WATERTOWN, Mass.--(BUSINESS WIRE)--Mariana Oncology Inc., a biotechnology company pioneering a new era of radiopharmaceutical innovation to treat cancers with high unmet need, today announced the closing of an oversubscribed $175 million Series B financing co-led by Deep Track Capital and Forbion. Founding investors Atlas Venture, Access Biotechnology and RA Capital Management are joined by additional new investors Nextech Invest, Surveyor Capital (a Citadel company) and Eli Lilly and Company. Proceeds from the financing will support the advancement of Mariana Oncology’s novel portfolio of precision, next-generation radiopharmaceuticals including its lead candidate, MC-339, as the company transitions into a clinical-stage organization.
"The support of such a strong syndicate of new and existing investors is a testament to Mariana Oncology’s potential,” said Simon Read, Ph.D., Founder and Chief Executive Officer of Mariana Oncology. “In just 18 months since our Series A, we’ve leveraged our deep expertise in peptide discovery and radiochemistry to advance a diversified portfolio of novel molecules. 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 GMP radiopharmaceutical manufacturing.”
“Radiopharmaceuticals are now being recognized as a logistically viable treatment modality that have demonstrated safety and a high degree of efficacy. These therapies are transforming care for select cancers and are primed to do so across a broader set of indications,” said Rebecca Luse of Deep Track Capital. “Mariana Oncology’s pipeline is innovative and differentiated from most existing radiopharmaceutical companies. We are compelled by the broader opportunity for radiopharmaceuticals beyond prostate cancer and look forward to supporting Mariana Oncology’s success along with their seasoned leadership team and strong syndicate.”
“The promising nature of Mariana Oncology’s pipeline is particularly exciting when we look at the possible positive impact on patients,” said Geert-Jan Mulder, M.D., Managing Partner of Forbion. “MC-339 has the potential to transform the treatment of small cell lung cancer with the targeted delivery of an actinium payload leveraging the advantages of peptides for enhanced tumoral distribution. We look forward to Mariana Oncology’s evolution into a clinical-stage company with the potential to efficiently deliver an effective new standard of care to patients in the future.”
In conjunction with this financing, Rebecca Luse from Deep Track Capital and Geert-Jan Mulder, M.D., from Forbion will join the Board of Directors.
About Mariana Oncology
Mariana Oncology is a fully integrated, next-generation radiopharmaceuticals company focused on pioneering a new class of targeted peptide-based radiopharmaceuticals. The company’s radiopharmaceuticals are composed of rationally designed conjugates against carefully selected biological targets to deliver alpha or beta-emitting radionuclide payloads. By engineering molecules designed to penetrate solid tumors better than antibodies and deliver optimized high radiation activity doses without the side effects associated with chemotherapy and toxin-based strategies, Mariana Oncology aims to transform the treatment of cancer. For more information visit www.marianaoncology.com.
MC-339 is a peptidic small molecule engineered to carry an actinium payload for the targeted radiopharmaceutical therapy of small cell lung cancer. Small cell lung cancer is a rare, aggressive form of lung cancer characterized by rapid tumor progression, a low patient survival rate, and limited therapeutic options. Of the approximately 2.2 million new lung cancer cases worldwide in 2020, small cell lung cancer represents approximately 10-15% of these cases. The target for MC-339 has not been disclosed.