CAMBRIDGE, Mass., OSLO, Norway, LONDON, and BASEL, Switzerland, Dec. 7, 2023 /PRNewswire/ -- ARTBIO, Inc. (ARTBIO), a clinical-stage radiopharmaceutical company developing a new class of targeted alpha radioligand therapies (ARTs), today announced the closing of an oversubscribed and upsized $90 million Series A financing co-led by Third Rock Ventures and an undisclosed healthcare fund. Additionally, seed lead investors F-Prime Capital and Omega Funds participated substantially. The company's prior seed investment round of $23 million was announced in June 2023.

Concurrent with the Series A closing, ARTBIO has appointed industry veterans Philippe Dasse, Pharm.D., as Chief Technical Officer and Daniel Rossetto as Head and Senior Vice President of Supply Chain and External Manufacturing. In these roles, Philippe and Daniel will lead the development and expansion of ARTBIO's unique distributed manufacturing network in support of the company's clinical pipeline.

"We are thrilled to have the support of our new and existing investors, including Third Rock Ventures, F-Prime Capital and Omega Funds. These groups bring significant expertise in company scale-up and pipeline development that will be invaluable as we continue to progress our programs and pipeline," said Emanuele Ostuni, Ph.D., CEO of ARTBIO. "Next year will be an important one for the company as we advance our lead program, AB001, and our entire pipeline, while further developing a distributed manufacturing network with our AlphaDirect™ technology. Bringing Philippe and Daniel to the ARTBIO team also deepens our manufacturing expertise to ensure efficient manufacturing and seamless delivery of our novel Pb212 alpha radioligand therapies to patients."
"The foundational work conducted by the stellar team of experts at ARTBIO has established the potential of alpha radioligand therapies and gives us great confidence that this team can revolutionize today's cancer treatment paradigm," said Jeff Tong, Partner at Third Rock Ventures. "As ARTBIO is in a rapid scale-up phase, we are looking forward to supporting its growth by leveraging our deep expertise in discovery, development and operations."

The appointments of Philippe and Daniel to the management team strengthen the company's capabilities during this critical stage. In Philippe's role as Chief Technical Officer, he will lead the development of ARTBIO's proprietary AlphaDirect™ technology and establishment of the company's distributed manufacturing network. Philippe was most recently Head of Technical Operations for Radioligand Therapies at Novartis Oncology. Philippe was also the first employee of Advanced Accelerator Applications in 2002, a company acquired by Novartis in 2018, and covered increasing responsibilities to lead all technical operations before his departure.

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