Alpheus Medical announced it closed an oversubscribed Series B financing round, bringing in $52 million.
The Chanhassen, Minnesota–based solid body cancer treatment developer plans to use funds to support a phase 2B randomised controlled trial. The study evaluates the efficacy of its sonodynamic therapy (SDT) for treating newly diagnosed glioblastoma.
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HealthQuest Capital and Samsara BioCapital co-led the round. It also included participation from existing investors OrbiMed and Action Potential Venture Capital. Venture investors with interests in cancer care, including BrightEdge, the Brain Tumour Investment Fund and Sontag Innovation Fund, took part too.
“The complex and diffuse nature of glioblastomas has long hindered therapeutic innovation,” said Dr. Conrad Wang Partner at HealthQuest Capital. “Alpheus’ sonodynamic therapy represents a novel, non-invasive whole brain approach with compelling early data. This investment reflects our commitment to advancing transformative technologies that seek to fill critical gaps in patient unmet needs.”
Alpheus designed its platform to deliver non-thermal, tumour-selective therapy activated by low-intensity diffuse ultrasound (LIDU) with oral 5-aminolevulinic acid (5-ALA).
The technology combination eliminates the need for imaging or sedation. It selectively targets and destroys cancer cells across the entire brain hemisphere. Doctors can perform the novel treatment in an outpatient setting, too. Alpheus noted promising early results from two studies highlighting the potential of SDT therapy in both newly diagnosed and recurrent glioblastoma patients.
“This investment is a key inflection point for Alpheus and the glioblastoma community – advancing sonodynamic therapy from promise to clinical validation,” said Dr. Vijay Agarwal, president and CEO of Alpheus Medical. “With this support, we are poised to generate pivotal evidence that could help establish a new standard of care for newly diagnosed brain tumours.”
