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Mariana Oncology Raises $175M in Series B Funding

NEW YORK – Mariana Oncology said on Thursday it has raised $175 million in an oversubscribed Series B funding round led by Deep Track Capital and Forbion.

Mariana's founding investors Atlas Venture, Access Biotechnology, and RA Capital Management also participated in the round alongside new investors Nextech Invest, Surveyor Capital, and Eli Lilly. Concurrent with the financing, Rebecca Luse, principal at Deep Track Capital, and Geert-Jan Mulder, partner at Forbion, will join Mariana's board of directors.

Mariana, based in Watertown, Massachusetts, will use the funds to advance its lead radiopharmaceutical candidate, MC-339, and its portfolio of precision radionuclide therapies. MC-339 is currently in preclinical development in small cell lung cancer.

Mariana has not disclosed the target for MC-339 or any other drugs in its portfolio, but the firm has said it is pursuing a theranostic strategy with its pipeline products to confirm target engagement, select patients, and deliver treatment with alpha and beta radionuclide payloads.

"The proceeds from this financing support the advancement of our pipeline and the initial development of our lead candidate, MC-339, which we anticipate will enter the clinic in 2024 in small cell lung cancer, supported by our own [good manufacturing practices] radiopharmaceutical manufacturing," Mariana CEO Simon Read said in a statement.

In December 2021, Mariana raised $75 million in a Series A financing round.