FRANCE — Investors have demonstrated strong support for Mariana Oncology’s series B financing, with the round oversubscribed at a remarkable US$175 million.
Notably, pharmaceutical giant Eli Lilly has joined this investment drive, aiming to make a significant impact in radiopharmaceutical development.
The series B round was co-led by Deep Track Capital and Forbion, with participation from respected entities such as Atlas Venture, Access Biotechnology, RA Capital Management, and new investors Eli Lilly, Nextech Invest, and Citadel’s Surveyor Capital.
This substantial financing endeavor follows Mariana’s earlier series A round, which raised US$75 million in December 2021, coinciding with the company’s rebranding from Curie Therapeutics.
The new name, Mariana Oncology, better reflects its mission to combat some of the most challenging tumors associated with cancer.
Mariana Oncology, currently in the preclinical stage, intends to allocate the US$175 million to facilitate its transition into human trials.
A primary focus will be directed toward its lead asset, MC-339. This precision, the next-generation radiopharmaceutical is slated to enter clinical trials next year, initially targeting small cell lung cancer, as revealed by Mariana CEO and founder, Dr. Simon Read, in a September 7 release.
MC-339 is a peptidic small molecule designed to transport an actinium payload, although the specific target remains undisclosed.
Mariana’s radiopharmaceuticals boast a unique approach—they are engineered to penetrate solid tumors more effectively than antibodies and deliver highly optimized radiation doses without the debilitating side effects associated with chemotherapy and toxin-based strategies.
Rebecca Luse of Deep Track Capital, who has also joined Mariana’s board, commended the innovative and differentiated nature of Mariana Oncology’s pipeline.
She highlighted the potential of the pipeline, extending beyond prostate cancer, which attracted the investment firm’s interest.
In related news, Convergent Therapeutics has successfully secured US$90 million in funding, earmarked for the development of next-generation radiopharmaceuticals in oncology.
The company’s lead clinical program is focused on prostate cancer. This series A financing round, led by OrbiMed and RA Capital Management and featuring participation from Invus, will support the advancement of CONV01-α, a monoclonal antibody designed to bind to prostate-specific membrane antigen (PSMA).
The ultimate goal is for the antibody to be internalized, delivering a radioactive payload to cancer cells while minimizing harm to healthy tissue.
Notably, Convergent’s Ac-225 radioantibody, the sole candidate in its pipeline, is undergoing assessment in a phase 1 single ascending dose trial.
At present, there are no approved Ac-225 radio antibodies available for the treatment of prostate cancer.
Convergent is also actively exploring other radio-antibody targets in oncology and considering opportunities for in-licensing and pipeline acquisitions, as revealed in a May 3 release.
The company, founded in 2020, is led by CEO Philip Kantoff, M.D., and Chief Scientific Adviser Neil Bander, M.D. Both leaders possess extensive experience in oncology, particularly in prostate cancer research.
The company’s technology, developed by Bander and licensed from Cornell University, has made significant strides in advancing PSMA-directed imaging and therapeutics.
Kantoff, with a prominent background including positions at Memorial Sloan Kettering Cancer Center, the Dana-Farber Cancer Institute, and Harvard Medical School, has contributed academically to multiple FDA-approved prostate cancer treatments.
The radiopharmaceutical sector has witnessed heightened activity recently, with companies like Abdera Therapeutics securing substantial funding.
Additionally, pharmaceutical giant Novartis has been actively pursuing radiopharmaceuticals as a key component of its cancer strategy, with multiple high-value licensing agreements in place for radiotherapy technology, indicating the industry’s growing momentum.
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