Funding supports development and commercialization of broad array of isotopes for medical, commercial and industrial uses
VALENCIA, Calif., Oct. 01, 2024 (GLOBE NEWSWIRE) -- Nusano, Inc., a physics company transforming the production of radioisotopes, today announced a Series C financing round with funding commitments of over $115 million in total proceeds. The financing will support the company’s initial product launches of non-carrier-added lutetium-177 (n.c.a. Lu-177) and actinium-225 (Ac-225).
The round was led by The Wasatch Group, with additional participation by S32. Previous investors in Nusano include Verily and the American Cancer Society’s BrightEdge.
“This financing supports our work to stabilize radiopharmaceutical supply chains and enable innovation across a variety of industries, including aerospace, industrial and long-lived power supplies,” said Chris Lowe, CEO of Nusano. “We look forward to bringing new radioisotope supplies online starting in 2025 and the role Nusano will play in making a greater variety of radioisotopes – such as astatine, copper, iridium and scandium – available for multiple markets.”
Radioisotopes are essential components in the active pharmaceutical ingredients (APIs) used in a category of new and emerging cancer therapies. Existing supply chains for these treatment-enabling resources are often strained, posing a risk to patient care and ongoing drug development.
Nusano is working to stabilize supply chains and enable innovation by bringing new sources of radioisotopes to medical and industrial markets. In 2025, the company will launch two breakthrough technologies poised to transform radioisotope supply availability: a proprietary separation process for high-volume n.c.a. Lu-177 production, and a first-of-its-kind radioisotope production platform.
High-Volume n.c.a. Lu-177
The most in-demand isotope in radiotherapeutics today is n.c.a. Lu-177. Nusano has developed a proprietary isotope separation process to enable n.c.a. Lu-177 production on a scale far greater than existing methods. The company’s n.c.a. Lu-177 program is scheduled to begin Q1 2025 to supply current and anticipated medical needs.
Nusano Production Platform
Opening in 2025 in West Valley City, Utah, the Nusano production platform will support the company’s Ac-225 production and be capable of generating more than 25 radioisotopes applicable to medical and industrial uses. It is anchored by a proprietary ion source technology which accelerates heavy particles (alphas and deuterons) to generate high volume, high quality (cGMP-grade) radioisotopes with unparalleled efficiency using eco-friendly methods. The result is one of the first significant advancements in radioisotope production in decades.
“Nusano is making generational leaps forward in physics,” said Lowe. “These advances will help our customers build robust supply chains and support improvements in quality of life for people around the world.”
About Nusano
Nusano is a privately held physics company committed to bringing supply stability and innovation to the rapidly emerging and critically undersupplied medical radioisotopes market, and to serving industrial and commercial markets dependent on reliable access to high quality radioisotopes for their products and services. Driven by the company’s proprietary ion source, the Nusano production platform will generate radioisotopes in volumes and varieties exceeding other production methods. Nusano’s breakthrough technologies are poised to help supply the fight against cancer and enable innovation across multiple industries. For more, please visit www.nusano.com.
Contacts
- Media: Scott Larrivee, Nusano, 608-345-6629, scott.larrivee@nusano.com
- Investor Relations: Joyce Allaire, LifeSci Advisors, LLC, 212-915-2569, jallaire@lifesciadvisors.com
