Nucleus RadioPharma has raised $56 million, with GE HealthCare and venture capital firm Eclipse leading the “oversubscribed” series A financing round, the startup company announced on Tuesday.

The firm bills itself as the world’s first fully integrated developer, manufacturer and supplier of radiopharmaceuticals. Others contributing included Echo Global, the Fox Chase Cancer Center, Granger Management, Mayo Clinic, Mercy Health, and the University of Missouri. Nucleus RadioPharma will use the money to establish manufacturing facilities—with one located in Rochester, Minnesota, near Mayo—along with building novel technology for distributing its products.

“Theranostic radiopharmaceuticals are offering promise for millions who currently have limited treatment options,” CEO Charles S. Conroy, MBA, said in an Oct. 17 announcement. “As truly targeted therapies, these drugs are proving not only to be highly effective but also to maintain a superior safety profile. This funding advances the reach and impact of these life-saving agents, allowing for therapies that can be mass-produced, and offers hope to those with few alternatives.”

Eclipse and Mayo Clinic created Nucleus RadioPharma one year ago, supplying $6 million in seed funding. They noted at the time that such radiopharmaceuticals are poised to become a “core modality” for cancer diagnosis, staging and treatment. However, their success has been “broadly hampered” by manufacturing and supply chain challenges. These treatments are expensive and face short-lived radioactivity, needing to be produced daily in small batches (and sometimes even individually for each patient). Such limitations also can sometimes force patients to wait more than a month for the treatment to be manufactured and delivered to the hospital, experts noted.


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