Feb-2017
Mac biotech startup lands $33 million in venture capital
A new biopharmaceutical company has received $33 million in venture capital financing to develop medical isotopes to treat cancer.
Fusion Pharmaceuticals is an offshoot of McMaster University’s Centre for Probe Development and Commercialization (CPDC) and will have 20 employees at a development facility at McMaster Innovation Park, says John Valliant, who founded the centre in 2008. The new company will make use of McMaster’s nuclear reactor and pave the way for future biomedical startups at the innovation park.
The investment from Johnson and Johnson Innovation will be enough to carry the new company through clinical trials starting a year from now. Valliant said it typically takes seven to 10 years to bring a new drug to market.
To read the full story at the Hamilton Spectator, please click here