AlphaMed Completes Tens of Millions RMB Pre-Production Strategic Financing to Accelerate Integrated Theranostic Radiopharmaceuticals

VCBeat has learned that AstaThera (Ningbo) Medical Technology Co., Ltd. (“AstaThera”) recently announced the completion of a pre-production strategic financing round worth tens of millions of RMB. Founded in November 2020, AstaThera is dedicated to applying alpha-emitting radionuclide drugs to cancer treatment, providing cancer patients with diverse and effective therapeutic options.

As a founding member of the World Astatine Community (the sole Chinese representative), AstaThera is committed to becoming China’s first radiopharmaceutical company dedicated to the commercial supply of alpha-emitting radionuclides. Its core technical team comprises returnees from renowned international universities and research institutions, including Duke University, the University of Pennsylvania, the University of Missouri Research Reactor, and Brookhaven National Laboratory. The team focuses on the large-scale supply of theranostic medical radionuclides and the research, development, and production of radiopharmaceuticals. With years of in-depth expertise in alpha-radionuclide cancer therapy, the company has achieved globally leading technological advancements, particularly in the field of Astatine-211, one of the most promising alpha-emitting radionuclides.

This round of financing was led byNingbo Fuchuang Venture Capital Fund, Junan HoldingsLead investors spearheaded the round, with participation from select social capital firms and existing shareholders. The funds raised in this round will primarily serve as supplementary capital for the construction and commissioning of the East China Production Center. Under the support and guidance of the Haiyan County Government in Jiaxing, the main structures of AstaThera’s production base, covering approximately 7,000 square meters, have been completed. AstaThera has invested nearly RMB 200 million in base construction, procurement of specialized equipment, and the assembly of its R&D and production teams. Two 30-MeV cyclotrons are scheduled to be installed at the facility in late 2024, marking a first in China. Upon commencement of production at the end of 2024, AstaThera will supply alpha-emitting radionuclides with a daily capacity of two curies.Astatine-211。

In addition,AstaThera will also supply novel theranostic medical radionuclides, including germanium-68, germanium/gallium generators, lead-203, zirconium-89, iodine-123, iodine-124, copper-64, thallium-201, cobalt-57, and actinium-225., filling the gap in the domestic and even international markets.

AstaThera Corporate Environment

China’s radiopharmaceutical science and nuclear medicine established a unique global presence as early as the 1970s. However, due to the sluggish worldwide development of nuclear medicine in the 1990s, China currently lags significantly behind developed countries in Europe and the United States. In recent years, therapeutic radiopharmaceuticals have experienced a renaissance globally. Novartis’ Pluvicto (177Lu-PSMA-617) has attracted considerable attention since its launch, with robust sales growth that approached the $1 billion mark in its second year on the market. Its peak annual sales are projected to reach tens of billions of dollars.

Therapeutic radionuclide drugs can highly selectively deliver radiation doses to lesions, precisely releasing high-energy particles during decay to kill cancer cells. Alpha decay, in particular, has almost no impact on normal tissues and organs. The particles released by the decay of therapeutic radionuclides are generally categorized into three types: alpha particles, beta particles, and Auger electrons. Following the high-value acquisitions of RayzeBio by Bristol-Myers Squibb and Fusion Pharmaceuticals by AstraZeneca, alpha-emitting radionuclides have garnered significant attention. Due to their four unique clinical advantages—“higher energy, shorter range, greater hypoxia tolerance, and easier shielding”—alpha-emitting radionuclides represent a blue ocean for future radionuclide therapy in nuclear medicine.

Astatine-211 is one of the most promising alpha-emitting radionuclides and the alpha emitter best suited to China’s specific conditions:The raw material is natural metallic bismuth. Produced via accelerator with a production cycle of only 4 hours, it enables rapid turnover and is completely independent of imports. This makes it highly suitable for localized, large-scale supply across major regions in China, such as East, North, South, Central, and Southwest China. It is available on demand, features simple nuclear safety protection, poses no radioactive waste risk to end users, and incurs low safety management costs. Astatine-211 undergoes single alpha decay, resulting in low toxicity and high safety. Furthermore, the X-rays emitted during decay allow for direct SPECT/CT imaging.

China’s vast majority of medical radionuclides have long relied on imports. In recent years, the national government has issued multiple policy documents, including the Medium- and Long-Term Development Plan for Medical Isotopes (2021–2035), to encourage the domestic production and preparation of medical radionuclides. To address the shortage of therapeutic radionuclides in China, particularly alpha-emitting radionuclides,AstaThera co-designed and manufactured the world’s first commercial 30 MeV alpha-particle cyclotron, TR-Alpha, in late 2022 in collaboration with a globally leading accelerator partner. This cyclotron employs an alternating dual-target production technology, enabling uninterrupted 24-hour operation with a yield of 400 mCi per batch every 4 hours, resulting in a daily production capacity exceeding 2,000 mCi (based on an estimated dose of 5–10 mCi per patient).Upon commissioning, it will offer highly competitive costs for the use of alpha-emitting radionuclides, with the aim of ultimately bringing the prices of end-user pharmaceuticals into a reasonable range.

In addition,Another 30 MeV proton cyclotron custom-built by AstaThera is used to produce scarce radioactive sources or medical isotopes, including germanium-68, germanium/gallium generators, lead-203, zirconium-89, iodine-123, copper-64, thallium-201, cobalt-57, and actinium-225.. The AstaThera radionuclide production team has accumulated extensive expertise in the commercial-scale manufacturing of multiple isotopes mentioned above, having consistently achieved curie-level yields across various accelerators, and will continue to supply these products domestically and internationally following the commencement of production.

AstaThera is committed to leveraging cyclotrons to supply medical isotopes with consistent quality and stable, controllable production. By collaborating with healthcare institutions, leading research universities, corporate partners, and other stakeholders, we strive to jointly deliver affordable treatment solutions for patients worldwide.

Professor Feng Yutian, Founder of AstaTheraStatement: Nuclear medicine represents the future of precision medicine. Through theranostic radiopharmaceuticals, we can truly deliver the right drug at the right dose to patients, while also enabling dynamic monitoring of the drug’s tumor-killing efficacy. Consequently, the development of radiopharmaceuticals has accelerated rapidly in recent years. Alpha-emitting radionuclides offer more potent and precise cytotoxicity, earning them the reputation of being “scalpel-like” anticancer agents. Our team is dedicated to ensuring that Chinese enterprises and institutions have access to alpha-emitting radionuclides and that these treatments are affordable for the general public, aiming to achieve a leapfrog development that reaches international leadership in this field. As one of the founders, I extend my sincere gratitude to both new and existing shareholders for their strong support. Rather than merely endorsing our technical capabilities, our shareholders have recognized our success in identifying alpha-emitting radionuclides suited to the Chinese market and establishing a radiopharmaceutical development model aligned with China’s national conditions. This also reflects market recognition of the AstaThera team’s business model.

Ke Dejun, Chairman of Junan HoldingsStatement: The production and supply of medical-grade radionuclides have long been a bottleneck restricting the research, development, and application of radiopharmaceuticals in China. The AstaThera team comprises returnee talents from renowned overseas universities, boasting strong R&D capabilities, particularly in the production of novel theranostic radionuclides and drug development. The company is poised to become the first in China to commercialize the production of Astatine-211 (At-211), thereby providing a stable and reliable supply of raw materials for the domestic R&D and application of radiopharmaceuticals. We look forward to a long-term partnership with AstaThera, supporting its rapid rise in the field of radionuclide-based radiopharmaceuticals, advancing the development of subsequent products, and delivering more excellent and innovative solutions to patients and healthcare providers nationwide.

Shang Jing, Managing Partner of FuchuangtouAstaThera, a high-tech enterprise established in the Qianwan New Area and a leading domestic commercial supplier of alpha-emitting radionuclides as well as other key commonly used radioactive sources and medical isotopes, has injected new vitality into China’s relatively weak medical isotope supply chain. Ningbo Fuchuangtou is honored to participate in this round of financing and will subsequently assist the company in further connecting with modern physics and medical resources from the Fudan University ecosystem, with the aim of supporting its robust growth in the field of radionuclide-based pharmaceuticals.

Ningbo Fuchuang Venture Capital Fund is an early-stage investment fund jointly initiated by the broader ecosystem of Fudan University Ningbo Institute and Ningbo Qianwan New Area, with a focus on facilitating the commercialization of scientific and technological achievements. The fund concentrates on industries such as life and health, semiconductors, new energy, and new materials, adhering to the strategy of “investing in specialized, small, early-stage, and hard-tech ventures.” It provides angel and venture capital financing to high-quality startup projects intending to establish themselves in Qianwan New Area, continuously promoting the industrialization of major scientific and technological breakthroughs as well as innovation and entrepreneurship among high-level talent, thereby injecting strong momentum into Ningbo’s cultivation and development of new quality productive forces.

Ningbo Junan Holdings Ltd is a modern, international, large-scale comprehensive conglomerate integrating bulk commodity operations and management, industrial investment, equity investment, and construction services. Its business spans multiple sectors, including import and export trade, petrochemicals, non-ferrous metals, finance, technology, investment, and modern services. The company is ranked among the “Top 500 Service Enterprises in China” and the “Top 100 Comprehensive Enterprises in Zhejiang Province.” Its investments are primarily concentrated in strategic emerging industries such as fine chemicals, intelligent manufacturing, and healthcare. To date, numerous portfolio companies have completed initial public offerings (IPOs), with Keli Sensor Technology, Bestme Chemical, Zhonghuan Hailu, and Actionpower listed on the Main Board, ChiNext, and STAR Market, respectively.