Blue Earth Therapeutics, a spin-out of Bracco Imaging SpA, has closed a $76.5 million Series A financing round to advance its PSMA-targeted radioligand therapies currently in Phase I clinical testing. The funding will enable the company to prepare for Phase II studies of Lutetium (177-Lu) rhPSMA-10.1 and Actinium (225-Ac) rhPSMA-10.1, as well as to gather comparative data against first-generation prostate cancer radioligand therapies.
Radiohybrid PSMA Technology
Blue Earth Therapeutics' rhPSMA compounds are designed with four distinct domains: a Prostate-Specific Membrane Antigen (PSMA)-targeted receptor ligand, two labelling moieties for diagnostic isotopes like 18-F or 68-Ga (used by Blue Earth Diagnostics), and a modifiable linker to adjust pharmacokinetic characteristics. This design allows for both diagnostic imaging and therapeutic applications using isotopes like 177-Lu or 225-Ac.
Investment and Leadership
The Series A financing was led by Soleus Capital and co-led by Sands Capital Management, with participation from existing investor Bracco Imaging SpA, as well as new investors Woodline Partners and PBM Capital. David Gauden, CEO of Blue Earth Therapeutics, stated that the funding and assembled team provide the expertise and resources to develop radioligand therapies that aim to deliver high radiation doses to tumors while maintaining normal organ safety. He also noted the progress of both the Lutetium (177-Lu) and Actinium (225-Ac) agents following the completion of Phase 1 clinical trials.
Expanding Radiopharmaceutical Market
The investment in Blue Earth Therapeutics comes amid growing interest and approvals in the radiopharmaceutical space. In March 2022, the FDA approved the first 177-Lu radiopharmaceutical. Subsequently, the European Medicines Agency (EMA) approved lutetium 177 vipivotide tetraxetan (Pluvicto) for PSMA-positive metastatic castration-resistant prostate cancer. Pluvicto sales have seen rapid growth, with Q2 2024 sales reaching $345 million, a 44% increase compared to Q2 2023.
Theranostic Potential
Radiohybrid PSMA technology offers targeted treatment for prostate cancer by targeting the PSMA expressed on tumors and neovasculature. PSMA expression in other cancers suggests potential expansion of 177-Lu-PSMA–based radiopharmaceuticals into new indications. The global theranostics market is projected to grow from $7.2 billion in 2022 to $39 billion by 2032, highlighting the transformative potential of radiopharmaceuticals in oncology.
