SAN DIEGO--(BUSINESS WIRE)--Radionetics Oncology, Inc., a clinical stage radiopharmaceutical company focused on the discovery and development of novel agents for the treatment of a wide range of oncology indications, announces the completion of a $52.5 million Series A financing. The round was led by Frazier Life Sciences, 5AM Ventures, and new investor, DCVC Bio, with participation from Crinetics Pharmaceuticals, and GordonMD Global Investments, bringing the total raised to date to $82.5 million. Radionetics plans to use the proceeds to advance its pipeline of potent, small molecule radiopharmaceuticals targeting novel G-protein coupled receptors (GPCRs) for the treatment of a broad range of cancers.
“Powered by a team with a unique expertise in radiopharmaceuticals, GPCR biology, and small molecule chemistry, Radionetics is well-positioned to be a leader in the development of first-in-class radiopharmaceuticals,” said Eric Shiozaki, Ph.D., Partner at DCVC Bio and newly appointed Director of Radionetics Oncology. “We are excited to support Radionetics in their pursuit of developing novel and potentially life-changing radiopharmaceuticals for cancer patients.”
Concurrent with the financing, Radionetics Oncology also announced the appointment of Paul Grayson as the company’s Chief Executive Officer. Paul brings a wealth of knowledge across a broad range of technologies from his time leading cutting-edge biotech companies over the past 25 years. He was most recently the President and CEO of Tentarix Biotherapeutics, an oncology company focused on multi-functional biologics. His previous experiences additionally include founding roles at Fate Therapeutics (NASDAQ: FATE), BirdRock Bio (acquired by Skye Biosciences), Senomyx (acquired by Firmenich), and Aurora Biosciences (acquired by Vertex Pharmaceuticals).
“I’m thrilled to join Radionetics at such an exciting time in the evolution of the company and radiopharmaceutical therapeutics,” said Paul Grayson, President and Chief Executive Officer. “The spatial biology and pharmacology of GPCRs makes them ideal for small molecule radiopharmaceutical development, opening a new chapter for the field.”
About Radionetics Oncology
Radionetics Oncology, Inc. is a clinical stage radiopharmaceutical company focused on the discovery and development of novel radiotherapeutics for the treatment of a wide range of oncology indications and is poised to capitalize on the increasing demand for novel radiotherapeutics. Radionetics Oncology spun out of Crinetics Pharmaceuticals (Nasdaq: CRNX) and is supported by Frazier Life Sciences, 5AM Ventures, DCVC Bio, Crinetics Pharmaceuticals, and GordonMD Global Investments. Radionetics is advancing a pipeline of novel small molecule radioligands targeting G-protein coupled receptors for the treatment of a broad range of cancers, including adrenocortical carcinoma, breast cancer, lung cancer, among others.
