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Oxford Finance Announces the Closing of a $75 Million Credit Facility With Fusion Pharmaceuticals
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Rhea-AI Summary
Fusion Pharmaceuticals Inc. secures a $75 million senior secured term loan from Oxford Finance LLC to advance its oncology pipeline of targeted alpha therapies. The funds will support general working capital and further development of its next-generation radiopharmaceuticals aimed at various cancer targets. Fusion's lead program, FPI-1434, is in Phase 1 clinical trials, while others are progressing towards similar phases. The partnership enhances Fusion's potential in addressing significant unmet medical needs in cancer treatment.
Positive
Secured $75 million loan to support oncology pipeline development.
Funds designated for general working capital and advancing targeted alpha therapies.
Ongoing clinical trials for lead program FPI-1434 and others in development.
Collaborations with AstraZeneca and Merck to enhance drug development capabilities.
Negative
None.
Funding will support Fusion’s growing pipeline of targeted alpha therapies for the treatment of cancer
ALEXANDRIA, Va. & HAMILTON, Ontario--(BUSINESS WIRE)--
Oxford Finance LLC (“Oxford”), a leading specialty finance firm that provides senior debt to life sciences and healthcare services companies worldwide, is announcing the closing of a $75 million senior secured term loan with Fusion Pharmaceuticals Inc. (NASDAQ: FUSN) (“Fusion” or “the Company”), a clinical-stage oncology company focused on developing next-generation radiopharmaceuticals as precision medicines to treat a broad range of cancers.
Proceeds from the transaction will be used for general working capital and to fund the advancement of the Company’s pipeline.
Fusion Pharmaceuticals is leveraging its targeted alpha therapy (“TAT”) expertise and platform to advance a pipeline of alpha-emitting radiopharmaceuticals using various classes of targeting molecules to pursue cancer targets in areas of high unmet medical need.
“The Company’s TAT platform has the potential to enhance the tumor-killing power of radiation and is designed for broader applicability across multiple tumor types,” said Christopher A. Herr, senior managing director at Oxford. “We are happy to partner with Fusion, and support its diversified pipeline focused on addressing the unmet needs in cancer treatment.”
About Oxford Finance LLC
Oxford Finance is a specialty finance firm providing senior secured loans to public and private life sciences and healthcare services companies worldwide. For over 20 years, Oxford has delivered flexible financing solutions to its clients, enabling these companies to maximize their equity by leveraging their assets. Since 2002, Oxford has originated approximately $8.8 billion in loans. Oxford is headquartered in Alexandria, Virginia, with additional offices in California (San Diego, Palo Alto, and Los Angeles), and the greater Boston and New York City metropolitan areas. For more information, visit https://oxfordfinance.com.
About Fusion Pharmaceuticals, Inc.
Fusion Pharmaceuticals is a clinical-stage oncology company focused on developing next-generation radiopharmaceuticals as precision medicines. Fusion connects alpha particle emitting isotopes to various targeting molecules in order to selectively deliver the alpha emitting payloads to tumors. Fusion's lead program, FPI-1434 targeting insulin-like growth factor 1 receptor, is currently in a Phase 1 clinical trial. The pipeline includes FPI-1966, targeting the fibroblast growth factor receptor 3 (FGFR3), advancing to a Phase 1 study following the recent investigational new drug (IND) clearance; and FPI-2059, a small molecule targeting neurotensin receptor 1 (NTSR1). In addition to a robust proprietary pipeline, Fusion has a collaboration with AstraZeneca to jointly develop novel targeted alpha therapies (TATs) and combination programs between Fusion's TATs and AstraZeneca's DNA Damage Repair Inhibitors (DDRis) and immuno-oncology agents. Fusion has also entered into a collaboration with Merck to evaluate FPI-1434 in combination with Merck's KEYTRUDA® (pembrolizumab) in patients with solid tumors expressing IGF-1R. Fusion and Hamilton, Ontario-based McMaster University are building a current Good Manufacturing Practice (GMP) compliant radiopharmaceutical manufacturing facility designed to support manufacturing of the Company's growing pipeline of TATs.
