NEW YORK – Nucleus RadioPharma on Tuesday said it raised $56 million in a Series A financing round to support the establishment of multiple new manufacturing facilities to produce its targeted radioligand therapies for cancer.
The funding round was led by Eclipse and GE HealthCare with participation by Echo Global, Fox Chase Cancer Center, Granger Management, Mayo Clinic, Mercy Health, and the University of Missouri.
Nucleus' goal is to increase patient access to radiopharmaceutical therapies through an accelerated development platform for new radiopharmaceuticals, full-scale commercial manufacturing, and expedited delivery to patients through a new global supply chain network.
"Many cancers have the potential to be treated with a properly designed radiopharmaceutical, and yet very few patients with cancer are receiving this kind of treatment," Nucleus CSO Geoff Johnson, also chair of nuclear medicine at the Mayo Clinic, said in a statement, adding that this is due to "limited production capacity and an outdated, fragmented supply chain."
Nucleus, which is headquartered in Rochester, Minnesota, launched a year ago with $6 million in seed funding from Eclipse and the Mayo Clinic.