Rakuten Medical Secures $100 Million Series C Funding to Advance Photoimmunotherapy Platform for Cancer Treatment

On August 2, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that global biotechnology company Rakuten Medical announced the completion of a $100 million Series C financing round. The round was led by Rakuten.

Rakuten Medical plans to use the proceeds from this financing round to enhance its Photoimmunotherapy (PIT) platform and further identify additional indications for PIT therapies.

PIT is the product of an organic combination of two cancer treatment technologies: photodynamic therapy and antibody therapy. Photodynamic therapy (PDT) activates photosensitizing drugs via laser irradiation, triggering photochemical reactions that destroy tumors to achieve therapeutic effects. Rakuten Medical’s PIT is a precision-targeted cancer therapy developed based on cutting-edge biotechnology, capable of rapidly and selectively killing tumor cells. Compared with conventional cancer therapies, this product offers the advantages of delivering precise and effective treatment with minimal side effects on the human body.

It is reported that Rakuten Medical had previously completed six rounds of financing. Among these, the company closed a $134 million Series C round in December 2018 and a $150 million Series C round in August 2018.

Rakuten Medical, founded in 2013 and headquartered in California, USA, is a clinical-stage biotechnology company. The company maintains offices in multiple countries and regions, including the United States, Japan, Taiwan, Germany, and the Netherlands. Rakuten Medical is dedicated to advancing its proprietary Photoimmunotherapy (PIT) platform to become a leader in the precision medicine industry. Currently, this therapy is undergoing clinical trials to evaluate its safety and efficacy both as a monotherapy and in combination with other drugs.

Rakuten Medical’s lead therapy, ASP-1929, has been granted Fast Track designation by the U.S. FDA. This therapy primarily targets recurrent head and neck squamous cell carcinoma and is currently undergoing Phase III clinical trials. Additionally, a Phase II clinical study of ASP-1929 photoimmunotherapy (PIT) is underway to evaluate its efficacy and safety in other cancer types.

Mickey Mikitani, Chairman and Chief Executive Officer of Rakuten Medical, stated, “Rakuten’s investment has facilitated the development of Rakuten Medical’s healthcare business. We will build a sustainable healthcare ecosystem to provide safe and effective cancer therapies and better clinical care to a broad patient population. We hope that Rakuten will support the PIT platform and drive transformation in the biotechnology industry.”

Rakuten, founded in 1997 and headquartered in Tokyo, Japan, is a comprehensive technology company. The company primarily provides internet, financial, and telecommunications services across various industries, including e-commerce, mobile payments, travel, life insurance, and data communications. Rakuten was listed on the Tokyo Stock Exchange in 2000 and maintains offices in more than 30 countries and regions worldwide.

Rakuten has engaged in extensive mergers and acquisitions since 2000, including the $900 million acquisition of the Israeli internet company Viber Media in 2014. The company also operates “Rakuten Ichiba,” Japan’s largest e-commerce platform. Rakuten has now evolved into a major Japanese conglomerate, with a portfolio that includes securities firms, a professional baseball team, and travel websites.

(Compiled by Xu Xiaoxue)