Global radiotherapeutics company Full-Life Technologies announces USD $47.3 million Series B financing, Prosperity7 Ventures jointly leads the round
SHANGHAI and GEMBLOUX, Belgium and HEIDELBERG, Germany, Jan. 3, 2024 /PRNewswire/ -- Full-Life Technologies ("Full-Life"), a fully integrated global radiotherapeutics company, today announced the completion of $63.3 million financing, comprised of $47.3 million in Series B equity financing and $16 million in loan facilities. The financing will advance development of the Company's radiopharmaceutical pipeline and manufacturing capabilities, as well as optimize its proprietary discovery platform, UniRDCTM. With completion of such financing, Full-Life has secured more than $110 million funding since its inception in August 2021, including equity financing, loan facilities, and government subsidies.
The $47.3 million Series B equity financing was co-led by Prosperity7 Ventures and an undisclosed healthcare specialist investor, along with new investors Sky9 Capital, Summer Capital, and GuanghuaWutong Fund, as well as existing shareholders Chengwei Capital, HongShan, and Junson Capital. The $16 million loan facilities, secured in conjunction with the Series B equity financing, provide Full-Life with a flexible financing solution for the Company's pipeline development and construction of the radiopharmaceutical manufacturing plant in Belgium.
"Cancer remains a formidable global challenge, causing immense suffering and loss," said Aysar Tayeb, Executive Managing Director of Prosperity7 Ventures. "Full-Life is dedicated to addressing this issue within the field of Radionuclide Drug Conjugates (RDC) by leveraging its exceptional vector and linker design capabilities, as well as its expertise in radionuclides. Through its UniRDCTM platform, Full-Life has the potential to extend its therapeutic indications to a wider range of cancers. We eagerly anticipate the future advancements of Full-Life, as it strives to deliver differentiated and superior solutions that will significantly improve the outcomes and quality of life for cancer patients."
"The financing reflects strong support from our new and existing investors of our strategy and faith in the significant progress we have made in just over two years to build a fully integrated radiopharmaceutical company," said Julie Wu, Chief Financial Officer of Full-Life. "The funding will support our evolution into a clinical-stage company, the advancement of our pipeline programs, and the construction of a Good Manufacturing Practices (GMP) manufacturing facility."
Since completion of its Series A equity financing in 2022, Full-Life has achieved multiple significant milestones, including but not limited to:
- Advancing the Company's lead drug candidate, 225Ac-FL-020, towards Phase I clinical trials in metastatic castration-resistant prostate cancer (mCRPC) patients. Clinical trials are planned to start in both Europe and the U.S. in early 2024. Full-Life's PSMA-targeting vector, FL-020, is specifically designed to deliver the highly potent alpha-emitter, Actinium-225.
- Assembling a strong pre-clinical portfolio including both first-in-class and best-in-class programs as well as development of the novel UniRDCTM discovery platform. UniRDCTM is a proprietary platform established to streamline the discovery process of RDC.
- Acquiring a 17,000 square meter of land in the Walloon region of Belgium, obtaining the required construction permit, and beginning construction of a 4,000 square meter state-of-the-art GMP-level radiopharmaceutical production facility. The facility is designed to advance Full-Life's end-to-end solution and manufacture a broad spectrum of radiopharmaceuticals.
About 225Ac-FL-020
225Ac-FL-020 is a novel, next-generation PSMA radioligand candidate currently being developed for the treatment of mCRPC. Its targeting vector, FL-020, was discovered using Full-Life's proprietary Clear-XTM linker technology, which enables significant improvement of drug uptake at the tumor while maintaining fast systemic clearance. In pre-clinical models, 225Ac-FL-020 has demonstrated promising anti-tumor activity.
About UniRDCTM
UniRDCTM is a proprietary discovery platform, which rationalizes and accelerates the discovery process of RDC drug candidates. UniRDCTM enables a short discovery timeline of 18 months or less from a target to an RDC development candidate with human biodistribution data, which has been repeatedly validated internally. UniRDCTM covers a range of modalities including small molecule, cyclic peptide, and nanobody. It is centered on a rich set of proprietary synthetic chemistry and protein engineering tool kits, including Clear-X™ linker technology and Res-X™ modification methods. Such tool kits have been proven to be essential to rapidly turn an affinity matured binder to a development candidate with a therapeutically optimal biodistribution profile. Details of the platform can be found at: https://www.full-life.com/radio/unirdc
About Full-Life Technologies
Full-Life Technologies Limited ("Full-Life") is a fully integrated global radiotherapeutics company with operations in Belgium, Germany, and China. We seek to own the entire value chain for radiopharmaceutical research & development, production & commercialization in order to deliver clinical impact for patients. The Company plans to attack core issues affecting radiopharmaceuticals today through innovative research that targets the treatments of tomorrow. We are comprised of a team of fast-moving entrepreneurs and scientists with a demonstrated track record in the life sciences, as well as radioisotope research and clinical development.
About Prosperity7
Prosperity7 Ventures (P7) is the diversified growth fund of Aramco Ventures, a subsidiary of Aramco, the world's leading integrated energy and chemicals company. The fund's name derives from "Prosperity Well', the 7th oil well drilled in Saudi Arabia and the first to strike oil. Taking forward this pioneering history, P7 invests globally with a long-term view in breakthrough technologies and transformational business models that will bring prosperity and positive impact on a vast scale.
https://www.prosperity7vc.com/
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Website: www.full-life.com
SOURCE Full-Life Technologies
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