18F-PSMA-PET imaging. ARTBio has two other undisclosed Pb212-based therapeutic candidates in preclinical development.
ARTBio is also developing the AlphaDirect platform to try to overcome isotope production and distribution challenges. The benchtop platform can be operated at many different sites, and ARTBio is also hoping to establish a streamlined supply chain for sourcing starting materials from accessible nuclear industry stockpiles.
"We focus on ARTs with Pb212 because they can selectively deliver lethal energy to tumors in an optimal timeframe, resulting in better outcomes for patients and easier management by healthcare professionals," ARTBio CEO Emanuele Ostuni said in a statement. "We are equally focused on building a distributed manufacturing ecosystem to maximize the potential of these therapies through a footprint tailored to the short half-life of Pb212."